1. Cryptocurrencies Aren’t Currencies
Sure they can be used as currencies.
In fact, cryptocurrencies have already partially replaced traditional fiat currencies, such as the dollar… some people are even using Bitcoin as their only currency.
But to think of crypto as ONLY currencies is a huge mistake.
The underlying Blockchain technology promises to replace numerous areas of our financial system. Currencies are just the tip of the iceberg.
Even if Bitcoin never replaces the dollar, cryptocurrencies will disrupt old systems and create new ones.
2. The Most Successful Cryptocurrency Won’t Be Bitcoin
New inventions build on existing inventions. Bitcoin was launched in 2009, and since then hundreds of thousands of software developers have been working on NEW improvements.
Over 1000 other cryptocurrencies have launched. Many of them are scams, but the legitimate “altcoins” are bringing improved and new capabilities that even go beyond the technology of Bitcoin.
3. The Most Successful Cryptocurrency Doesn’t Exist Yet
We are still in the very, very early days of Blockchain technology and cryptocurrencies.
There is a LOT of work to be done.
It is very likely the cryptocurrency that becomes the most successful hasn’t even been created yet.
There is a lot of experimentation going on.
With most cryptocurrencies, once they are launched it is difficult or even impossible to change the computer code that dictates how they operate.
Much is being learned from all the early experimentation, and to apply the learnings often requires starting new cryptocurrencies.
4. Governments Don’t Matter
No I’m not saying anyone is going to overthrow governments or create a rebellion. Governments have the tools to stop that kind of thing.
Technology is another matter entirely. Let me show you what I mean…
Everyone is hung up on what the SEC will do. Or the Chinese government. Or the Russian government.
In the short term, government actions have proven to move cryptocurrency markets, but often in unexpected ways.
When the SEC letter came out “cracking down” on cryptocurrencies, most people expected cryptocurrency prices to go down. But they went up instead.
In Colorado, when marijuana was legalized, people expected crime to go up. But it went down instead.
In Portugal, when all drugs were legalized, people expected drug use to go up. But it went down instead.
In the Netherlands, an experiment removed all traffic signs, lights, and rules from all intersections in one town. People expected car crashes to go up. But they went down instead.
These are the stories and counterexamples you almost never hear of, but they’re true. Unintended consequences are everywhere and largely ignored.
Laws and governments have less to do with how the real world works and more to do with managing the perception of how it works.
In the short term, governments will influence their followers to stay away from cryptocurrency, which may be a good thing. Anyone who can’t think (and hold) long term shouldn’t be in cryptocurrencies right now.
In the long term, any delay of cryptocurrency adoption will give more time for sluggishly large corporations to try to stay ahead of the curve and survive the Blockchain Revolution.
5. The Technology Does Matter
Blockchain technology is so new that you’re simply not going to completely understand it in your first few minutes of research.
It will change your life more than any new technology you’ve experienced.
If you want to be ahead of the curve, keep reading and learning.
Of course you’ll see a lot of skepticism and resistance in these early phases of adoption, but—just like the internet—it’s here to stay and it’s constantly getting more powerful.
Do you want your privacy back? Blockchain technology will do that.
Do you want to secure your identity and be protected from identity thieves? Blockchain technology will do that.
Do you want your money to grow in value instead of shrink? Blockchain technology will do that.
Do you want secure, private access to your medical records? Blockchain technology will do that.
Do you want a simple, inexpensive way to form a business? Blockchain technology will do that.
Do you want voting systems that can’t be rigged? Blockchain technology will do that.
Do you want to eliminate email spam? Blockchain technology will do that.
This is just a small sampling of the solutions that are either developed or in development.
6. This Is Bigger Than You Think
The Blockchain Revolution is bigger than the Industrial Revolution and Internet Revolution combined.
That’s because it’s built on top of industrial and internet technologies, so there is an exponential effect.
Nearly every area of commerce stands to be disrupted—from banking and insurance to communications and advertising.
Right now, visionaries are building the things that regular people can’t see until it’s already built.
7. This Will Take Longer Than You Think
We are an impatient society. If a prediction isn’t fulfilled within 24 hours, the mainstream opinion is that it was B.S.
Back in 2005 I personally became convinced of an impending bursting of a real estate bubble. Naturally, I sold my real estate and mortgage businesses.
What followed was an excruciating 3 years of being ridiculed, embarrassed, and called crazy—even though I was right and everyone else was wrong.
When you’re right about BIG things, you have to watch them play out in slow motion.
The Blockchain Revolution should be viewed with respect to the year 2030.
Anything that doesn’t affect where things will be in 2030 ultimately won’t matter.
Anything that does affect where things will be in 2030 is what you should pay attention to.
Trillions in new wealth—or even quadrillions—will be created by 2030.
Government actions can create setbacks or change the short term trajectory of cryptocurrencies, but where things stand in 2030 is primarily up to software developers and entrepreneurs.
In my opinion, that’s a great thing 🙂