The future of cryptocurrencies

Nine years ago, an unknown group of people or a person under the pseudonym Satoshi Nakamoto introduced a new era of the modern technology. The idea about decentralized, peer-to-peer currency system called Bitcoin was written in a single document. Since then, a period of huge changes and innovations has begun.

A cryptocurrency is a digital money created for exchanging. It is free of all governmental processes, and the economy of cryptocurrency is monitored by a peer-to-peer protocol. It uses cryptography for safe transactions.

There are 3 things to define about Bitcoin or any other cryptocurrency:

• It is a decentralized network, without intermediaries or third parties. The participants are the ones that make and operate this economy.
• It is a peer-to-peer network which means that the transactions cut out the middle-men, and the exchanges are directly conducted between the parties.
• The transactions are made into a decentralized network and the approach guarantees accuracy without the need for trust.

“I also look at Bitcoin as a network effect. For instance, if I have Bitcoin and no one else does, then it’s worthless. But, if I have Bitcoin and you have Bitcoin, and we both recognize that, then we have one connection. Then, the connection grows — it’s the square of how many nodes are in the network. Right now there are 40 million Bitcoin wallets. I think that this number will continue to grow and the value of Bitcoin will be determined by the square of that.” — Tim Draper, venture capitalist and inspiring entrepreneur

When Bitcoin was created in 2009, no one believed that it will gain so much popularity and value. It attracted a lot of attention in 2013 when it reached $266 per bitcoin. Following the success of Bitcoin, today we have a lot of cryptocurrencies: Litecoin, Ripple, EOS, Cardano, etc. The number of cryptocurrencies is over 1000 and it is still growing.

That’s why we have to sit down and ask ourselves: What will the future of cryptocurrencies look alike?

I believe that in the future, people will be able to spend cryptocurrencies like Bitcoin in different situations. They will replace credit cards and there will be some smartphone applications through which you can access your cryptocurrency. There is a huge possibility that cryptocurrencies will replace fiat currencies entirely as well.

“I think that in the future fiat will resemble carrying around change. For example, I think we will get to the point where we will go to buy coffee with fiat and the barista will look at us like we are crazy. I also think that soon we will be able to buy coffee and other things with Bitcoin, Ether, Bitcoin cash or any number of other cryptocurrencies all on our phone.” — Tim Draper, venture capitalist and inspiring entrepreneur

It is expected for the cryptocurrencies to rapidly expand into the market and that they will grow more than the fiat currencies worldwide. The era of cryptocurrencies is quickly growing and it will surely change the way we live.

“Virtual currencies might just give existing currencies and monetary policy a run for their money. Citizens may one day prefer virtual currencies, since they potentially offer the same cost and convenience as cash — no settlement risks, no clearing delays, no central registration, no intermediary to check accounts and identities” — International Monetary Fund director Christine Lagarde

The cryptocurrencies are successfully working with the blockchain technology. Blockchain is a software platform for the cryptocurrencies, a continuously growing list of records called blocks, which are linked and secured with cryptography. Blockchain technology has potential to transform the Internet and a lot of industries. I believe that many industries such as banking, government, insurance, health care, will transform their systems into blockchain.

No matter if the future will be Bitcoin or some other cryptocurrency, or one that’s yet to be created, the crypto market is on the right track to make an enormous transformation on a global scale.

One sector that is benefiting from cryptocurrencies and blockchain is the energy sector. A great example of an energy company that is utilizing blockchain with EPC token is Energy Premier. They have created a very strong utility case around the utility token we are now emitting in the process called “ICO” at https://tokensale.energypremier.com/.

Energy Premier is now promoting the ICO with a strong community around the token. The token is available on the Ethereum network — the most widely used network for such tokens — and have included multiple features in the utility case of the token, such as: faster, cheaper and more secure energy trade, ability to launch bidding sessions for energy on the platform with the EPC token, ability for small-scale smart grid suppliers to auction their energy production capacity via the platform, and the option to integrate smart meters with the platform and enable instant payment with the EPC token.

The platform is already live at www.EnergyPremier.com and companies are already creating accounts to use it. To do this, they have also assembled a strong team including members from McKinsey, Merrill Lynch, Google, Rothschild, AT Kearney, Oliver Wyman and other companies.

Check out and join the biggest energy revolution!

Thank you for reading.