The Future of Cryptocurrencies
When you look at the crypto-based currency market, it will seem exciting, worrying and mysterious at the same time. The pioneer, Bitcoin, has gained immense popularity over the past few years. The currency has undoubtedly fallen significantly, but has regained its position again. Moreover, ICOs for new crypto-based currencies are emerging at a rapid pace.
A lot of money is being invested in the Bitcoin industry
We cannot ignore the fact that a huge amount of money is invested in the domain. But according to financial experts, the whole future looks a little skeptical. The future of cryptocurrencies is based more on predictions of technological trends and speculation. There are some cryptocurrency advocates who think the future is bright, while others warn people about the future of cryptocurrency.
Replacement of national currencies by 2030
Some of the leading futurists believe that cryptocurrency will remain and rule the financial market. Cryptocurrencies are predicted to replace national currencies by nearly 25% by 2030. Cryptocurrencies are considered more efficient, especially because of the way they work. So swapping national currencies won’t be a big deal.
In 2009, when Bitcoin was introduced, it showed great potential and was successful. Within a year, it boomed and its growth is still ongoing, making it a legal tender and asset in several countries. Several other crypto-type currencies have emerged in recent years and their popularity has led to the legitimization of new assets or currencies other than the conventional currencies that operate in the global financial economy.
We cannot deny the fact that there will be money lost in a crypto-based currency economy. But it is also believed that there is a high possibility of generating profitable income.
You cannot expect crypto-based currencies to function like cash
Crypto currencies work on blockchain technology and are not tied to any centralized authority unlike traditional currencies. Some experts often refer to it as the blockchain economy. The IRS considers cryptocurrency more property than real currency. It won’t be wrong to say that Bitcoin is more or less similar to selling real estate.
When you sell your Bitcoin, you are passing on discrete digital information to someone else. There are several Visa companies that have already facilitated the use of cryptocurrencies for regular transactions. But, cryptocurrency is still something that needs to maintain a strong position in the mainstream economy.