Is Cryptocurrency A Fad Or The Future?
Cryptocurrency is the combination of the words ‘cryptography’ (study of a secure communication) and currency. We have written an article about its history and future here.
Cryptocurrency was around since the 1980s, but only gained massive attention in 2017 when Bitcoin prices crossed the US$10,000 mark. On the flipside, the crowd it attracted caused an increase in speculation, fake news, scams, and paranoia. Many people started to believe that cryptocurrency, like Bitcoin, is just a “bubble” that’s going to pop and disappear.
F.O.M.O
The fear of missing out causes people to jump into cryptocurrency without knowing its purpose. As the hype starts to die, so does the F.O.M.O for cryptocurrency. To many, that makes cryptocurrency look like a fad.
But is it really? Or is it the future?
Fad: An intense enthusiasm for something short-lived
Our Chief Operations Officer, Lex Na, believes that “cryptocurrency will replace all virtual currency” as it makes transactions safer and “solve huge issue of counterfeit currencies.”
According to an article released by Bloomberg in September 2017, Chief Executive Officer (CEO) of Morgan Stanley, James Gorman, says that Bitcoin is “something more than a fad”. Even Facebook’s CEO, Mark Zuckerberg, has posted that he is “interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them” in Facebook.
In our podcast, Bountie Talk, José and Athirah shares their opinion on cryptocurrency.
Although both of them have faith in the future of cryptocurrency, they do agree that the hype will die down. Just like how the Internet is a phenomenal blast in 1990s and becomes a norm in this century, cryptocurrency will face the same attention.
Cryptocurrency is definitely something to keep an eye on. Whether it’s going to be around in 10,20, or 50 years’ time, we will never know for sure. Only time will tell.
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