Yes, we are only halfway to the end of 2019, and the conversations and doubts about cryptocurrency have changed. And now the question is no longer whether cryptocurrency is actual money or a ‘fraud,’ but rather what does the future of cryptocurrency hold-and what does this mean for the world? With over 1200 different coins listed on Coinmarketcap, now is the best time to join the crypto space, because there are a lot of inexpensive options. But wait a little bit.
Knowing the Future Is the First Step
Blockchain innovation was introduced after the monetary recession of 2008, cryptocurrency (Bitcoin) came up as a solution to avoid reoccurrence of money related frauds. The virtual digital currency based on cryptography was introduced to the world so that it can solve the defects of the centralized transaction system.
Ever since its popularity is increasing with the latest survey conducted by eToro revealing that 59% of millennials are more interesting to invest in cryptocurrency than average adults and baby boomers, and when offered through a trusted financial organization those figures increase even more. However, its acceptability is extremely low than that of fiat currency.
Widespread of crypto will become a reality when it has various acceptance. Clarification of crypto in a simplified term is the safety from hackers, and security for not being utilized by unethical resources, anonymity, and decentralization in its genuine sense will hasten the acquisition of cryptocurrencies in a daily basis.
What If Crypto Is Not Accepted?
There is obviously a problematic path for crypto, but it has managed to remain strong still amongst all obstacles encountered. But what if it`s unaccepted as the means of transaction for which it was invented? Then, one tragedy is bound to happen. Banks risk their own “Kodak moment” if they decline to cope up with the rate of rapidly revolutionizing financial technologies. Therefore, as these technologies season and develop, you can imagine a complete transformation of the banking system, embracing blockchain, for instance, in a globe where banks no longer really exist anymore.
Secondly, if the governments reject cryptocurrencies, surprisingly, millennials and Generation Z (Gen Z) will embrace it. What some critics of digital coins fail to understand is that millennials and Gen Zers, now are the largest population on the universe. The latest research by Bloomberg of United Nation data indicates that Millennials and Gen Zers accounts for 31.5% and 32% respectively of the globe’s population. Most of them grew up ‘living and breathing’ tech and are now apparently digitally literate population. With technology intertwine into every DNA of their being, the two generations are ushering in new industry revolutions with open arms. Using Bitcoin and other coins is not rocket science to them. They can treasure the feeling of being new adopters as well as a stakeholder in the dynamics of the future.
So, if crypto is not accepted, both the millennials and Gen Zers are more than ready to recognize the threat of the volatile adoption and harvest the advantages of blockchain. And in fact, they are already doing it.
Crypto Is Here To Stay
The technology of the blockchain is obviously here to stay and will be used more and more often in the near future. The cryptos have acquired the highest position in investment options. Forex and stocks are left behind in the new norm. With the ever-expanding popularity, the comfortable spending and accepting, widely and anonymously justify the adoption of crypto assets, though currently volatile.
Cryptos may still be in its infancy of digital trading, and business who accept virtual currencies are minimal; however, the acceptance of digital coins as a means of payment has been in the growth. An increasing number of service providers and traders are “joining the ‘crypto club’; for example, Facebook and Microsoft companies have invested heavily to embrace cryptocurrency. So, you can anticipate a broad crypto perforation and an overall boost in its value.
Replacements of Fiat Cash by Virtual Coins
Futurists stretch beyond to speculate that cryptocurrency is warming up replace traditional money sometimes in the years to come. While that speculation appears remote, cryptos are moderately stamping authority to the existing financial systems. It`s now evident to observe a more pro-government decision on the utilization of blockchain innovation globally. And if you observe some nations with fallen monetary systems and depressed economies, such as Zimbabwe and Venezuela, you will understand how virtual currency can occupy that gap. After a spell of the recession of issued currencies by the government, Bitcoin has become a primary medium of exchange.
The invention of new cash that is not a victim to governmental intrusion is a solution to the government interference of national currencies and the inflationist plans of central banks. With everything that has been happening in existing banking and monetary systems, there may come a period when individuals would prefer digital money to public money. Since everybody is trying to safeguard their incomes from the impacts of currency rivalries, cryptos are rapidly gaining broader acceptance with the masses as an investment and a store of value.
Blockchain-based currencies will further have a central responsibility to perform in a generation of cash use reduction. Experts are optimistic that this tendency is expected to continue, as cash has been shifting from fiat to digital.
It is evident that Blockchain development is one of the trending fields of innovation in 2019, and it`s not stopping anytime soon. Therefore, the coming years are anticipated to create a wealth of opportunities to individuals striving to upgrade their business with the incorporation of dispersed ledger solutions. Keep your hopes high and positive. Let cryptocurrency reign for the betterment of the universe!
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