Bitcoin is still a major disruptor not only for the global Technology and Financial industry, but also for our modern way of life.
The Blockchain's algorithm built in efficiencies will soon change more deeply everything we basically now. Because Bitcoin's blockchain algorithm is a very efficient way to proof, validate and store information.
And information, since the dawn of humanity has been the most precious commodity. Up till now, people count on expert opinion to fom their own view of the world. In short, whatever Babe Ruth thinks about baseball or what Lionel Messi or Alex Ferguson say of football is correct. That is, people believe in the infallibility of renowned experts, great practitioners in their field.
While blockchain believes in the wisdom of crowds.
Actually, history has proved both the expert and the crowd wisdom approach to be wrong. The very fact humanity has endured world wars, famine, pandemics or dictatorships proves that both democracy, dictatorship or some mixture of the two has been shown to be wrong at several stages of history.
Bitcoin's blockchain algorithm offers an interesting solution to the problem. The blockchain algorithm just speeds up the processing of information, its storage and analyses. And since many people get to decide what is right, the probability of error tends to zero.
Unlike the wisdom of crowds, via Blockchain everybody in fact has veto rights, which bars the appearance of ruthless dictators, nuclear war catastrophes, world pandemics or famine.
Actually, there is a field called Bayesian econometrics that does something similar. It constantly adapts to new information.
But Blockchain's built in veto power is a significant technological breakthrough.
So if Bitcoin remains attached to and works through the blockchain technology, Bitcoin's value could approach the value of space exploration, in the next 30 years, at least.
As far as I am concerned, Bitcoin is worth 170 000 USD even at present.
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