Future of Cryptocurrency and Blockchain-without the Hype.

Do you spend a ton of time checking value of your portfolio and scrambling rant catch up on the latest crypto news. I know I certainly do. In crypto, constantly bombarded with noise and it's easy for us to focus only on things that are happening right now. That means we have a little time to think about what the future holds for the new technologies and assets we're currently getting to grips with. My name is "MrCrypt" and in this article I'm going to tell you a story about my trip to the year 2050 and give you a sneak peak of what the future holds for blockchain and cryptocurrencies within this compelling narrative, I'll be sharing my thoughts and predictions of what the future may hold for us and how crypto could usher in a wave of change,not seen since the industrial revolution. Now before I get started, there are a few things I need to own up to. I am no financial advisor and that means this article is for educational  purposes only. Be sure to pay your financial advisor to visit before making any moves in the crypto space. Now, yes. And if you're new to the cryptolibrarynow,then welcome to the Library. I regularly create videos on the top cryptocurrencies and everything that's happening in crypto space.  Alright enough jibber jabber. I want to get into my crypto time Traveller story and what the future may hold for us all. 

Reason for mass crypto acceptance-:

Here in the year 2050, there are 2 types of money. The first is central bank issued digital currencies, which are used by governments to track how their citizens are spending their money. Yes, folks, cash is now a thing of the past. The good news is that crypto has been mass adopted and Bitcoin is now used as the primary medium of global exchange. This was made possible due to Bitcoin being able to scale because of off chain solutions. Another interesting thing is that Bitcoin now has a plethora of privacy features. Old coins are still a thing. Ethereum 5.0 was actually launched in 2045 and has completely revolutionised the way token economies work due to continuous upgrades as well as multiple of chain payment solutions. Now I live with you folks. The world has completely changed. Many countries simply don't exist anymore, and those that do have a parallel currency system where Central bank, digital currencies and crypto coexist. This works in a very similar way to how the Cambodian real coexist with the US dollar in 2020. Basically its common for stores in these countries to have 2 prices. A higher one is set for payment in central bank currencies and a cheaper one for crypto. Why is this? Well, to explain that I have to go back to the year 2020 when the world governments were racking up astronomical levels of debt when tackling the biggest global pandemics since Spanish fleu. It all started with national healthcare systems acquiring thousands of ventilators and hundreds of millions of pieces of personal protective equipment to protect health care workers. Then came the mass stay at home orders and government wage subsidies that ended up costing countries hundreds of billions or even trillions of dollars in national debt. Fat debt balloon to unsustainable levels after our leaders trying to save our economies through massive government backed infrastructure projects. So how did your global leaders try to tackle this national debt problem? Well, they began ratcheting up taxation levels to pay for all this pandemic spending. That strategy didn't go down well with most people, and many started to experiment with different ways to avoid at crippling tax burden. It all started with people using cash to buy goods and services. These merchants and vendors preferred customers paying in cash, as in they can easily avoid reporting in comes to the government and evade those extortionate taxes. That meant that stores actually started offering discounts for cash payments, and that in turn, so the decline of the use of debit and credit cards as a means of payment. After all, it took those people just a few minutes to go to their local ATM to get cash and grab a 30% plus discount on goods and services. Basically, most merchants.,didn't end up reporting cash transactions to the government and didn't pay tax on those sales. This basically kicked off a crazy cash spiral where the world governments raise taxes further to try and pay for that pandemic debt, which incentivised even more people to use cash to avoid them. Needless to say, that fun feedback loop didn't last long. The solution was an interesting one. Global governments out load cash overnight and replaced it with national digital currencies. These were completely centralised and governments intended to use these digital currencies to track exactly where citizens spent money and tax them accordingly. Thank Grand Plan fell apart pretty damn quickly.People simply look to other methods to avoid ridiculous levels of taxation and turn to cryptocurrencies like Bitcoin on mass. That is basically how cryptocurrency became mass adopted. The interesting thing was how all that was made possible. In 2025, Bitcoin had a bunch of privacy features deployed that made it a perfect solution to get around those crippling levels of taxation. Basically it was peoples desire to avoid taxation which turned out to be the key driving force,behind crypto becoming mainstream. Let me take you back to 2050. You're probably wondering why centralise digital currencies exist at all? Well, the truth is, the blockchain made private business and the public sector too efficient and that lead to mass unemployment. I'll get into this more later. To combat widespread unemployment, world government implemented various systems of universal basic income and that was paid out in government issued digital currencies. The main reason behind that was to be sure that governments could at least generate some tax revenue through tracking consumer spending. In a nutshell, this is exactly why it is now common to pay, a higher price for the same good or service if you use decentralized currencies, businesses know that the transaction is being tracked and have no real option but reported in pay tax on it. However, the same is not true of cryptocurrencies and that is why you will receive a discount if you use that payment method. 

Central bank coexisting with crypto and bit coin-:

I now want to move on to the geopolitical landscape in 2015, here the world is basically made up of strong governments that survived a crippling levels of national debt brought on by the great pandemic of 2020. So how did these government survive? Well, many countries with sovereign wealth funds began diversifying into Bitcoin,ethereum in 2020. Many people in crypto thought that halving, was the reason behind big kinds recovery from the 5K levels during the pandemic crash to around 10K in mid 2020. It was later discovered that this epic rally was actually kickstarted by sovereign wealth funds, who started to slowly accumulate crypto. Indeed, it was revealed that all the fun around Ethereum2.0 delays was a coordinated strategic move from these sovereign wealth funds to suppress the price of it and allow them to accumulate more at cheaper prices. That is why the world stage is now dominated by China, Russia, the United Arab Emirates, Saudi Arabia, Singapore and Kuwait, or under authoritarian regimes,for those because believe in democracy, you need not worry if you are living in Texas, Canada, no way. And Australia? Yeah, you heard me right. In 2050, Texas is actually a leading world superpower. It turns out the permanent school and university funds of Texas invested heavily in Ethereum, and that later got re-appropriated as the Treasury for the new country of Texas. Indeed, that crypto stack was so fast that is be more than enough to bankroll the whole of the former U.S. military and absorb it into the nation. State of Texas, Needless to say, the ideologies of authoritarianism and democracy are constantly at loggerheads, and Texas bears the brunt of the responsibility for fighting for freedom and citizens rights. Sir, what about the rest of the world that didn't have sovereign wealth funds? Well, there now a patchwork of fiefdoms controlled by the crypto rich. He turns out that many early adopters really did get it right and were handsomely rewarded here. In 2050, the Winklevoss twins have been the kings of New York. For decades, CD still runs finance from his empire, spanning the whole of Japan, Walter and a few other islands in the Mediterranean. Those awesome of the good fiefdoms. However, there are many run by despotic rulers that sadly choose to abuse their systems. Ohh yes, many of you have probably heard of the Bitcoin time traveller from readdit. It turns out that the Citadel never came to pass. The key reason was that advancements in drone and robotics soldier technology. Made it completely feasible for one person to have complete control over huge swathes of land and entire populations, and I'm sorry to say that my childhood friend Mad Mike ended up becoming one of those despots who imposed his will on the people of London through his drone and robotics soldier Army. I really hope that's just my overactive imagination at work there. 

How blockchain changed the economy?

That brings me onto a big question. How did the global economy function in the future? Will the bad news is that over 90% of people are unemployed? This was due to the astonishing levels of automation that blockchain tech brought about. Indeed, many companies now don't even have a single employee with decentralized autonomous organizations being widespread. Many of you in 2020 cheer on the rise of these doubts. However, what many didn't anticipate was that they would be one of the key drivers fuelling mass unemployment and serve to consolidate wealth into the hands of a few early token holders. All that is meant that there are unimaginable levels of wealth inequality and the 2 main measurements of wealth are crypto and land. If you're watching this in 2020 and just beginning a career in finance, then you may want to put your skills to use in the defi space instead. Here in 2050, the finance industry as you know it has completely vanished. Instead, every financial service has now been automated and decentralized. By defi . The biggest global loan provider is now AAVE.So what happened to the stock market? Well, I hate to break it to you at the stock market no longer exists in 2015. You can still invest in companies. However, instead of opening up a brokerage account like we used to do back in the Stone Age, you now bye and sell, tokenised equity on an exchange and store that on hardware wallet devices. Ohh yes, if you're wondering what? Happen to the lives of Google on Facebook. There no more essentially any business that relied on world gardens of data to monetise went extinct in the mid 2020. Nowadays we use decentralized search engines and social media platforms where we actually control our own data and choose if we want to view ads ,as it turns out, that people started valuing privacy a lot more after a number of moves by governments. It all started when the US Senate implemented the earn it act, which outlawed encryption. Then after that was passed, they loved power that came from being able to Snoop on people's conversations. This of course, then lead to more restrictive measures on financial freedom and all culminated in the eventual issuance and control of state. Back cryptocurrencies anyways. Blockchain decentralized tech were seen as the saving grace for peoples privacy. I guess those privacy hawks were right. Another thing you need to know is that not all businesses end up becoming decentralized autonomous organizations. Many do still have employees. The key differences that,way fewer, are needed to complete the same tasks as 30 years ago. That thanks to the total adoption of blockchain tech, indeed, it seems laughable. It's so many businesses were so resistant to the adoption of blockchain way back in 2020, it was nearly as if those companies wanted to keep people in a job. Nowadays, operational costs have been squashed. Down to barely anything at all, that's been achieved by removing pretty much all the intermediaries and administrative effort involving transaction reconciliation and recordkeeping. Another thing to know is that corporate lawyers are now no longer a thing. These were automated out long ago by smart contracts. Yes, if you are somehow watching thisunder a bookkeeper. Be warned, you will not have a job for much longer once every transaction in the world is recorded on public ledgers and automation software is created to log those transactions in a companies accounts. Sorry. Another thing that surprise me was finding out how down efficient supply chains have become. It turns out that we change really did have a great idea on the block chain became an exceptionally cost effective method for tracing and tracking goods.  So it should be clear to now that office work has got automated out by blockchain tech in droves. But what about jobs in the rest of the economy? Well, a ton of jobs you take for granted in 2020 simply vanished. That's mainly due to the rise of the Internet of Things in the mid 20 20s. Yes, people do pay crypto in some outdoor museums to experience of riding the Yellow New York taxi cab driven by a real person. However, most people in 2050, summon Driverless car in Uber through the Internet of Things and pay for it,using crypto on the smartphone. It turns out that Uber had this master plan to automate out physical drivers all along, and that human drivers merely served as a stopgap until driverless cars, IoT, and Crypto had advanced enough as technologies,and most people main function is to be a consumer and spend their universal basic income on products and services. I guess you might say that this is a type of product testing and data service is being provided by incentivising innovation through choosing one product over another. Now that I've got on the topic of shopping something that might be a relief 2 is knowing that you won't have to carry around those numerous store cards in your wallet for much longer. People in 2050 don't have bulging physical wallets spoiling the trouser lines. Instead, store loyalty programs are entirely digital and simply use tokenise based reward system. I actually got my free coffee. The other day, by using up my 5 Starbucks tokens, another offshoot of increased automation and the efficiency of block chain in business is at the value of human labour is very low indeed. I guess that's great news for the owners of capital and businesses. However, it frankly sucks. If that's not you and is one of the lucky ones who actually have a job paying just a few satoshi a day I get it. This all sounds horrible. However, in countries that have survived, it's not all bad. That giant glut in human labour is the name reason why universal basic income was widely adopted by government should fund it. This actually acted in a new renaissance in culture and technology in some countries as people. At the time to devote to things like the arts and developing ideas. 

Crypto laws disrupted the legal system!-:

The legal system has also moved to heck of a long way. In just 30 years, IoT powered smart devices became increasingly integrated with crypto payment options. After all, that's what made it possible for the likes of uber to automate out human drivers. An unexpected consequence of this was the crypto lead. Buying these drivers tells fun, loading them up with crypto and rescinding ownership of them. This all started off as some form joke. However the problem arose when these driverless cars started showing up to charging stations and paying for electricity using crypto.Legal systems were not ready. For that change, as traditionally transactions were only legally binding if they were made between 2 humans or human controlled entities. That's being served with the reworking of legal systems now IoT devices and humans are able to enter into legally binding agreements with each other. And another interesting thing is that paper, wills and inheritances have been completely revolutionised by blockchain wills are, now stored on the Ethereum network and smart contracts,are used to divvy up  inheritances based on certain criteria. Yes this move gave actually poepole the option to make stipulation that their grandchildren , didn't get that inheritance before a certain age. 

Crypto impact on government-:

That brings me onto the subject of government adoption of blockchain tech. The interesting thing is that people no longer get issued birth certificates, passports, or ID cards. Indeed, all that important documentation, along with health records, is now carried around in 10th generation,ledger and trezor devices and stored on the blockchain identities are,basically, entirely digital. That's really useful if you are fortunate enough to live in democracies like Texas, Canada or Australia. However, if you have the misfortune of being born under authoritarian regimes then that digital ID is used to track your every movement. Indeed, China was one of the first to begin rolling out facial recognition technology around 2020, and many other authoritarian regimes copy that idea to gain greater control over their populations. Travel in these countries is now relentlessly tracked, and that has given rise to true police, states. Governments , also realised that people were using crypto wherever possible to have a taxation. So instead of paying universal basic income in Bitcoin or ethereum they decided to distribute this in central Bank issued digital currency. Yes, all transactions are tracked by the government and if you make a transfer with the government, just assume that you paid for something and a huge chunk of that transaction automatically goes back to the government, as a taks a pretty devious solution if you ask me. Democratic countries also have elections held exclusively on the blockchain. The cool thing is that results are completely transparent, free of tempering and you don't need to stay up all night for an election result anymore. 

Final Thoughts on future of crypto and blockchain-:

So there you have it. My terrifying glimpse into the future of crypto blockchain. However, I do want to share a few closing thoughts. This thought experiment did make me consider the different ways that crypto could be mass adopted and how it could revolutionise ideas of money. When it comes to blockchain, it really could be the, case that this tech ashes in a new industrial revolution and helps us make a giant leap forward. Inefficiencies in both government and industry. However, we need to accept this efficiency comes at the price of jobs, at least in the short term. Now, that might not be an issue if we are proactive about that, now and come together to dream up new industries to reallocate that human labour to something productive. Now I'm never going to back against human ingenuity and ability to problem solve, but it might be a good idea to start thinking about this now. It seems quite clear to me the blockchain technology is going to create massive efficiencies and disrupt whole sectors. I do worry about how blockchain tech might be used when put in the hands of authoritarian regimes. Honestly, I would not be surprised if its leverage to gain greater control over whole populations. That is why we all have a responsibility to take a stand against any government overstepping its bounds before it's too late. Another side effects of both crypto and blockchain tech is its potential to further exacerbate the gap between the haves and the have not's in the future. I do worry that wealth will be increasingly concentrated into the hands of crypto holders and the owners of blockchain powered businesses. I guess you could take action to safeguard yourself against that today by getting your hands on some crypto. If you're interested in that and getting some of the hottest deals in crypto, then be sure to checkout my dedicated deals page in the description below. Finally, we must remember that technology is neither good nor bad in itself. It's all about how we use it. We might be on the cost of a crypto revolution. However, there is still time for all of us to shape what that future might bring. I would urge you to remember the wise words of Edmund Burke. He's the guy that said the only thing necessary for the triumph of evil is for good men to do nothing. Now I know it was a lot to take in there, so top marks for hang on until the end, but I do want to hear your thoughts now. What do you think the future holds for crypto and blockchain? Do you have any predictions of your own? Let me know in the comments. as always thank you for watching if you want to do me a favour please share this article as much as you can to your friends and family or anyone who you know is interested in the world of crypto.

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