What is the true contribution of Bitcoin in the future?

in LeoFinance2 months ago

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We are again in one of the many typical swings of the world of cryptos, yesterday up, today down, tomorrow maybe a looping or a triple somersault... who knows. When one reads in forums the opinions of people who invest in cryptos with the desire to get rich next weekend... I smile, reminds me of when one starts in the stock market investment and begins to read technical analysis that you do not understand , but what do you expect with all the hope that they are really fulfilled (or wrong) to be able to earn many millions and stop working.

The price of Bitcoin, I have no doubt, which is a matter of time, let time pass and the fruits will come. This opinion is not based on any technical analysis or knowledge in the mechanisms of market fluctuations, but based on technological knowledge and analysis of the evolution of what is the Internet and where the so-called (and so fashionable) term that is now used of 'digital transformation of society'.

If the so-called ‘Blockchain technology’ did not have the open path of the future, no one has doubts that it would have disappeared and more taking into account what its technological contribution is and especially the impact on the current status quo of the global financial world.

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For the last five years an incorrect idea has been coined, where it is said that the evolution of the Internet will be the possibility of transferring money as the main content. I describe it as erroneous because in the original creation of the concept of the Internet that was based on a medium for the connection of the university environment and later with the adoption of the TCP/IP protocol, the layers (applications) of electronic commerce and social networks were created It has become the Internet that we know today, it has already been defined as a transport network of audiovisual content (YouTube, Instagram, etc...), IRC content (chats), static (web pages, etc...), but about all at a point that could not be developed and that was the transport of money and not as the concept that we know today of payment gateways with financial institutions but as transport of digital money itself.

This concept until the creation of Satoshi could not be carried out, despite previous attempts, which existed, but could not be carried out due to their fragility in the face of the problem of double collections, the problem of the Byzantine generals, etc... Bitcoin contribution is the creation of a robust method that allows to overcome the previous problems of the previous frustrated initiatives and solve them successfully.

Therefore, we enter an era that is the possibility of finally transporting money. This protocol has found other utilities, which is very good, to be applied to the different business processes to be optimized, but without going into detail in what I have already done other times, its true contribution to the future world is to find a way to 'embed' money by merging it as another Internet content.

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I have always described this solution as ‘fundamental’ and not as disruptive, because I think it will become what TCP/IP has been for the Internet 30 years ago.

It faces a great challenge and it is the disruption (in this case yes) with respect to what is now the global financial model of the world.

Can anyone believe that the current financial system will not use all the current tools at its disposal (regulation, blockades, legislative systems, etc...) to oppose its implementation? That no one has any doubt about it, nor that anyone has it with respect to the new world that offers a concept like bitcoin, produces terror in these actors because they are aware that its implementation is a matter of time.

I do not know if it will be Libra with Facebook or another one, but it is here and in the short term it is safe.

Nor would I put my hand in the fire that bitcoin is the big winner among the crypts, but as I have already commented, this will be one of the top 5 that will remain.

The implementation of this new model will mean a reversal in the financial model as we know it today. I have had conversations and I am aware of the approaches that are being carried out by large financial corporations worldwide, they act outside doors giving messages that this moment will not come, they use all the tools at their disposal to press the competent entities to block initiatives, etc.… But inside there is fear of something they are aware of that is unstoppable in their progress and are launching initiatives to adapt their traditional businesses to the model that is already knocking on the doors. The first sector that will receive the shock will be the financial one and from here the rest will come with greater or lesser affectation, but all of them will have to be converted gentlemen.

I have always said that the 'boom' or bubble of the bitcoin concept has not really come yet, I don't know when it will be, but if I have to say I think we are not so far from it. What happened at the end of 2017 was a speculative movement without industry fundamentals behind, almost three years have passed and the market has continued with its oscillations up, down, a looping or a somersault, but it's time, nothing more than time . We are facing an industry that is preparing to make the real leap, every year it advances more solving its scalability problems and improving the protocols and products they offer.

An example we have in Bitcoin, it is expected that the new versions (it is in test) can support Smart contracts, and if it also advances in scalability we will have it mature to make the leap, in addition to this it will have another effect since many current projects of the Public Blockchain world would lose its meaning and there will be a 'cleansing' effect in turn.

In my opinion, tranquility, let us spend a little time that puts us all in our place sooner or later.

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