Since 2013, Coindesk is one of the largest news coverage website in the cryptocurrency sector. CoinDesk’s Director of Research, Nolan Bauerle believes that the blockchain technology will have the same impact as the internet on society. M. Bauerle made 3 predictions concerning what is coming for cryptocurrency for the future.
Cryptocurrency as Property
Recently, the cryptocurrency market faced a lot of pressure from different governments such as China who announced it will ban ICO investments and India who prohibited Bitcoin as a form of payment.
Corporations such as Facebook, MasterCard and Visa have also taken decisions in the same direction. Facebook has decided to block ads for bitcoin and ICO related companies, as they believe that it is an overly fraudulent market when compared to other traditional industries. Recently, MasterCard and Visa took the decision to consider bitcoin transactions as a “cash advance” rather than a simple purchase, which results in higher fees to the customers.
Despite these barriers, M. Bauerle assures that cryptocurrencies have broken an important plateau in 2017 by reaching a better position in the public eye.
“People now see cryptocurrencies, something digital, as unique, uncopyable and unable to be counterfeited, and therefore physical property.”, he said to Forbes.
Workforce and Cryptocurrency
Nolan Bauerle is enthusiastic regarding the future for cryptocurrencies because he believes there is a lot of talent in the industry.
“Great minds have been attracted to the cryptocurrency industry. The enthusiasm, intelligence and human capital is there to make it work.”
Since it is on a decentralized ledger, the technology will be redistributed more evenly between individuals so there will be a more opened access, and more innovations. M. Bauerle thinks that by 2020, “a redeployment and a recalibration of cryptocurrencies,” will happen and many other ways to use cryptocurrencies are going to be created.
Cryptographic technology encrypts or decrypts messages so only the intendent recipient can access it. “Bitcoin is the widest deployment of cryptographic technology in the history of the world,” Bauerle mentioned. Most cryptocurrencies use public-key cryptography with an extremely high level of security. Effectively, it is more technologically advanced than encrypting messages since every user has a cryptocurrency wallet with a private key that proves their identity with a corresponding public key.
On the long run, M.Bauerle thinks that cryptographic technology will have a huge impact. “What we are saying now is that cryptographic keys will become currency.”