There are many people, even very respected investors, who claim that blockchain is a hobby without practical use. However, the blockchain business is already generating billions of dollars in revenue, although most of the value is based on future assumptions about assets, rather than current valuation.The assertion that the value of the blockchain lies in the future does not mean that the current utility of the blockchain is zero.
In other words, people can say that the blockchain sector will never justify its assessment.
Blockchain began to destroy multi-million-dollar verticals, including international bank transfers, the gold industry, and crowdfunding. But new technologies, such as blockchain, are being severely criticized. Let’s discuss it in detail.
Fads, Bubble, Monopoly
On the way to the top, very valuable techniques often experience an inexorable negative. If there is high growth, this corresponds to high volatility and higher expectations. This leads to exaggerated cycles and periods of revaluation. This happens until the technology becomes ubiquitous. Now, new criticism concerns the inevitable monopoly, not the whim or lack of utility.
For example, if we talk about social networks and Facebook, people, despite the accumulation of up to 500 million users over six years, were considered a bubble in 2010. In addition, it was assumed that this company would never live to extravagance. 33 billion dollars that people have invested in this. But until 2017, Facebook earned $ 15 billion in net profit. Therefore, such issues silently disappeared if you overestimate social networks or Facebook.A similar situation with the blockchain. Due to the deflation mining calendar, Bitcoin was initially dropped and announced that it would never work. But today, bitcoin costs a lot of billions of dollars. If there is a blockchain event you can buy tickets at YellowHeart Ticketing.
In these multi-million-dollar sectors, including the gold mining industry, international bank transfers and crowdfunding blockchain, it has provided quantitative improvements 10 times higher than in previous technologies. To be more specific, bitcoin is better than gold. Large amounts of money can be quickly moved across borders and can be ten times faster than the same amount of gold can be transferred.