The internet started its life over 30 years ago, and since then, it has penetrated almost every aspect of our lives. Today, it underpins virtually everything we do. In fact, it’s difficult to imagine our lives without it. The march of technology continues, and we have reached a crossroads. A different technology evolution that I predict is likely to have a similar impact on all our lives is blockchain, and if you haven’t seen its potential, you aren’t looking closely.
Skeptics keep asking the same questions over and over again about blockchain: Why is no one using it? What will people do with digital assets? When will people buy products with Bitcoin (BTC)? These questions are now so commonplace that they are fast becoming a cure for insomnia.
We are looking in the wrong place. If we think we will soon have the ability to directly buy products on Amazon using Bitcoin, we will not — although Amazon does allow you to buy gift cards with the crypto asset.
If we think we will use Bitcoin to pay for gasoline, we will not. All innovation cycles take time and most of them jump through the same hoops and go through the same layers before they become a mass-market product or service. To understand the evolution of blockchain and the potential it has to pervade every aspect of our lives, we need to take a step back and to consider how the internet went from a cool, niche idea to one of the most ubiquitous forces on the planet.
Our first experience of the internet was when companies such as AOL started to drop CDs in our mailbox. Those of us old enough to remember had those cheap 9,600-baud or 28.8K modems. We would sit and listen to the dulcet tones of those modems as they attempted to connect to the internet. These service providers were called ISPs — internet service providers — and without them we wouldn’t have had the World Wide Web. It was fun though to play around with our newfound toys. At this point in history, the use case for the web was, well, nothing. But we connected nonetheless. It piqued our interest, and we were all intrigued.
So, we didn’t really need a “use case” for the internet or go as far as to question why it existed. We never once asked: Will the internet scale? We didn’t complain that we couldn’t send a movie over it or that it was too slow at delivering information we needed. Even so, no one suggested that we should switch it off and go home. Instead, we suffered countless hours of failed connection attempts just because we could and because — some of us — had no social life.
Fast forward this internet evolution and, eventually, we arrive at e-commerce. Contrary to the way it may seem now, e-commerce arrived slowly but surely. We didn’t need to “go online.” Instead, we just ended up always online. We started to shop. We started to buy and sell. Before we knew it, we had a mass-market use case.
What was the one thing that everyone needed before they could shop at Amazon or before they could set up accounts on social networks, such as ICQ? Email addresses. Without the humble email address, one could not access almost any service on the internet.
Blockchain’s evolution path
So, the key here is: How does this evolutionary path relate to blockchain and crypto? In crypto, we first need the crypto. With the internet, we needed the connection. In order to access or acquire this crypto, we need the exchanges to sell it to us, which is similar to the ISPs in the internet example. These exchanges will continue to grow, and like ISPs, they too will eventually become commoditized. Like with internet access, the first stage of blockchain is now done. The second wave, similar to broadband, is coming.
The first wave of email addresses was provided by the ISP, and then we had standalone email providers. All of these needed desktop-based clients and we downloaded our email — a big pain in the posterior. Then came Hotmail, which was a game-changer. It changed the user interface and made it so easy for everyone to obtain an email address and read their emails from anywhere. Suddenly, we could use this one piece of information to build relationships with any company on the web. They could talk to us.
This begs the question: What is the blockchain equivalent of email addresses? Put simply, wallets. What is the one thing we all need to have before we can start to use crypto? Wallets. Without any place from which we can send and receive crypto, and have others receive it, we cannot use crypto.
The first wave of wallets has been, just as the first wave of emails was, provided by the exchanges. The second wave will be independent. There will not be one winner but several, just as there was in the email address race.
It is usability-dependent. Currently, the user interface for a crypto wallet is not simple. Wallets are also a lot more complicated than email. Currently, each blockchain has its own wallet. We need some sort of interoperability between them — a master wallet or even subwallets. We need different wallets per blockchain. How do we do this? Maybe a master wallet or container where like having multiple email addresses sending email to one account, you have subwallets.
The key to the next phase of crypto and blockchain development is the wallet. Whoever cracks that challenge could well be a key architect of our future. I’d bet on that, but unfortunately for me, I don’t know who that will be. Let’s witness it together.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Iqbal V. Gandham is the managing director of eToro UK. Iqbal has almost 20 years of entrepreneurial and business strategy experience and an in-depth understanding of how to accelerate growth in young, internet-enabled companies. He joined eToro in 2016 as UK managing director where he is responsible for developing new products and driving growth in the UK. Having originally trained as a spacecraft engineer, he has held senior roles in India and the UK as both a technologist and marketer.
How Does the Future Look for Cryptocurrencies in the Financial Market?
The trading share of cryptocurrencies in the financial markets is getting bigger by the day, as professional and occasional investors redirect their funds from traditional assets to crypto coins. Billions of dollars, euros, pounds, and of other fiat currencies are used by traders, for the opening of new crypto trading positions, increasing crypto coin values, reputation, and market share. This is also one of the reasons, why new cryptocurrencies are regularly being launched. However, the supply of investment funds is not without limit, and on many occasions, it feels like a number of these new crypto coins are doomed for failure.
Today, cryptocurrency development stretches beyond its original creational limits, as even regulated institutions are investing in the creation of digital coins. These coins are generated to achieve collective wallet digitalization and consequently to gradually eliminate the need for cash. This, of course, is not something for which traders and investors care about, as their primary concern is how these assets will perform in the financial market. That being said, if a crypto asset is trusted and respected in the real world, then this will reflect on its performance in the world of finance. The problem is that for a cryptocurrency to earn the respect of the real economy, it will need to have enough time to mature.
Crypto Trading and Investment Challenges
Trading cryptocurrencies is not an easy task. There is a lot of research required, and there is a lot of work that needs to be done before opening a trading position. Experienced traders know that it is not something as fun and as easy as taking a spin on penny roulette, but those with less experience in crypto trading can end up facing heavy losses, just because they have not invested enough time to prepare for the worst-case scenario. Even though we have not seen any signs of a new cryptocurrency bubble burst for a long time, it does not mean that the threat is not there. This applies both to new cryptocurrencies as well as to those which the market categorizes as established.
Where Do We Go from There?
With a higher demand for digital monetary alternatives, it is only natural that countries, unions of nations, and Central Banks are looking towards finally regulating the crypto market. The regulation of such assets will set new standards for commerce and revolutionize the flow of money. It will, however, limit the profit potential of crypto coins, as it will no longer be possible for a cryptocurrency – whether it is new or old – to go from being worth peanuts to being worth as much as gold in a matter of hours.
👉Not being able to become rich overnight is bad news for those who dream of becoming wealthy through cryptocurrency trading, but it also comes with benefits. A regulated cryptocurrency market will discourage “dodgy trader” activity and reduce the risk of seeing toxicity forming in the crypto market. This will allow for the growth of crypto assets in a positively-charged environment, which will give them the time and stability they need to get to the same level of trust as that of traditional trading assets.
How Blockchain Can Help Your Business Grow
Ever since the introduction of Bitcoin in 2009, the world has changed the way it views fiat currencies and digital security. People were excited that they could finally transfer digital currency anywhere in the world without exaggerated banking fees or long hours.
The technology, however, proved so versatile that it has found its way into other uses as well. In 2020, there are so many businesses that use blockchain that we simply don’t have the time to enumerate them all in a single short article. But we will do our best to give you examples of ways the blockchain could potentially help you.
Hackers rarely sleep. That’s one statement that Sony forgot back in 2011. While it is unclear whether they now use the blockchain or not, many other companies have started implementing it with great results.
The encryption technology that the blockchain employs requires transactions and other processes to go through multiple nodes connected to the blockchain to get approval. This way, if a hacker attempts to do something malicious, the multiple nodes will eventually realize that fraud’s at stake and stop the transaction in its tracks.
More Payment Methods
People often think that the blockchain is meant solely for cryptocurrencies. That’s not true, at least not anymore. Banks all over the world have started implementing this tech to ease transaction times and lower processing fees.
Moreover, businesses that implement blockchain can use this technology to offer their customers multiple payment methods with seemingly endless currency options. One non-banking company that has proved the efficiency of this method is BetConstruct, offering more than 400 payment methods.
Through the blockchain, you can set up a reliable network of chatbots that can help out your customers.
With the help of the blockchain, these AI bots can easily communicate with one another and learn from each other based on what users respond, how they rate their satisfaction with the chat, and how customer support agents respond to users once the chatbot sends them their way.
Hire Better Employees
Small companies often don’t have the time or necessary resources to double-check the information in a CV. But with the help of the blockchain, you won’t need any of that.
Even today, there are still a lot of people seeking a job who ungracefully lie in their resumes. The blockchain can process all the data in a resume and send you the verified information to see if it’s legitimate.
Not only does this save you time, but it also means you’ll have hired the right person for your future projects. And we all know what having the right person can mean if you want your company to be successful.
Improve Your Marketing Campaigns
You’re probably aware of the usual marketing techniques like social media, video ads, billboards, SEO, SEM, and more. Look, you won’t need the blockchain to implement those tactics.
However, Blockchain can be used by marketers to keep track of client information and consumer behavior. With this data, skilled marketers can craft clever campaigns that bring greater ROI. You can also use the blockchain to track any changes made to your campaigns. If only David Ogilvy has had this tech at his disposal, who knows what he would’ve been able to craft.
👉🔥The Bottom Line
The blockchain has revolutionized businesses all around the globe the same way it has revolutionized the way people view money.
Implementing this technology for your business will net you tons of long-term benefits for an otherwise small investment considering all the things you’ll be getting.
Charted: Ripple (XRP) Technicals Suggest a Crucial Breakdown Below $0.24
Ripple started a steady decline and traded below the $0.2500 support against the US Dollar. XRP price is showing bearish signs and it might slide further below $0.2375. Ripple failed to stay above the $0.2500 support and extended its decline against the US dollar. The price is now trading below the $0.2450 support and the […]
Ripple started a steady decline and traded below the $0.2500 support against the US Dollar. XRP price is showing bearish signs and it might slide further below $0.2375.
- Ripple failed to stay above the $0.2500 support and extended its decline against the US dollar.
- The price is now trading below the $0.2450 support and the 100 hourly simple moving average.
- There was a break below a key contracting triangle with support at $0.2415 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to continue lower towards the $0.2350 support or even $0.2320.
Ripple Price Turns Red
This past week, we saw a sharp rejection in ripple near the $0.2600 area. XRP price topped near the $0.2595-$0.2600 resistance zone and started a fresh decline. It broke many important supports near $0.2500 to move into a bearish zone.
The decline was such that the price settled below the $0.2450 level and the 100 hourly simple moving average. It spiked below the $0.2400 support and traded as low as $0.2379. Recently, there was a short-term upside correction above the $0.2420 level.
Ripple recovered above the 23.6% Fib retracement level of the main decline from the $0.2503 high to $0.2379 low. However, the bulls failed to clear the $0.2450 resistance and the 100 hourly simple moving average.
Source: XRPUSD on TradingView.com
It was also rejected near the 50% Fib retracement level of the main decline from the $0.2503 high to $0.2379 low. As a result, there was a fresh decline below the $0.2420 level. There was also a break below a key contracting triangle with support at $0.2415 on the hourly chart of the XRP/USD pair.
The pair is now showing bearish signs and approaching the $0.2400 level. The next support is near the $0.2380 and $0.2375 levels. A clear break below the recent low could lead the price towards $0.2350 or even $0.2320 in the near term.
Chances of an Upside Break in XRP?
An initial resistance for ripple is near the $0.2420 level. The first key resistance is near the $0.2425 level and the 100 hourly simple moving average.
A successful break above the 100 hourly SMA and then a follow up move above the $0.2450 resistance might open the doors for a fresh increase in the near term. The next major resistance is near the $0.2500 level.
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.
Major Support Levels – $0.2400, $0.2380 and $0.2350.
Major Resistance Levels – $0.2420, $0.2450 and $0.2500.
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