In 2018 we all know that the popular narrative was Blockchain not Bitcoin. In 2019 that narrative came to a grinding halt!
After interviewing some of the best companies in the space I am continuously impressed by the drive, motivation and vision for a decentralized smart contract and DAPP platform. In the back of my mind I continue to have the following debate:
1) Bitcoin and a digital currency is the best use case of this technology. Eventually projects will want to utilize the best, longest running and most decentralized and secure public blockchain for their projects.
2) The law of averages suggests that Bitcoin is not the only project due to succeed and it is over 10 years old using POW which is likely to limit it. It’s a smarter idea to be philosophically unattached to Bitcoin and simply follow, support and invest in the industry as a whole.
3) Who the fuck is going to use any of this stuff ? — For real!
These are my thoughts on the issues above…
I suspect that the Bitcoin Blockchain is incredibly underutilized and undervalued. There is a strong case to be made for industries, governments and financial institutions to take advantage of technology which is based in fact, truth and cannot be edited. I am starting to view the Bitcoin Blockchain has “Time”. Time is something we have little control over, it simply works in the background of our day — we rely on it , and it works both in our favor and against us.
I envision a world 4–8 years out where companies are leveraging ( behind the scenes ) the Bitcoin Blockchain. Most do not even realize it, but companies are increasingly utilizing the genuineness of the Bitcoin blockchain. How — I’m not quiet sure. Perhaps as a time mechanism, perhaps as a data storage entity, or for large internal and external transfers of value and data. Bitcoin wrapped data transactions secured by the network and delivered on easy to use and verified wallets.
Where does this leave ALT coins?
I suspect the winning method for “alts” will be the traditional way. Acquisitions — This game is no different than early stage tech. I suspect over the next 2 years we will see large scale acquisitions of both IP and staff. Teams and companies will combine to form a better end product. The interesting part will be how the “ decentralized Alts” are going to acquire and be acquired. How would this look from a legal standpoint? What structures are in place for an Ethereum to acquire a Zilliqa? Or does this once again come back to the “On chain acquisitions”
For now — I believe that the trend is firmly Bitcoin and the best use of Blockchain is Bitcoin.
How do you stay motivated in the Crypto industry.
We often boast about working in the most innovating and exciting industry, yet over the past 4 years I have battled waves of frustration and “FUD”. This of course comes with the territory. I think it is important to stay humble, continue to view yourself as a student rather than a teacher, and continue asking “Why”.
This space is full of buzzwords and hype men who wish to push a project or technology. Understand that this is nothing out of the ordinary and in a few years we will all look back and laugh.
Ask yourself this important question “Why am I here”? This is a tough but honest question we need to ask ourselves and the answer will keep you motivated or it will confirm your worst fears.