Bitcoin Forum

"We tend to exaggerate the impact of technology on the short term, but massively underestimate its impact on the long term. It’s clear that blockchains are early today, but they will undoubtedly transform economies tomorrow." - Beniamin Mincu CEO - www.elrond.com

What do you guys think?

https://twitter.com/ElrondNetwork/status/1102530679324196864

My point exactly, this blockchain move is relatively new and it's already making impact for many people and countries.

For example, the economic crisis we saw in Venezuela and how bitcoin and crypto became their saving grace even until today, bitcoin have also impacted me so much that I don't take payment for jobs in fiat anymore but collect them in bitcoin and other cryptocurrency.

Thats true, because if you think about internet it took about 30-40 years until it became what is is today and even now not everyone has access to it. Blockchain was created just 10 years ago and a few million people use it today. Think about how will Blockchain look in the next 20 years.

10 years in technology is indeed quite early and still requires an additional source of ideas to be more advanced rather than drowning in the middle of the road, with the decline in all the long coin prices greatly affecting users and slightly scraping the trust of the future

Good example to show what is blockchain and how early it is. I appreciate that first then still not even 30 person does not know crypto currency and its usage. They may heard or see any advertisement at anywhere.
But for long time it will slowly get revealed to the world people. Algorithms and blockchain are vast subject still many among us do not fully about these two topics.

I really agree with Beniamin and to me he has spoken into the future.  The development of blockchain technology and adoption of cryptocurrencies are still at the early stages and in 15 to 20 years to come we would see bitcoin at the mainstream of our financial system and that means for early adopters there is always money to make.

I don't think that it is early. All over the world, thousands of company has already started to work for blockchain. They are making research how can they use blockchain in near future. Some of them have already started to work with blockchain even. So we are age of development for blockchain, I think so!

these are only the first steps of blockchain technology, but that question is not simply connected to BTC, there is a correlation, but not complete

The true investor looks upon the long term and maybe they are thinking of the future how great blockchain technology is, however not all blockchain that exist is the market today is good, especially those token that created easily with no real team most likely a scam project, Some have comparisons, strength and weakness I'm still waiting for the king's (BTC) ligtning network it will be a different story if that will be implemented.

Blockchain technology is a new stage of progress on a global scale. The technology itself is still at the stage of dissemination, but already has a huge potential to address important issues.

We have a long way to go in terms of crypto adoption. But with the help of the technology that we have right now, I believe this adoption will be faster than we expected. Many people are now using smartphones and have their internet connection. Unlike 10 years ago, where smartphones were considered to be expensive and net connection is not available to most people.

I believe that the blockchain technology itself is still completely new and we are not aware of all the possible areas of its use. I think that the price of cryptocurrency has very little significance for humanity, the technology itself and its implementation in real life are much more important. We need to be patient and take part in the construction of a new world with the widespread use of blockchain technology

We have only just scratched the surface and the field of cryptography is still in its early days as regard practical application. The beauty of it is that it has attracted alot of attention and as a result we will see rapid development of the technology, something beyond the geeky and  textbook stuff to industrial applications

I think that blockchain is future.. it is already proven.. more cost-effective, less fees and higher speed as there are no intermediaries, more transparency, lack of one point failure... That is why sooner or later, this will make a huge impact in all our lifes and will get massively adopted.

I think that the world of cryptocurrencies and blockchain technology is already beginning to change. I think that after a couple of years the situation will change much more and it is possible that in a couple of years the market will rise much more and also cryptocurrencies will affect the whole world much more.

It is often a misconception as rightly said to limit the blockchain technology to just bitcoins (or even cryptocurrencies) but the close association with bitcoins kind of make it easier to most persons. The beauty in creating a system where we do not have to place our trust in third party can create an enormous variety of applications.These are over-simplification in any case.

A decade can still be considered early, look at the most popular companies today that has made their name along their way. It took them more than that. People are expecting too much because of the hype that blockchain brought but today it's not more about it anymore. We are gradually adopting it and companies are starting to take interest to it. The transformation to the economy would really create that kind of impact that has never been expected especially by those people above who belittle this tech.

Blockchain has future and leading technologies always win the race for obvious reasons. People sometimes don't understand the concept of blockchain technology, they think bitcoin and blockchain is the same thing. The blockchain invention has a bright future and applying this technology to various industries will be an achievable solution.

Blockchain still a new thing and how old the blockchain is in this day? It's 10 yaers old and the adoption needs a lot of time. Until whole of companies will use blockchain to replace its traditional system and the massive adoption still not happen yet.

Blockchain tech is severely overrated, digital currencies are its best use, most ICO-advertised uses are bad and the future for blockchains is incredibly niche. Bitcoin is what is important, very few companies actually need blockchains, and those who do use Hyperledger.

Well, Blockchains can be very different  ;)

There is a Bitcoin Blockchain (which is quite old compared to Ethereum or EOS) so there are different Blockchains.
But I got your point here, the Blockchain technology is still in its early days and will be a solution of many parts for everyday problems. There will be a huge development and coins we maybe don't know today.  :)

The Blockchain technology is barely 11 years that means we still have a lot to develop. Everyone has to be patient, and think of more innovative projects to host on the blockchain.

Yeah it still to early bro. It need much time for blockchain adoption. Because some institution like bank not interested with this. But I hope this will implemented on governance soon.

crypto certainly has a long way to go before it can fully unfold and that will probably take years. that is why i think we're still at the beginning of crypto development. the internet took a long time to be as it is today. that also took years.

I am agree. Blockchain technology will used by any institution. Every company must be want to safe cost and to secure their data, with blockchain, company can do both. Blockchain will growing and will adopting in our lifes

I agree with this statement, in my opinion, we expect that the blockchain will make a revolution today, but for the development of technology and its full use, time is necessary. I am sure that we should talk about such things in 5-10 years, when the first results will be visible and the blockchain will be used everywhere.

My experience in the field of information technology suggests that this is true. People tend to exaggerate the impact of technology in the short term and underestimate its impact in the long term. Blockchain is one of those technologies that can really turn our lives around and make it better, but do not expect that it will happen tomorrow, it can take decades.

Blockchain is gradually spreading its use.  There was recent news about it being used on election system which is quite a good example for utilizing blockchain technology. There are networks today that is spreading the word about the technology so this is going to be adopted soon and I think those who invest today are going to be the rich guys of tomorrow.

another aspect to keep in mind is blockchain as being user-friendly - we'll have to see how projects will implement this in time.

Yes, agreed that blockchain is still in its early stage and there is a massive chance of getting flourished. By the way, what's the connection between blockchain's early age and altcoin? Is there any?

Strongly agree.
It is still in the baby stage of adoption. In fact, tell that word to someone on the streets and they even know what "blockchain" is or do not even have any idea.
News anchors dont even have the guts to make a report about it and would rather feed people with lies or just known artist for them to be more popular and get monthly salary.
I guess local television owners wont even want it for it will give them no rating.

I think that today they are trying to apply this technology not only in the financial sector, so I think that it is already time to apply it wherever it finds a place. I think that today there is a sense to really talk about it.

The internet took decades to be adopted into society. Before that, it has to improve in the technological aspect like the OSI layer, IP addresses etc. Now bitcoin is still a decade year old and it's not technologically mature not imo considering it scalability, its use as a currency and a store of value. But I'm positive that along the way, we will have a breakthrough and the same thing will happen like in the case of the internet.

in fact many people believe in the potential of the blockchain in changing the economic system in the future but usually they are quickly carried away so that when crypto prices go down, they will quickly claim that the future of blockchain and crypto will soon die and therefore people are the growth blockchain and crypto are hampered due to the impact of their pessimism, others will be affected and eventually give up or leave crypto and that will extend this difficult period, if only everyone is optimistic the market will recover quickly and the blockchain will become increasingly popular

Blockchain technology was implemented invented way back then it was implemented on bitcoin at 2009 so it is literally not new when compared to the technologies were are using like smartphones but applications are blockchain is is not implemented on many places so it looks new to the common people.

Blockchain technology is the biggest invention after the Internet. Big companies think about ways to implement this invention to their system. It makes sense to promote this technology and this promotion will increase both demand and supply in a timely matter.

You didnt get this topic, moving from one system from another is slow process, it can last very long, how much will last implementing blockchain  in global economy we will see, some people say 5 years, others 20, but I guess we will need to wait to see.
Here the main word is global, globally, not individuals, its about full adoption of blockchain, and I think thats coming.

In some form, the blockchain has been around for a long time. Perhaps this would be common everywhere, but the highest hierarchy of society does not need it. Therefore, the introduction of the blockchain into the lives of all people is the work of all of us.

I think everyone knows that the implementation of blockchain technology is still in the early stages. It may have accelerated a bit this past few months but it is still a long way to go.

Yes, we are still in the early days. Obviously the very beginning has gone, when all discussions were very technical and there was a considerable barrier to entry. Nowadays that barrier, whilst still there, is more easily surmountable. We will have mainstream adoption at some point, and we're getting there, but it's still a fair way off.

Which is the right, there's still a lots of things to consider before everything will run smoothly as desire, blockchain still on the process of being test and check if things will be running smoothly to have more adoptions and trust, but this opening will bring a huge success after everything has been polish and  after realizing the usabilities of this system.

We are just at the beginning of our way. I totally agree and think that we are only on the early development stages and a lot of work should be done before this industry will reach the mass adoption. Lets just wait and see what happens next.

Sorry for those typos,I actually said that we are adopting to the blockchain technology slower when compared to the other new technologies like android because we still didn't find the applications of blockchain at many places.

You are right in most time we expect technology to perform miracle and to do what its not expected the blockchain technology is still at it early stage and at that we can say it still doing fine, and give it time to come the technology is going to be the answer to all economic question and desirea.

I doubt anyone will argue the impact of the blockchain technology within a short while of its discovery, especially in the finance departments of several firms. With time this could easily become one of the greatest discovery of this century when will look back how things have turned.

Adoption in the industry is increasing and is likely to continue the trend throughout the year. Early investors are going to be rewarded as usage expands across the globe

Blockchain are not early; it’s been almost a decade of immense practice, experiments and real life usage of several Blockchain platforms such as etherum eos stellar waves etc

Am not sure what early you are talking about because artificial intelligence is here

Yes I have believed this statement,  the blockchain technology is still on its early stage and is growing strong. I believe that this is the best time to be part of this movement as it still enjoy its early stage than later when I think it will be tough to get in

It is just his sentiments regarding the blockchain technology but as far as I know he is also benefited from it. I don't think it is too early. Just fine for this generation to at least experienced this kind of advanced technology. We've been longing for this and I do not regret that I already met this blockchain thing.

Blockchain is bitcoin and without bitcoin blockchain is nothing, how ever when bitcoin raised up will have make famous of blockchain system and without bitcoin investor support maybe less interested with blockchain.

This is very soon because I think a lot of projects that are using a blockchain like now do not really have a working protocol or a working product that will really utilised blockchain for the mass market but in the long-term the applications are endless and it has lot of potential but in the short-term real life applications are limited.
The blockchain as a youth future and investors just have to be patient enough and be strategy of about their investment

Blockchain seems to be the future of the world because of its outstanding features, which is also the reason why many governments in many countries are focusing on blockchain, and if blockchain grows, crypto will also grow. !

Blockchain technology is still very young @10years but its better we started this very early ,the earlier the better as thy say and remember that cryptocurrency is still facing many problems presently and it will only get fixed in time so let's all relax and enjoy blockchain  technology

present blockchain adoption is early internet the fast development of blockchain asset and new innovation in blockchain we can compare to early internet

The saying is true, I accept it. I presume that a time is coming whereby almost everyone on the surface of the earth will know about the blockchain technology and will have one or more things to do with the technology. Am glad I know about this at its early stage as this.

Rome was not built in a day and we seriously need to erase that mentality most of us have seeing blockchain as get quick riche scheme without thinking of the technology itself a long term technology aim at advancing our technology in the interim.
Blockchain is already proofing itself to be extremely useful which will not be easily accepted by those against it and lots of battles needs to be overcome for it to be fully effective before we can see the massive effect on the economy.

Blockchain technology is a new stage of progress. Now blockchain is at the origins of its development and has already found its application in various industries, this technology has a huge potential to change the life of mankind.

I agree with you. Blockchain and cryptocurrency are still at an early stage of development. By this, it is now risky to invest in cryptocurrencies.

This is very true. Blockchain technology is still at early stage but nevertheless it's already impacting many sectors and drawing attention.  Institutions and some big players are doing more research on blockchain technology. For instance, some ministries are doing research on how Blockchain can improve their operations. The fact that the blockchain is immutable, doesn't require a second party when it comes to agreements and also easy of tracing transactions makes it top notch.

Institutions are not entered to crypto market yet and we expect huge bull trend if they come to this industry. Current marketcap of cryptocurrencies are less than 500 billion but after the institutions, it can reach to trillion dollar level.

Blockchain continues to grow. Now many smart people, who make the blockchain network with their respective advantages. Because this technology has made it easier for many people to transact. So, enough of us who live it and we who know it.

Totally agreed, it is the same as the Internet, back in the day when internet first launced and available to be utilized by public, the hype is huge, but then the impact is as huge as the hype. But, after couples of years and decade, we now understand that Internet is really usefull, and now it is a lifestyle and daily needs.

Yep, we're still researching about blockchain technology cause it's still a really new thing to the whole world, we still only can apply blockchain technology in few fields in economic and education while blockchain technology even can change everything make everything become much easier.

In my opinion, we can’t say that it’s too early for us to implement blockchain technology. It would even be much better if this technology appeared ten years earlier. After all, this is, in fact, safe storage of large databases online. And this could be applied on the Internet and much earlier.
However, after another 10 years, this technology will find worthy use in almost all areas of our life.

I also think that in the long run, Blockchain is a new economy. Now this technology has declared itself and is developing by leaps and bounds.

I think blockchain will bring resiliency to the good relationships for the people. It will also reduce costs which will make all our products cheaper. Its not only about the end product we get, its about the entire lifecycle of products.

We are yet in the early stage for the blockchain technology even though 10+ years passed since bitcoins were been launched along with the blockchain technology.

Comparing blockchain technology along with internet is a good option because even internet did not had that good amount of users when it was newly launched but as we compared it now, there are a lot of peoples who are been enrolled with internet today and same would be the situation with blockchain ahead.

I fully agree with that statement. Blockchain technology is still very young and its best times are yet to come. I am sure that it is still with a new wave will overwhelm the whole world.

This technology should receive global support, guarantees from the government for widespread use.  ;)

Now this technology is of interest, but few people use it. Very soon this will change and I believe that blockchain technology will be used all over the world.

I agree, it is still quite early. I think mass adoption will be quite profound in 5 more years. I think we might even see other countries become faster adopters than here in the US. It seems like the people there are looking more towards blockchain integration with things like IoT, AI and supply chain.

This article made me realize where we are compared to other countries:

https://blokt.com/news/chinas-increasing-stake-in-crypto

Already without support will not be anything. But I wonder that if there is easier for using, why nobody care about it? Maybe it is because of the data it stores in memory.

besides being new, the blockchain is still not fully accepted, therefore the impact is still not felt in the world economy, if only the blockchain is truly accepted and adopted by the majority of people and countries, the blockchain will slowly be able to push the world economy to a better step

In the beginning stage the development of blockchain system will not been understand by a lots of people is very difficult to understand how it's going to be perform in the economy but it will be a few development in very short period of time and we cannot handle it with your experience and it is not enough for us that's why we are in the difficult situation now.

Blockchain development advances everyday, as a programmer I studied software in other languages,  with the technology of blockchain I was willing to learn blockchain development, because currently that is where the technology is advancing too.

I think that the blockchain technology has been developing very much during even such a bad year for cryptocurrencies as 2018. I think that in the long term, cryptocurrencies will be clearly needed by people.

It seems to me that the blockchain will not be fully accepted because in some areas governments will not allow its use. Its transparency can be useful and not useful for some things.

The blockchain is still in its early stages, but look at the impact, it is quite extraordinary in improving various aspects. Blockchain provides a lot of convenience by maximizing the effectiveness of time, energy, and costs so that many companies and institutions begin to study and try to implement it in the system.

Well-said. If only those projects are all legit and sincere, they will really help in building a much better ecosystem in every industry. Blockchain tech is really powerful on what it can do to human lives. We are hoping more and more authentic projects will come up and implement what is necessary.

10+ years is not early  . its long imo but many people still dont recognize the blockchain technology although when the time passes by  , they will soon realize its importance . also , internet and blockchain are not the same imo because internet is user friendly ,  all people in all ages can use it and do amazing things with it while blockchain techonlogy is not for enterntainment purpose .  its mainly built for techy people especially for developers    

And can you tell me how long dotcom adopted by the ordinary person? it needs a very long time to go especially when you are building a something new that has a main purpose to replace the traditional system.

Definitely. As we can not be sure what is ahead of us (BTC above million of dollars or worth zero), potential outcome is not that clear. However, we have to admit that the technology of blockchain is here and it is evolving. Is it going to be life-chaning or just a cool tool for geeks to play with? Currently it is in hands of thousands of developers who are crazy enough to deal with it. Blockchain is far from being dead and if it is going to make a breakthrough with crypto... well, we would witness a crazy ride  ;D.

Not only the transactions are been made easier with the blockchain technology but also there are a lot of new innovations which are been bought by the blockchain technology. We can peruse a financially stable life with the blockchain technology.

A lot of smarted renovations which can bring a lot of changes are been started on with the blockchain technology which itself is making blockchain technology much more popular.

You should really look at the European society and you would come to know that after having the technology around, it has not been able to cover the entire market. There is still big gap for the innovative things and one should go for it rather than waiting for bounty tokens.

So yeah, it is still early and I believe that the rest of the decade is going to be a very different in terms of the business activities and the financial market.

Indeed blockchain is a technology that is still emerging. But after I read the myriad of benefits that blockchain brings, I am increasingly convinced that the blockchain is able to survive providing long-term benefits. It's just that as millennial people we have to be open to technology because this technology will later facilitate all our work in the future. I'm sure the blockchain is able to provide good economic changes someday.

The harvest of block chain is completely untapped. New but the impact is huge. A lot of sector will benefit from block chain technology . new projects are coming up and changes are being made to older ones. This will continue till greater work are achieved

Yes, profits can be big. However, there is a problem. Scammers They repel. Everything would develop much faster. If the money arrived where it should.

Regulation in this area will correct the situation. Fraudsters will be less, therefore, will arrive at regularity.

Yes blockchain technology just 10 years old so its very young and have more potential to be much better in the future. By more adoption of it, this technology will give more benefits for alot of people and for many different industry around the world.

It is not how long it has been around but how much the development that were going on and that is going on. You can see many company are interested in blockchain, even huge large company. But the development hindered by other technologies that are trying to compete in the same field but I believe blockchain still have its own unique quirks.

Yes, but the best part is when you've entered the block chain in the earliest days, basically, coins there particularly, bitcoin's price is multiplied in a huge amount now, but still I am not regretting my decision that I trust crypto at the moment. Still I am gaining profits.