If the sudden demise in the price of bitcoin becomes the measure of the extent to which cryptocurrencies and other blockchain manifestations will fulfill their oft-vaunted potential, the future doesn’t augur well for the technology.
Quite apart from its wide fluctuations in value, bitcoin has so far not been able to shake off the simple reality that the technology is slow.
However, jumping from the conclusion that bitcoin will never replace our financial payment system to a doomsday scenario for blockchain’s future may be as hasty as the drop in the price of bitcoin was sudden. That’s because blockchain comes in many incarnations and applies to the world as we know it; it’s also a new application of an old technology.
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