The future of cryptocurrency
If you look at the crypto-based currency market, it will seem exciting, disturbing and mysterious all at the same time. The pioneer, Bitcoin, has gained immense popularity over the past few years. The currency has undoubtedly fallen significantly, but has recovered its position again. Moreover, ICOs for new crypto-based currencies are emerging rapidly.
There is a lot of money 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 cryptocurrency is based more on predictions of technological trends and speculations made. There are some cryptocurrency supporters who believe 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 is here to stay and will rule the financial market. Cryptocurrencies are predicted to replace national currencies by nearly 25% by 2030. Crypto-based currencies are considered more efficient, especially because of how they function. Therefore, the replacement of national currencies will not be a big deal.
In 2009, when Bitcoin was introduced, it showed great potential and was successful. It has boomed for one year and continues to grow, making it a legal tender and asset in several countries. Several other cryptocurrencies have emerged over the past few years, and their popularity has led to the legitimization of a new asset or currency in contrast to the conventional currencies that function in the global financial economy.
We cannot deny the fact that some money will be lost in a crypto-based currency economy. But it is also believed that there is a high probability of making a profit.
You can’t expect crypto-based currencies to work like cash
Cryptographic currencies operate on blockchain technology and are not tied to any centralized authority, unlike traditional currencies. Some experts often refer to this as the blockchain economy. The IRS views cryptocurrency more as property than real currency. It would not be wrong to say that Bitcoin is more or less like selling real estate.
When you sell your bitcoins, you are giving away confidential digital information to someone else. There are several Visa companies that have already made it easy to use cryptocurrencies for regular transactions. But cryptocurrency should still hold a strong position in the mainstream economy.