There are many hot areas in the world of technology and business….. but one of the hottest is cryptocurrency, and its database, the Blockchain. Cryptocurrancy will impact computing, business, and society in a big way. We are in the very early days of the cryptocurrency adoption cycle.
Cryptocurrancy’s value proposition includes being able to transact in new ways and more efficiently than traditional e-commerce or other commerce models. Traditional e-commerce uses the merchant account (credit card) system a system that needed 2.5 to 5% per transaction. The transaction cost of the merchant account system make it pricy when compared with alternatives like Litcoin, LTC, which often has a transaction cost of less than 0.1%. Long term is it almost inevitable, just based on transactional costs, that the cryptocurrency sector is poised to take over major parts of e-commerce.
How can cryptocurrancy transact deal cheaper? It’s dramatically more efficient than the merchant account system and does not rely on an intermediary bank to be in the transaction. This significantly lowers the operational costs of the cryptocurrency transactional network as opposed to the merchant account system.
Some high level people are predicting a continues, dramatic increase in cryptocurrancy value and use, including
Tim Draper, famous Venture Capitalist, said he feels Bitcoin will be over $ 250,000/ BTC by 2022.
John McAfee, computer security expert, founder of McAfee security. John McAfee predict the price of bitcoin will go over $500,000/BTC.
Robert Thiel, purchased a large position of Bitcoin (BTC) in January 2018. Mr. Thiel is one of the founders of PayPal.
Goldman Sachs will be starting a cryptocurrancy trading desk in the summer of 2018.