What’s happening in the world of cryptocurrencies reminds me of the time when the Internet was just becoming known and getting popular. People were scrambling to understand the Internet, to learn what a browser was, why you would call a web address a URL and other such new phenomena. You could register a domain name for $9.95 and they were ALL available. “They would be worth good money some day,” someone told me. Anyone could have registered macdonalds.com, coupon.com, or ford.com if they’d had a mind to but no one could think of what one would do with them, and it wasn’t clear that they would be worth money then.
When the use of blockchain technology and cryptocurrencies spread through our society, there will be tokens or cryptocurrencies for everything. There’s a good chance that half of all the cryptocurrencies out there already will be valuable at some time in the near future. We’re at the beginning of virtual money, and as currencies come into being, with a little imagination, all you have to do is put out your hand and grab some.
I founded and managed a small software company for many years that specialized in barcode. I learned a great deal about barcode during those years. Barcodes are like languages in that if you print a certain barcode type and your scanner is capable of reading that barcode type you will be understood. The reasons for different types of barcodes are many. One barcode type might be capable of being printed smaller than another. There is a barcode for really bad printers. There is a barcode just for pharmaceuticals. There is a barcode that can hold two thousand characters. There is a barcode just for military purposes. So, too, are there now cryptocurrencies with special features and applications. The list is already enormous and keeps growing. We already need a dictionary of cryptocurrencies to understand the universe of virtual money.
There is no doubt some will be enormously popular and some will disappear. The world is evolving quickly. No doubt fortunes will be made and lost during this process.