Why Bitcoin Is the MySpace of Cryptocurrencies, But the Blockchain Is Here to Stay


Blockchain transaction fees have historically been much lower — less than a penny as recently as 2015 — than these other established payment mediums. As the demand for Bitcoin and other cryptocurrencies has increased, so have the service charges.</p>

This also comes with a dynamic fee estimation that aids them in selecting the fee that will guarantee fastest transaction speed. This level of user control is definitely a very endearing quality that will likely grow in acceptance in the coming years.</p>

4. Blockchain tech is permeating other industries.</b></h2>

This technology was originally intended to be a baseline protocol for the future of financial transactions and nothing more. However, as industries began to realize the potential of this innovation to do much more than move money, extensive research to better understand and integrate it began extensively across industries.</p>

Today, you will find signs of blockchain infrastructure in every major industry as developers feverishly seek to make it better, faster, more secure, more user-friendly and more adaptable.</p>

And it doesn't stop there; startups are rapidly springing up everywhere, focused on the use of blockchain to run their businesses. For example, Game Protocol</a> is a blockchain-focused development platform for the gaming industry. IMMLA</a> is a freight-forwarding company centralized around the blockchain technology. There are a plethora of blockchain focused companies</a> I've come across, and all of them are literally pulling out the middleman in their industries.</p>

This wave of industry disruption is expected to continue, as any technology this flexible is likely to achieve longevity. We can only wait to see how it is going to be used to amplify the effectiveness of other already promising tech innovations such as the internet of things.</p>

So, is the blockchain just another tech fad?</p>

That's really tough to say. In addition to all the benefits outlined above, blockchain is slowly changing the way we do business, the way we earn a living and the way data is made available. Blockchain has had its fair share of problems, and despite its immense success, the blockchain has its limitations</a> that we might need to worry about.</p>

However, currently, blockchain is making steady progress. With all the benefits the blockchain has to offer, it certainly has a lot to raise the confidence of potential users. The world is changing daily, and the blockchain is put to the test in every situation to determine its ability to withstand future challenges.</p>

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