Cryptocurrencies and blockchain are often compared to the internet. Some experts really do think that cryptocurrencies will be the internet of money and that they will play a pivotal role in the making of an amalgam of services and payments called Web 3.0. But even between the most positive ones, there is still the doubt: if cryptocurrencies and blockchain really are the internet of money, in which stage are they currently compared to the development of the actual internet? Alexis Ohanian has an answer for that.
For Alexis Ohanian, cryptocurrencies are at a middle mature stage, but they lack the killer app that will propel them forward to new heights. Alexis Ohanian opinion is very important because he is one of the founders of one of the most important content sharing sites in the whole internet: Reddit. When we talk about cryptocurrencies, this site manages most of the culture and community regarding it on several subreddits. To Alexis, the cryptocurrency world lacks a “Netscape” to propel it forward with new innovation and use cases.
truly, if we make the analogy, the first uses of the incipient tech known as internet back then were pretty limited. Most users that had internet just used it for email and for connecting with different bulletin boards. The rise of the modern browser gave birth to a new number of uses, a thing collectively known as WEB 1.0. Netscape provided people with a new lens to see the internet in another light.
According to Alexis, who has been very positive regarding cryptocurrencies and bitcoin in the past, this is what crypto is lacking. But precisely what that is, nobody knows. It could be the inclusion of institutional money being invested in cryptocurrency, a thing that is being talked since long ago. But now with the announcement of Bakkt and also from Fidelity, two behemoths that are interested in providing institutional crypto services, it could be pretty near.
While he thinks that crypto is still far from popular, he also recognizes there are great use cases as the market stands today. using cryptocurrencies as a toll for making across borders payments and remittances is perfectly possible and doable today, more so with the hefty transaction percentages that some of the more traditional services charge to customers.
And while volatility is still a great problem, he declared that:
“as volatile a store of data as bitcoin is, it’s still yours”
so for people in Venezuela and other troubled hyperinflationary countries, cryptocurrencies still represent a better store of value than their destroyed fiat currencies.