Cryptocurrency Meets Gaming
Part 3: Future of Cryptocurrency
Before we build the future, let’s analyse the history.
When you think of cryptocurrency, what comes to mind? Bitcoin. With all the craze and hype about Bitcoin, there’s no doubt that Bitcoin will be at the top of our minds.
Bitcoin is the modern cryptocurrency that we know but it wasn’t the first. Cryptocurrency comes from cryptography (the study of a secure communication) and currency, which we refer to as money or a medium of exchange. In the simplest form, cryptocurrency is the digital money.
So what was the first cryptocurrency?
Based on Money Crashers, the first digital money was Digicash in late 1980s. Digicash was created using the blinding algorithm. Unlike modern cryptocurrency (Bitcoin, Litecoin,etc), Digicash is not decentralised as it wasn’t using blockchain. Due to many complications, Digicash ceased to exist in late 1990s.
After Digicash, there were other currencies that pop up but nothing stuck. Bitcoin’s whitepaper first came out in 2008 by Satoshi Nakamoto and soon gained traction from both fans and critics.
Up to today, there are 16,750,613 BTC mined out of the 21,000,000 BTC supply. What happens then? Many people speculate that there’ll be a crash or miners jumping to a different currency. We won’t know for sure.
Remember what Bitcoin was created for. If you’ve read the whitepaper, Bitcoin was created with the vision of being a peer-to-peer exchange. With the craze that is going on, it has spike Bitcoin to where it is now.
How does the future looks like?
There’s a lot of speculations going on. Everybody has different opinions.
To be honest, there’ll be a lot of fears for cryptocurrency in the near future. Bitcoin is seen as a bubble ready to pop. We are extremely curious to know your thoughts on this. How do you see the future for cryptocurrency? Leave a response below.
What I can say (my opinion alone) is that once all Bitcoin is mined, the actual value of Bitcoin will start to stabilise. People will start using it for transactions rather than a means for investment but it will only be evident in many years to come. I believe it’s the same for all cryptocurrency.
- Athirah Syamimi
What has the future of cryptocurrency got to do with gaming?
As technology evolves, so should our money. For example, people are going cashless. You don’t need paper cash to buy food, groceries or clothing. Look at online shopping, all you need is a debit/credit card. Uber allows you to commute without having your wallet with you.
Now, you can even use Bitcoin to buy goods. Like how Bountie coins will be the digital currency to purchase gaming products in Bountie. Read about Bountie Coins in our whitepaper.
“Cryptocurrency will replace all virtual currency, loyalty points and vouchers. Just by the features of fraud prevention, it would solve the huge issue of counterfeit currencies. It’ll also start to be adopted and implemented in major countries, where people can use devices or chips implant to make payments in their day to day lives. Its underlying technology will replace the traditional way of creating and transferring money. Making it safer, cheaper and easier for global commerce.” — Lex Na, Chief Operations Officer (Bountie)
There’s no doubt in cryptocurrency being the future in our lives. However, it will take years before they’ll be used as actual currency.
What’s Bountie?
Bountie is a platform for gamers in Asia to make a living while playing their favourite games, a big eco-system of gamers, merchants and game developers.
Read our whitepaper : Bountie Whitepaper
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