Bitcoin shape the future

Some corners of the crypto world are still very silly while, for certain groups of tech workers and creatives, crypto is very serious indeed. To them, it suggests a more positive future of the internet. If Web2 is the internet right now, controlled by a few big platforms, they're trying to build a decentralized Web3, where everyone gets a seat at the table. A common trait among creators, investors and promoters in the crypto world is their relentless optimism.

People with competing philosophies, often living on social platforms Discord and Twitter, all in some way believe crypto will rip apart everything we believe about the relationship between value, money and the internet. Thanks to new user-friendly investment apps like Robinhood and Coinbase , small fortunes are being made — sometimes in a matter of days. In recent months, however, a new phenomenon has been growing within the crypto ecosystem. Crypto's biggest fans argue that DAOs are still growing up and more powerful ones will emerge over the next few years.

If all this sounds stupid, sure, you can probably just avoid it. But when so much money and talent flows towards something new, it's generally a good idea to pay attention. No one likes to get left behind. What's a DAO? DAOs are a lot of things — including horribly explained. Put simply, they're a new kind of organizational structure built with blockchain technology. Maybe because there isn't any central leadership, they're often compared to crypto co-ops.

They're communities that organize around shared crypto bank accounts. No official leader or CEO makes decisions on their own. Instead, someone might suggest a project for the DAO and everyone with tokens gets to vote on it. They have the potential to transform how businesses are run, with power shared more equally. DAOs come in all shapes and sizes. Some of them operate like startups. Some support trans and non-binary artists. Some invest in founders or NFTs.

Others, such as FWB, mostly exist for people to hang out. A private social club with its own cryptocurrency, FWB launched in late Whichever definition you go with, everyone agrees that FWB is good at creating hype. Today, the DAO has nearly 4, members. For FWB Local membership with limited access to events and Discord channels , you need just five tokens. In short, membership costs a lot of money.

What do people get out of it? The various channels cover many things. Conversations about investing tips are as common as outfit-of-the-day photos think Paul Krugman via Supreme. FWB is there to help figure out how it all translates to our decentralized virtual future.

Events in the real world range from big private parties to small supper clubs with acclaimed chefs. The big idea Yet FWB's potentially most revolutionary idea is that by attaching cryptocurrency to an online social club, it gives members an incentive to make it an amazing place to hang out. The more amazing it is, the thinking goes, the more newcomers will want to join and the more valuable their tokens become.

While it gets increasingly expensive to join, it also gets increasingly lucrative to cash out, which members can do whenever they like. Not everyone with the right amount of cash gets to join the cool gang. We love to see people doing interesting things outside of their nine to five. Maybe they have a side hustle or maybe they love to cook.

Web3-adjacent backgrounds and people already looking to incorporate Web3 into their own practices, with an understanding of what we're trying to build, also helps. Not much is known about the group because it prefers to build away from the spotlight. Someone like Raihan had to tell you about it. But it was still so new, it was hard to follow. Plus, founders from exciting startups across media, design, food and drink were also sitting around the table. The idea was to have fun rather than talk shop.

FWB started making much more sense the following year. Unlike robotic pets or Google Glass, it looked like it was here to stay. The DAO was still uniquely confusing, but it was also turning out to be insanely lucrative and quite possibly forging a new way for digital startups to build and grow. It was time to check back in. Behind the scenes One midweek evening in Hackney Wick, an arty formerly industrial east London neighborhood, around 40 people turn up to Studio , an events space with a barge moored to the canal round the back.

As always, membership is required to get in. Tonight, a panel discussion with recording artists Murkage Dave and Elijah, hosted by Chris Reed, the DJ better-known as Plastician and head of FWB's London chapter, will consider how Web3 could provide a more positive future for independent labels, promoters and artists. A smattering of startup geeks and hypebeasts fill the benches. Most of the crowd look like they're in their late 20s and 30s.

But it's still early days for the London chapter. On stage, dressed in jeans and a football shirt from Dutch streetwear brand Patta, Chris talks about how artists undervalue the data they give to big corporations. He also touches on the benefits of blockchain when it comes to accounting and artists receiving royalties. The first machine to answer a particular problem is rewarded with Ether ETH. People can pool their coins to fund a node, even staking a percentage of a single ETH.

These pools, known as liquidity pools, are offered by a wide array of platforms and companies, such as the largest cryptocurrency exchange in the U. And Lido, a community staking collective of , stakers, controls over 30 percent. Critics of proof of stake are concerned that this puts voting control in a handful of major players, contrary to the decentralized ethos of cryptocurrencies.

For many people, their original appeal was that no central entity that could control them. The shift slashed the energy use associated with mining Ethereum. Some estimates put the annual energy consumed by mining another major cryptocurrency, Bitcoin, on par with the demand from the entire country of Argentina. Other supporters of the Merge say it matters because it shows flexibility within the growing sector.

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As more governments around the world introduce regulatory frameworks in the coming years, it will give Bitcoin more legitimacy as a mainstream asset. But paying for goods with Bitcoin is still not a simple experience for most. As it is, although necessary components, things such as hot and cold wallets and public and private keys may be too complex for the average person to understand. The crypto industry needs to find a way to make the process of buying things with Bitcoin more easily digestible.

One way this could be achieved is through increased third-party involvement, exposing Bitcoin to a wider mainstream audience through their platforms. For example, Paypal is planning to introduce cryptocurrency sales to its million users. Such a payment gateway could well be a game changer in the mass adoption of Bitcoin and crypto. Visa and Mastercard have also announced ventures into Bitcoin and cryptocurrency payments, in a sure sign payment providers are softening their stance.

While a new block on the blockchain can accommodate on average around transactions with one block added every 10 minutes , Visa for example can accommodate transactions per second. This problem is known as the blockchain scalability trilemma.

Several solutions have been put forward. One such solution is SegWit. The soft fork Segwit increases the ability to process transactions on the network by segregating the digital signature from transaction data. It is hoped that eventually, along with other solutions such as the Lightning Network, Segwit will allow millions of transactions per second to be processed on the Bitcoin network. Its usage has steadily increased since its implementation in August Segwit usage on the Bitcoin network. Source: Blockchair Bitcoin Price Predictions Industry analysts have varied opinions about where the price of Bitcoin may be in , , or even further into the future.

In June , the 10th edition of Crypto Research Report unveiled optimistic predictions for the price of Bitcoin and other cryptocurrencies such as Ethereum, Litecoin and Bitcoin Cash. Although refraining from giving a price prediction, Bank of England governor Andrew Bailey made his thoughts clear on Bitcoin in a virtual conference hosted by the Brookings Institute.

Some of them foreseen — such as the Bitcoin halving and factors affecting Bitcoin mining such as hash rate and mining difficulty — and some of them unforeseen, such as the COVID pandemic. None of the so-called experts know for sure what will happen, especially a decade or more down the line. Also, as pointed out by the Coin Telegraph , predictions may be too ingrained in fundamental and technical analysis, or off the whim to give publicity to those making them.

Digital Gold Some in the crypto industry and beyond proclaim Bitcoin as digital gold, but can this be backed up? Historically gold has been such a trustworthy store of value and as a safe haven asset because of its lack of volatility. Historically this has not been the case of course for Bitcoin.

Therefore, it still has a status as a speculative investment. However, correlation to all-time highs with gold has led some industry analysts to speculate that Bitcoin could well earn this status sooner rather than later. Potential Rival Cryptocurrencies While there is no doubt that altcoins such as Ethereum, Litecoin and Ripple are here to stay, none have realistically come close to disrupting the reign of Bitcoin as the primary cryptocurrency.

But for crypto investors, is it best to stick with Bitcoin or look to emerging new altcoins or tokens on the horizon as potentially the next big thing? But many in the crypto industry were immediately sceptical about it — as it was the opposite of what lies behind the essence of Bitcoin: decentralization.

It has lost partners such as Paypal and Visa and some EU countries have even said they will ban it. This may prove an attractive option to banks and central governments looking at launching their own cryptocurrencies. Despite these backtracking moves by Facebook, it remains to be seen if the project will get off the ground. However, recent reports suggest that will finally launch in It has been in development significantly longer than Libra — since The project has over 75 backers, including some who were previously backing the Libra project such as Coinbase.

The fact that Celo has a clean slate may ultimately give it the edge when it comes to getting regulatory backing from governments around the world. Akoin The idea of building a whole new city where only a new cryptocurrency is taken as payment may sound like a far-flung fantasy, but rapper Akon is hell-bent on making this vision come true. Akoin City will feature all the amenities of a modern city and run on the Akoin cryptocurrency.

If it emerges as a viable alternative to Bitcoin on a global scale may well depend on the success of the new city. DeFi Tokens could well be the year of DeFi which means decentralized finance. DeFi tokens facilitate the use of blockchain technology such as smart contracts to make financial products more effective.

In tokens such as Chainlink have seen huge gains , far outperforming the major cryptocurrencies. The Bottom Line As iterated earlier in the article, Bitcoin is the only household name when it comes to cryptocurrency. However, several hurdles must be overcome if it is to realize mainstream adoption.

The whole idea of using it to pay for everyday things is still confusing to the average man on the street, so the industry needs to find a way to simplify matters. Third-party involvement, such as the alignment with PayPal, could well prove to be the answer.

Also, the issue of scalability is something that needs to be overcome. Moreover, when the transactions are of a more significant amount, they even take longer. So, this is a significant problem faced by many participants in the finance department. Anyone who is dealing with the banks has to wait for a longer time to get their transactions cleared. This has to be eliminated as soon as possible; therefore, bitcoin can help. Moreover, you can make transactions using bitcoin anywhere in the world without any complications, which is why bitcoin will undoubtedly shape the future of finance.

No security breaches Better security has always been a demand of the finance department. But, the traditional methods of making finance and regulating it has been felt to provide security to every department. Therefore, anyone who is dealing in cryptocurrencies is getting better services when it comes to security. There is always a need for technological development, which can be fulfilled by bitcoin.

Bitcoin is a very safe and secure transaction medium that can make transactions on a global scale without any complications. So, it will provide better financial security, making it futuristic. Better record keeping The finance departments involved in banks and commercial banks must maintain records for everything. If you think that the banking industry can flourish without record-keeping, you have to change it.

Many things happen in the banking department, so records are supposed to be appropriately kept. If the new technology is not used, perhaps record keeping will be very complicated in the future. So, faster transaction processing can be initiated using bitcoin, but apart from that, it will also help keep the records. The Blockchain will keep records of every transaction made, making the banking department highly futuristic. Highly technologically intensive Technology inclusion in the banking department is very crucial nowadays.

It is because the banking industry may fail with the traditional technology. So, a very crucial thing that can be done to make the banking industry highly advanced along with the technology is none other than bitcoin inclusion.

See also What is Decentralized Finance? With the use of bitcoin in the finance department, there will be new technology. There will be secure and faster transactions in the banks, and settling transactions will also be done instantly. Blockchain and bitcoin are believed to be changing factors for the banking industry. It will provide better services to the people and be barred from that; it will be highly futuristic. Low-cost Cost cutting is required by almost every banking institution in the world.