As cryptocurrency fans, we think it will be an important part of our life and that most of the population will have adopted it. But let's try to guess the future, how much will most of the people become crypto users. I mean will our parents use this technology to pay when they go shopping for example as at the moment they don't believe in Bitcoin.
The Salvador example
How to not talk about the Salvador which is the country where the $BTC is by far the most adopted. Why ? Because Salvador president made Bitcoin a currency with a legal price in Salvador. The first question we could make is "Will other country follow this move ?", and my personal guess is that, spoiler, other will. the reason will be the same as Salvador : not staying dependent of $USD supremacy. With Bitcoin, they're able to protect themselves against inflation and their economy becomes much more solide and resilient. With small countries adding $BTC as an official currency on their territory, more people will be involved in that particular sector and our portfolio would rise a lot. Also, there is a possibility that bigger countries adopt it too. With China trying to ban Bitcoin or any business related with it, it is not a good example at all. However, a country can not stop Bitcoin as Bitcoin is unstoppable.
Will it only be a payment method ?
At the moment, Bitcoin is often defined as a "store of value" by some economists, as the gold is. When it comes to adoption, we rather talk about using cryptos as a payment method but we don't think about other uses. So first, will it be a credible payment method ? and second, what other uses could we imagine for cryptos in our daily life ?
So, my first opinion is that we will use blockchain technology as a support for payment transactions, but maybe not always Bitcoin. We often heard Bitcoin blockchain isn't made for little transactions, such as purchasing your bread (I'm french, I will bring everything to bread haha). Other blockchains could be use for little transaction ($ETH ? $EGLD ? $SOL ?) while $BTC might be used for way bigger transactions (cars, houses, apartments ...). It's important to precise that those thoughts are only mine and you're free not to share this opinion with me.
And now, what could be the other "features" the cryptos bring to "real life" and "real economy". One of the biggest application I've thought to is to use your BTC as collateral in order to make a loan. As well as a traditional loan when you can have a mortgage on vines or real estate assets, why not use your cryptos as collateral assets in traditional bank ? About this, Celsius Network is already contracting loans using cryptocurrencies as collateral assets.
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Will NFT be more mainstream ?
The final part of this article is about the Non Fungible Tokens (NFT). I will not develop what are NFTs, I let you check other documents around this (or tell me if you want me to write an article about it). I just prevent you from gambling all your money in this ecosystem as at the moment investors are speculating a lot on NFTs.
The first type of NFTs that will have an impact is the ones around video games. The play2earn model is the one with the most potential, or at least I think. Developers will have an interest building around it as they will earn fees on transactions including items of their games.
The second one is the art oriented NFT. And I mean you could pay to visit virtual museum with collectors showing the NFTs they purchased. Metaverses are fashion at the moment and we could imagine virtual ecosystems such as Decentraland and Sandbox gaining more and more users.
The last one could be a very useful NFT, and I mean this after watching a brilliant video on Twitter. This video was showing a door that could be opened thanks to a NFT. This opens infinite possibility and uses for NFT, as only few people could open chests thanks to NFTs or private keys.
And you, how do you think cryptos will be used in 10 years ?
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I still continue to believe that crypto will have a place and a role in the future. But the one thing that seems missing from all of the arguments in favor of its adoption and use is "earning it." We all have to work. That will never change. If we want any of our money to have any value we need businesses to produce things, and people to produce them. Otherwise its all useless.
Introducing a new "currency," for example, in El Salvador does not change the fundamentals of its flawed economics. It just introduces a new way to conduct transactions. Currencies do not produce anything. They are simply "vehicles" for transacting. So, with that in mind, one will have to be able to earn crypt to make a transaction. Likewise, someone will have to produce the thing that is being bought.
Maybe I am simply missing something here. But I think crypto is a great way to conduct future transactions and store wealth. But I do not see how it CREATES wealth.