Gary Cohn, the Goldman Sachs President who claims himself as big believer in the blockchain technology said the prediction of emergence of new global cryptocurrency in the near future. But he clearly said, the cryptocurrency will not be Bitcoin. He explained that the future cryptocurrency will not be based on cost of electricity or mining or something alike but a lot simpler digital coin that will be much easier to understand.
Well, his statement certainly is a very interesting one knowing the world now has much enthusiasm toward the existence of Bitcoin. This has been shown in increasing Bitcoin value over time and increasing number of people doing mining and investing in Bitcoin, the current’s most valuable cryptocurrency. The latest Bitcoin trend even clearly shows more and more retailers, companies and organizations accept Bitcoin as payment tool.
Bitcoin itself is a cryptocurrency that is specifically created through “mining” process with intensive energy and requires the use of specialized computer hardware. In terms of blockchain technology, cryptocurrency itself has been known as the first application. It eliminates the use and even the existence of third party intermediary thanks to more permanent and secure transaction records between two parties involved.
The Blockchain technology has been seen so advanced that it even enables the Bitcoin users quickly sending funds in cryptocurrency across borders at very low cost. At the same time, the rapidly increasing transaction of Bitcoin has also been such challenge that the Bitcoin specifically has to face because it’s been quite hard to handle such high transaction volume. Therefore, Cohn himself has very high expectation of much simpler digital coin than Bitcoin.
He added that in the near future, users and people in common will find cryptocurrency a lot easier to understand. Of course, it will present with Blockchain technology behind it. Yet, everything about the cryptocurrency will be a lot easier to understand including on how it is created, how it can be used and how it moves.
Last year, the price of Bitcoin has been driven up more than 13 times following surge of interest and expectations in this one and only cryptocurrency. The interest shows how many have been expecting Bitcoin for institutional investment in large scale. In fact, in the last few days, the price of Bitcoin has reached $9.100. With the prediction and expectation Cohn has stated, guess we will have to see in the near future of any creation and movement of the new global scale cryptocurrency.