“Bitcoin is here to stay. There would be a hacker uproar to anyone who attempted to take credit for the patent of cryptocurrency. And I wouldn’t want to be on the receiving end of hacker fury.” - Adam Draper, Founder and Managing Director, Boost VC
Bitcoin, Ethereum, Dash, cryptocurrency, nothing is exciting the tech investors more than this new form of currency that some see as an eventual replacement for the tradition, government-issued money. Despite recent declines, the price of Bitcoin, the oldest and best known of the cryptocurrencies, has more than tripled this year. Ethereum, another of the top performing cryptos, has gained more than 2,300 percent. With the success of these currencies comes a new class of “crypto-millionaires” and hundreds of new digital currencies called altcoins.
With this success also comes speculation. It’s unavoidable in periods of transformation. It happened with the advent of railroads, electricity and the internet. There’s something new, something exciting, something with the potential to make millionaires out of regular Joes and people are sitting up and taking a closer, more educated look. We know that crypto is a big deal but what we don’t know is exactly how big a deal it is.The extent of cryptocurrency’s potential and blockchain technology hasn’t been pinpointed and that opens the door for all kinds of speculation.
So, what do they know? They know something big is happening. Oh, this is big and it’s only going to get bigger and boy, we like big. Because it’s still in a nascent stage, the cryptocurrency trade is feverish and creating a bubble, that’s the downside. This bubble may have to burst before we can fully understand the technology’s immense potential. But, the upside is that the crypto bubble, in many ways, is an affirmation that the technology that has got us all scrambling for this new and wondrous “tulip bulb” does have huge potential and its future looks pretty sound.
“Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative.” - Nassim Taleb
We believe that to make something great, to lead the pack, you have to take risks and be willing, with research, good information, smart planning and some guts, to grab hold of the future. We believe that cryptocurrencies are an extremely viable form of exchange and we welcome this new form into our business. With that, we here at Thoughtlab are proud to announce that we’re now set up to take crypto payments for work and services in the following currencies:
- Bitcoin Cash
- Ethereum Classic
- Stellar Lumens
If you’re following the crypto market you’ll note that we accept half the top 20 largest cryptocurrencies by market cap. In other words, we’re ready for the next phase of crypto. To date, ThoughtLab has accepted over $200,000 worth of payments via cryptocurrency.
“So my view’s quite clear. I believe cryptocurrencies, Bitcoin is the first example, I believe they’re going to change the world.” - Richard Brown
While there are worries and questions about crypto, some will point to the dot com bubble as proof, as a premonition of sorts, that this new technology will fail as well, we believe those fears are unfounded. There are I.C.O.s popping up every day, some are legit and some are clearly scams. We still have a lot to learn about what this new technology can do but, we’re envisioning the potential and positive about growth. We’re, once again, at a crossroads with this technology and we have a choice; watch it, judge it, say it’s just like what has come before and turn away or, recognize its potential and be a part of what the future could hold. The dot-com bubble can serve as a model for what not to do, how not to handle a new technology. History is nothing if not a lesson on what’s best to do as we move forward.
Unlike the old mania over the tulip bulb, or the dot-com bubble, crypto-mania looks like it’s going to level out, find it’s stable footing and bring about a change that will propel us into a very exciting and expansive future. Thoughtlab is excited about what this future holds and welcomes you to come along with us and experience all of its potential. We are students of history, lovers of new technology and smart risk takers ready to embrace the future of money, the future of business.