The World of Cryptocurrency in 2023
Forecasting is challenging. None of us can accurately predict what will happen to anyone else. Regarding the upcoming year, we can only make educated guesses, throw darts at a wall, and conjecture.
People have nevertheless continued to present their predictions of what will transpire despite this.
We will refrain from predicting prices in this piece. We won't announce a price objective for a Honda Accord, Bitcoin, steem, or $HIVE. Instead, we are worried about what will happen to the industry as a whole.
This is important. One thing to be fascinated by is markets. That often doesn't tell us too much. To find out what's going on at the center, we must descend. What are the boots on the ground telling us, as they say?
It is crucial to comprehend how society may change in 2023.
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Utility
The utility will be the first factor that is crucial.
The last several years were filled with a lot of fluff. This began throughout the ICO fad and essentially never ended. It is something that most new technologies share, and this is no exception.
People must adopt something, nevertheless, in order for it to endure. That indicates use.
Early on, the Internet was fantastic. However, the medium would have failed if it had not progressed beyond chat rooms and pornography.
Fortunately, things changed and adoption increased at a predictable rate. More than 5.25 billion people use the Internet now. It is thus among the most significant inventions in human history.
The utility is essential if we want cryptocurrency—in all its forms—to emulate this in any way. This involves more than just purchasing a token and searching for mooning. Real-world use cases are necessary to fuel network effects.
There will be a variety of projects that provide that.
Web 3.0
Although it goes much deeper, this is related to the first component. We must first examine the infrastructure. Web 3.0 is about a new, less compartmentalized internet than Web 2.0.
We need a lot constructed in order for this to materialize. Technology companies invested decades in developing their infrastructure. The blockchain and open-source communities must follow suit. Thankfully, the numbers are on our side since more is built when more is put out.
It develops into a self-sustaining mechanism.
If you give developers enough shortcuts, they'll start developing more quickly.
We can watch the development of Web 3.0 a lot more clearly if the infrastructure is in place. We on Hive can see it right now. The rest of the world is unaware of what is happening, though.
Web 3.0 represents a paradigm shift. This will significantly impact how people live. This will have an impact on how we work, make money, have fun, and interact with others. There will be an increase in people who rely on gaming and content development for a living. Numerous innovations will be made, forcing society to further adapt.
This is Web 3.0's potential.
In 2023, we might start to see this come to life. The chaos of 2022 washed out a lot of the fluff. The door is now open for legitimacy to enter.
Network Influence
The early stages of the network effect start to manifest themselves this year. This suggests that in some sectors of the industry, the numbers should be significantly increasing.
Since more developers are discovering the opportunity to build here, development should increase. The time needed to enter a functioning application is decreased with greater documentation and open-source code.
All of this ultimately affects users. Tens of millions of people will be arriving, albeit in a trickle.
The "Killer DApp" that cryptocurrency is still waiting for. I believe it will be seen in 2023.