There are many, and even respected investors who claim blockchain to be a mere fad without any practical applications. The blockchain industry is generating revenue in the billions even though it’s largely based on future speculation rather than current value. Visit our website and learn more about crypto games.
No, claiming that blockchain will only be useful in the future is not the same as saying that it has no utility now. You could also say that the blockchain sector is not worth its present valuation.
Blockchain disrupts verticals worth multi-billions including gold, international wire transfers, crowdfunding, and more. However, new technologies are being heavily criticized. This is a topic that we should discuss in greater detail.
Fad, Bubble, Monopoly
Of course, on the road to success, techniques that are highly valued often face relentless criticism. The high level of growth will be accompanied by high levels of volatility and expectations. This can lead to overvaluation and hype cycles. This continues until the technology has become ubiquitous. This is the latest criticism, not about lack of utility or trendyness.
Facebook was regarded as a ‘bubble’ in 2010, despite its 500 million user base in only six years. Also, the people believed that Facebook would not be able to live up its valuation of 33 billion dollars. Facebook generated $15 billion net income up to 2017. A lot of questions like whether Facebook, social media and other platforms are too expensive have quietly disappeared.
Blockchain operates in the same way. Initial criticism of bitcoin was due to its deflationary miner schedule. It was also declared that the currency would not work. Today bitcoin is valued at billions.
Get 10x the Advancement
These multi-billion dollar sectors, such as the gold market, international money transfers, or crowdfunding, have seen a quantifiable improvement of 10x when compared to previous technologies. In more detail, bitcoins are better than gold. Large amounts of money can cross borders quickly and ten time faster than a similar amount in gold.
Ethereum can be used to make international transfers of money. This is possible 24 hours per day in any country and in just 14 seconds. In the tech world, it is now well known and also allows instant generation for receiving addresses.
In one year ICOs are complete and the token sales amount to over $9 billion. The crowdfunding industry has now moved into a completely new phase.
Flaws Are Flexible
Obstacles may be posed by execution or distribution. There is no doubt that crowdfunding, international wiring transfers and the gold industry have a fundamental innovation. It is true that the 10X enhancements exist. But there’s a strong argument to be made against them.
Ethereum games will flourish in the future. This is a new technology. It can grow significantly if it becomes more widely adopted.