The interest in blockchain technology and the rise of startups with large financial backing that are seeking to find new ways to utilize the unique benefits of the cryptocurrency architecture has risen exponentially recently. With all of this research and money, blockchain and its properties have become central to the cryptocurrency industry’s focus, while digital currencies themselves appear to have relatively little attention in terms of development. Does this mean that the currency is now less important than the underlying technology, or does digital currency still have a part to play in this rapidly evolving industry?
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The cryptocurrency world is one of rapid change, over the last few years the level of interest in blockchain technology in particular has exploded, and likewise has the funding available for startups seeking to adapt the technology into a myriad of markets and uses. For those of us invested in the idea of this technology improving the way we do business and interact with currency, this has been a hugely exciting period where almost weekly new possibilities and ideas have been put to us.
However, while the focus of the cryptocurrency industry has perhaps shifted towards these new implementations of blockchain technology, often with proprietary systems in the case of the larger financial institutions, it has so become easy for those involved in this aspect of the industry to ignore or seek to reduce the importance of Bitcoin, both in the formation of the entire industry itself, and in its role in the future of cryptocurrency. In some cases, blockchain innovators appear to be openly derisory towards Bitcoin, which is a somewhat confusing attitude to take.
None of us really know what is going to happen in the future of course, and blockchain technology seems to have a bright future in any number of applications, but this does not mean that Bitcoin itself is any way less significant today than it has ever been. Not just that, but Bitcoin is set to remain in significance for the foreseeable future. There are many other promising digital currencies that have flourished, but Bitcoin remains at the top of the list.
For that reason, it is a little confusing for anyone to dismiss the digital currency, or suggest its relevance is in decline, far from it. Other implementations may indeed surpass Bitcoin in the future, but right now it has significant user awareness that can be described as being a success.