History repeats itself but does it repeat when it comes to technology? Will Cryptocurrency mimics the story of the internet? If you want to predict the future of top crypto projects, the best way is to study the progress of the internet over the last two decades and compare its success and failure stories against the world of cryptocurrency.
Just like any other technology, the internet was an alien concept to the world until it went public in 1991. The same goes for cryptocurrency. An alien technology suddenly appeared out of nowhere with its huge upside potential and challenged the status quo.
To cite the similarity, I urge you to check the internet and cryptocurrency timeline shared below –
Birth of Industry:
If you compare the timeline of Internet vs Cryptocurrency and follow the developments, you will find a clue to where the crypto industry of today is heading towards. Clearly, internet was born in 1991 but only after 3 years in 1993 it witnessed the development of strong online projects i.e websites like Amazon, Yahoo etc. This is exactly what we see in the cryptocurrency timeline. Bitcoin was born in 2008 and only after 3 years we witnessed the launch of 3 new projects namely Litecoin, Swiftcoin and Namecoin.
Early Stages:
In the following years the internet industry saw global acceptance when Amazon turned public in the year 1997. On the other side, we can see the birth of Coinbase in 2012 which recently went public in the year 2021. Hence giving us a hint of global acceptance in the near future.
Coinbase of Cryptocurrency is Amazon of the Internet
Growth Phase:
Online projects like Netflix and Google Search Engine back in 1997-98 were shot in the arm of the internet industry. Similarly, in the years 2015-16 projects like Ethereum, Dash, and Ripple were big enough to boost the usability and reliability of blockchain technology. This was a critical step since it paved a way for new possibilities in terms of mass adoption of the technology.
Global Meltdown:
Both these industries aren’t immune to global market meltdown. They have seen the worst market crash in the first 10 years of existence. Back in 2000, there was a rise of the DOTCOM bubble that led to the worldwide crash of internet companies. Many went out of business. The same was the case with the crypto industry. In the year 2018, we again saw the madness and big crash that led to the downfall of top coins including Bitcoin, Litecoin and Ethereum.
Injecting Stability:
A year after the DOTCOM crisis, we witnessed market stability and growth which slowly led to the development of promising projects that are going to be the billion-dollar babies in the next decade. The same was the case when the top crypto projects i.e Bitcoin and Ethereum hit an all-time high. Hence flooding the industry with new projects. This is the right time to learn how to buy Bitcoin in India
Going Forward:
When you look back at the internet industry, the birth of billion-dollar companies that are still thriving was born between 2002-2010. It was an era of tech advancement and mass adoption of the internet around the globe. When it comes to the cryptocurrency industry, Is there any possibility of witnessing the same level of growth? The short answer – YES!
Cryptocurrency and blockchain technology has shown an immense level of growth and adoption post the market crash. We are yet to witness the growth of multi-bagger projects with real-world applications in the near future. It’s time to become a cryptocurrency investor NOW!
My Verdict:
Personally, I am pretty confident and bullish on the new cryptocurrency developments like ETH 2.0, Polkadot crypto, and Defi projects. Ready to witness it hitting the MOON in this decade (2021-2030). What are your thoughts?
Watch the detailed drill-down of Cryptocurrency Predictions –
I hope you enjoyed reading the post. Feel free to check out my recent post on Bank vs Bitcoin in India and learn more about crypto terminology. Remember to subscribe to the newsletter. Share and spread the knowledge.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.
This is a great post. Appreciate for sharing.