Right now, Bitcoin looks a little out of control. Even though there are plenty of cryptocurrency enthusiasts excited to watch Bitcoin hit $10,000, there are also plenty of skeptics concerned that we’re moving into bubble territory.
With so much excitement around Bitcoin’s value, it’s easy to forget that there are other uses for blockchain. In fact, some think that Bitcoin’s rise has prompted a look at other business applications — beyond cryptocurrency. But what happens if we end up with a Bitcoin bubble?
Could a Bitcoin bubble result in a setback for blockchain for business?
Is There a Bitcoin Bubble?
It’s hard for some people to not see a Bitcoin bubble. After all, the cryptocurrency has risen in value at a dramatic rate. People are investing in it, but it could be reaching a point where it is unsustainable. After all, how many people can afford to buy a Bitcoin priced at more than $9,000? And is it really something that can store value?
Of course, proponents of Bitcoin insist that it has vast potential and that its value is barely being seen. As a store of value, as well as an alternative currency — unfettered by government control — it could become even more valuable in the future.
Whether or not you see a Bitcoin bubble, it’s important to look at things carefully, and consider the value of the blockchain as a whole. Time will tell if there’s a Bitcoin bubble, or if a correction is needed before Bitcoin heads higher.
More Blockchain Applications Needed for Business
Even if Bitcoin is in bubble territory, the hope is that blockchain for business applications won’t see a setback.
Blockchain applications aren’t just about send payments back and forth and the development of new currencies. As a platform, blockchain is revolutionizing the way we manage data and other business functions. It’s not just about investing in a cryptocurrency and watching it grow. It’s not even about paying your workers halfway around the world in a cryptocurrency to avoid the foreign exchange fees.
Blockchain platforms offer the chance to change supply chains and manage contracts. Smart contracts and other business functions can be used to enhance business every day — without a single Bitcoin (or another cryptocurrency) being exchanged.
Don’t Let a Bubble Deter You From Experimentation
The excitement around blockchain largely comes from the enthusiasm for Bitcoin. It makes great headlines. But the surge in price isn’t everything. If we want to get the most from blockchain, we should see it as something beyond Bitcoin and other cryptocurrencies. Instead, we should see it for the potential it has to streamline businesses in other ways.
Don’t let the furor over Bitcoin cloud your mind to the other benefits of the blockchain. And if it does end up that we are in the midst of a Bitcoin bubble (one that bursts), don’t forget that there are other good reasons to stick with the blockchain. Businesses have a chance here to make great improvements. Don’t lose sight of that as you consider the usefulness of blockchain applications.