When it comes to crypto, there are a lot of different opinions out there. Some people believe that crypto is the future of currency, while others think it is nothing more than a passing fad, despite the fact that it continues to grow and enter the mainstream with each passing year.
In fact, it has become so prevalent in the current world that there are a number of different industries that have already decided to start accepting it. One example would be the iGaming and sports betting industry, as there are games and betting options now available to utilize with crypto. Punters are able to play crypto pokies at Ignition with their preferred digital assets nowadays, while other industries allow consumers to shop and pay for goods and services with their chosen virtual tokens, too.
But what about those who think that crypto could be considered sci-fi? After all, isn’t sci-fi all about predictions and futuristic technologies? You just have to take a look at some of the movies to have been created in this genre to get an idea of what to expect.
In this blog post, we will take a look at the arguments for and against crypto being considered as sci-fi and look to provide a conclusion based on the arguments that have been presented.
Arguments For Crypto As Sci-Fi
First, we will begin with some of the arguments that can be made to suggest that cryptocurrency can count as sci-fi, and explain why they have been made.
- Cryptocurrency Is Based on Futuristic Technology
Crypto is based on blockchain technology, which is often described as a "distributed ledger." Essentially, this means that there is no central authority controlling the currency. Instead, transactions are verified by a network of computers, which makes it virtually impossible to counterfeit or double-spend coins.
- Cryptocurrency Predicts a World Without Cash
If you have read any sort of sci-fi novel or seen any sort of dystopian movie, then you know that cash is often one of the first things to go. In these stories, cash is replaced by some sort of credit system, which is what crypto essentially is. With crypto, there is no need for paper money or metal coins. All you need is a digital wallet in order to store your currency.
- Cryptocurrency Is Limited in Supply
One feature of cryptocurrency that makes it similar to sci-fi "money" is its limited supply. Just like in many futuristic worlds, there is only a certain amount of currency available. For example, there are only 21 million Bitcoins that will ever be mined. This scarcity can drive up prices and make cryptocurrency a valuable commodity.
Arguments Against Crypto As Sci-Fi
Now that we have considered the arguments why many suggest cryptocurrency can be considered sci-fi, these are just some of the most prevalent to exist that will argue against this particular ideology when participating in forums and entering discussion boards.
- Cryptocurrency Is Already Being Used in the Real World
While sci-fi often predicts future technologies, cryptocurrency is already being used by millions of people around the world today. In fact, Bitcoin has even been called "digital gold." There are already numerous businesses that accept crypto as payment, and its popularity is only growing. So while crypto may be based on futuristic technology, it is very much a part of our reality today.
- Cryptocurrency Is Not Necessarily Limited in Supply
While it is true that there are only 21 million Bitcoins that will ever be mined, other cryptocurrencies have an unlimited supply. For example, Ethereum has an infinite supply because new ETH tokens are created whenever someone completes a transaction on the Ethereum network. So while Bitcoin may be limited in supply, not all cryptocurrencies are created equal in this regard.
- Cryptocurrency Is Not Necessarily More Valuable Than Fiat Currency
In many cases, cryptocurrency is actually less valuable than fiat currency like the US dollar or Euro. This is because crypto is not backed by any central authority like a government or bank. Fiat currency, on the other hand, has government backing; meaning it can be exchanged for goods and services with confidence. While cryptocurrency may one day replace fiat currency completely, it has not done so yet.
Final Thoughts
As you can see, there are valid arguments for both sides of this debate. Whether or not you believe that cryptocurrency can be considered as sci-fi depends entirely on your definition of sci-fi and your personal opinion on cryptocurrency itself. However, whatever your opinion, it is a debate that will likely continue to rage on for a lot longer.
