My vision for cryptocurrency future
My vision for the future of cryptocurrency is that there will be two main currencies (groups of currencies maybe). One will be cash cryptos (BCC, Nimiq, DGB, LTC) and the other will be program specific cryptos (built on ETH, EOS, WAVES). Cash cryptos (CC) will be used every day for purchasing anything, anywhere! Meanwhile program specific cryptos (PSC) will be used for specific applications (dApps, websites, games) just as there are micro-currencies in games currently (mobile games, WOW, ...). Opus and Firstblood are two coins that I believe will be successful in the program specific scene. The money put into OPUS will allow you to buy music and that's it. In the future there will hopefully be special currencies for food stamps, homelessness, and other specific reasons that will be picked up while other junk coins will go down.
Eventually there will be only one or two (hopefully only one) cash cryptos and a good amount of well thought out program specific cryptos with stable prices. Before that point (I'd assume this would take a long time) the crypto scene will be about using whichever CC you support to buy in and support different program specific cryptos. If the cryptocurrencies you supported take off you gain from it as a user which will bring in even more users. I think this is fair as it decentralizes the profit from the application to a degree.
What do you all think the future of cryptocurrency will be like in the next 5, 10, 20 years?
In the long run only 1 cash crypto will be used mainstream.
I completely agree! I believe there will be 2-3 competitors for a long time though as our society tends to not standardize quickly (or at all). I could definitely see Nimiq or BCC becoming main cash cryptos although I think Digibyte would get more traction if the core client didn't come off so sluggish (the block time is insanely quick though).
interesting to think about... right now, there is just so much new opportunity, new applications and unexplored potential that it is tough to limit it to just two coins or even two categories. The ability to link various blockchains together could also potentially enable many of these different coins to continue well into the future. I know there are companies that are already offering to create side-chains off their main blockchains for private corporate use for example.
I agree that there is so much potential for this field. I believe all of the potential is in the program specific coins as there can't be that many pure cash cryptos. I'd be interested to see a linking/exchange currency that could be easily interchanged. I thought ripple was going for that but it seems not.
What's your thought on DigiByte? DGB? thanks
I like DGB although I believe that it won't go anywhere anytime soon. For starters, BTC and BCC are still dominating the cash crypto scene and it doesn't look like DGB is changing that any time soon. The core wallet is also slow to sync and rather plain looking compared to other wallets. Newcomer, Nimiq, will probably overtake DGB due to it's ease of use as a cash crypto.
DGB does have some of the fastest block times I've seen on a crypto coin which is nice and the price is cheap so you can buy a lot. Either way though, I don't believe Digibyte's future is bright.
I would love to hear your two cents though as if you think DGB has a chance it might be worth getting some more (currently have ~25 in-case it ever takes off). Overall, I'm not a huge fan of non ETH tokens as it means it's another wallet you need to download. It's why I stay away from LTC and BTC and barely dabble in DGB. Nimiq's crypto will not be on the Ethereum chain, but will also be easy to use so that cancels that out.
Thanks for sharing your thoughts!
I fully agree on the cash currency idea and the fact there will be only 1 or 2 in the long run. I also think there 3rd category that we already have will stay, and those are the privacy coins (monero, dash, etc.). Most likely they will not be as used as the first two groups but as VPN, ProtonMail, Tor and all those systems are gaining popularity, I think they will be able to survive and generate their own niche.
I had completely forgotten about privacy coins! There will always be a market there for illegal trading as well as private transactions. It'd be neat to see more development in that sector although I guess it's kept quiet for a reason. Which do you prefer between Monero and Dash, I considered both at a time but never bought.
I'm on Monero side... The big different is that Monero is focusing energy on privacy and security, Dash in UX and adoption. I prefer the Monero's strategy because by creating a solid coin they are focusing on the main reason why they created a privacy coin... With the early stage of each coin I think that keeping the 'light' far away is actually a good strategy.
There are many things about a currency that we don't know yet. That are important, but we don't see their importance yet.
talks about using greesham's law to our advantage.
http://www.oftwominds.com/blog.html
Charles Hugh Smith talks about locally created currency, that is created by actual work in the community.
This also goes along with local script being created back just after WWII. It allows for enough money to be local, and that local money is traded faster (greesham's law) and so everywhere it was tried, almost full employment was reached.
Also, locality is important. As in, you help your family first.
So, there will develop world wide cryptos, but there will be like five big ones. One for every continent/group. (and it will have smart contracts, escrow, automatic payments...)
And then there will be tons of local cryptos that come in and out of circulations as the need arises.
An interesting idea for sure. Local coins could easily be done through ERC20 tokens although we'd have to be careful that they are distributed fairly or else we run into the current ICO scam situation but with local coins.
How do local coins stay decentralized if they're working with the local government? Or is it the community that creates the token? You should check out district0x and some of the suggested districts as two of them are similar to the local coin idea.
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