Summary: The article examines six crypto innovations - Bitcoin, stablecoins, decentralization, DeFi, NFTs, and DAOs - that are here to stay despite market downturns, explaining their growing adoption and irrevocable impacts.
Bitcoin as legal tender and collateral:
- Adopted as legal tender in El Salvador and CAR, accepted by merchants like McDonald's.
- Considered digital commodity and store of value even if not widely used as payments.
- Growing rapidly and unstoppably as better alternative to unreliable local currencies.
- Could extend US dollar dominance if properly regulated.
Re-decentralizing the internet:
- Blockchains enable decentralized apps and infrastructure to combat big tech control.
- ENS, file storage, and hardware innovations driving decentralization.
- Loans, swaps, stablecoins now normal but didn't exist few years ago.
- Expanding real world use cases like tokenizing assets and collateralized loans.
- Redefined digital ownership and gained cultural significance.
- Improving tech and new use cases will drive more adoption.
- Early days but hold potential for coordinating people and causes online.
- Investment clubs, public goods funding, and activism use cases.