If you are considering getting into Bitcoin mining or starting to mine for any other type of cryptocurrency, then you might have heard some of the doomsayers talking about the end of crypto being right around the corner. They tell you that it is a terrible idea to invest and that within a couple of years, it is all going to fade away. They warn you that you could lose all that you put into mining. They seem to be trying to make people afraid of crypto, and for some, that tactic might work.
However, when you start to listen to the actual experts in the field, and those who are running the exchanges, you will hear a much different tune. You can clearly see this in the tone and content from the recent speech by the Commodity Futures Trading Commission (CFTC) Commissioner, Rostin Benham.
On June 4, 2018, he said that virtual currencies are likely to “become part of the economic practices of any country anywhere. Let me repeat that: these currencies are not going away and they will proliferate to every economy and every part of the planet. Some places, small economies, may become dependent on virtual assets for survival. And, these currencies will be outside traditional monetary intermediaries like government, banks, investors, ministries, or international organizations. We are witnessing a technological revolution. Perhaps we are witnessing a modern miracle.”
Others, including J. Christopher Giancarlo, the CFTC Chairman, believes that governments should take a no harm approach to cryptocurrencies and not attempt to regulate them in the same manner that other currencies have been regulated. Experts feel that there it might be possible for cryptocurrencies to help reduce corruption, thanks to the technology that it uses, and the fact that it has a transparent ledger. Some also believe that it could help to reduce poverty, and it can help those who do not have banks to start saving through cryptocurrencies.
What Do the Stats Show?
Those who are still on the fence about investing with cryptocurrency or mining will want to look at the global blockchain stats. When you look at the current stats and see the projections for the future, it is easy to see why most people are very excited about the prospect of cryptocurrency. The current blockchain technology market, according to Fidelity, is at 0.67 billion. This is quite impressive in and of itself. However, estimates are that by 2023, the value will be at about $10.58 billion. Cryptocurrencies are very important to the blockchain market today, and this is expected to continue will into the future.
If you have been holding off on delving into the blockchain and cryptocurrencies, do not let the naysayers steer you away. Do your research, learn more about your options and the potential future that it holds. Then, you can make your own informed decision about what you want to do, and how to proceed.