Blockchain technology holds a lot of promise for just about any company in any industry today, as decentralization is something everyone can benefit from. Far too many businesses and facing with data breaches and database hacks, due to central points of failure. But whereas Wall Street seemed rather keen on Bitcoin as well as the blockchain, it looks like some investors are bailing on digital currencies and look for the next big thing.
Also read: Smart Contract Crowdsales Are The Future of Raising Funds
The Blockchain Hype Is Still Here, But….
There has been more focus on blockchain technology than Bitcoin, although this trend is nothing new under the sun as far as investors are concerned. Although there was some initial interest in Bitcoin due to its high volatility, things have calmed down a lot in recent years, making the digital currency far less appealing for investors and speculators. Ever since that time, blockchain is the new hype.
It has to be said this technology holds a lot of promise, both within and beyond the financial world. However, Bitcoin should not be discarded that easily either, as the powerful and popular digital currency has created a viable commercial ecosystem outside of the control of banks. Not that other projects have not tried to achieve this goal in the past either, but none of them ever succeeded, nor were they decentralized at its core.
One thing that has been plaguing Bitcoin – and indirectly, the blockchain – is how scalability remains an issue, despite being a decentralized protocol. The number of transactions processed every second remains relatively small compared to other payment solutions and no one wants to wait around for a full hour until a transaction confirms. Granted, when using a decent payment processor, there is no wait time involved, but not everyone will opt for that solution.
Some people might argue Ethereum is taking away some of the spotlight of Bitcoin, and they might be right. Investors and traders are always on the lookout for new opportunities where money is to be made, and Ethereum seems to be that place right now. But that doesn’t mean Bitcoin has become far less valuable all of a sudden, as the digital currency is maturing, and price speculation has taken a back seat for the time being.
The lack of focus on Bitcoin itself does not necessarily have to be a bad thing. Blockchain is as much a part of Bitcoin as it is of Ethereum, yet the former has far more “exchange value” regarding goods and services than the latter at this stage. Besides, both digital currencies can coexist without much issue as innovation is something the entire community will benefit from.
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.