06.08.2021

Cryptocurrencies: temporary hype or our future?

Cryptocurrencies and blockchain technology have concentrated a lot of attention around themselves both from ordinary people and representatives of business, investment funds, traders, IT specialists and government institutions.

In 13 years of development of the industry, hundreds of thousands of projects have appeared in completely different areas of human life.

Of course, some of them do not bring real benefits. All they do is information noise. This is a cost of huge public attention that will not matter at all in the future.

Howewer, there are projects in the industry that have been under development for several years. Teams present them to the public only after full testing and justification of their real application in life.

Nowadays, a lot of organizations around the world are implementing blockchain technology to solve various problems. Step by step, they are moving the sphere towards full public acceptance.

🔹 For example, Ohio is partnering with BitPay to accept payments in Bitcoin and Bitcoin Cash for property taxes and fees, driver’s licenses, IDs, license plates, and other documents.

🔹 Many football clubs already have their own cryptocurrencies. Buying them provides unique opportunities to influence the team by the fan community. For example,  fans chose a song that plays after a goal for Juventus, a new motto for Milan, and  an inscription on the captain’s armband for PSG.

🔹 On June 9, 2021, Salvador became the first state in the world to recognize bitcoin as an official means of payment.

🔹 At the beginning of the pandemic, PayPal allowed the use of cryptocurrencies for payments. The solution met with such great demand that the company had to increase its limits on operations.

🔹 In December 2017, GMO Internet announced that from next year its employees in Japan will receive a portion of their salary in bitcoins. Japan is one of the most progressive countries in the cryptocurrency industry, where you can pay with them almost everywhere.
Cryptocurrencies are also allowed to be paid in New Zealand as well, and debates on this topic began in the Argentine parliament in July.

🔹 Large institutional players are very confident about cryptocurrencies and continue to invest huge amounts of money in them.
In the first half of the summer of 2021, the “whales”, whose addresses are from 100 to 10 thousand bitcoins, purchased more than 170 thousand coins for $ 6.3 billion. And a recent financial report from Tesla showed that the company’s bitcoins were not sold, even in the moment of the fall in the rate. This suggests that even the best financiers understand the importance of new means of payment and see this as an opportunity to improve welfare, as well as a way of long-term investment.

🔹 And one of the most unique examples – on August 4, 2021, the city of Miami released its own cryptocurrency – MiamiCoin. By purchasing this currency, people make investments in the development of the city’s infrastructure. At the moment, the project has no analogues.

Just imagine what projects await us in just 10 years?

Cryptocurrencies are our present and future.

The innovativeness of the technology and the huge opportunities for making money on it create a great resonance. However, they are the foundation for the further development of society and its transition to a new economic reality. Investments in projects that are the most promising trends of the future will make it possible to earn huge money for those who managed to pay attention to them at the very beginning of their existence.

But how to distinguish a fundamental project that will last for decades and move the industry forward from short-term activities?

This and many other questions will be answered by the best representatives of the industry at Blockchain Life this fall.

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