The future of cryptocurrencies
When you look at the crypto-based currency market, it will seem exciting, concerned and mysterious at the same time. The pioneer, Bitcoin, has gained immense popularity over the past few years. The currency, no doubt, fell significantly, but it again regained its positions. Additionally, ICOs for new crypto-based currencies are emerging at a rapid pace.
A lot of money is invested in the Bitcoin industry
We cannot ignore the fact that huge funds have been invested in the domain. But according to financial experts, the whole future looks a little skeptical. The future of cryptocurrency is based more on the predictions of technological trends and speculations made. There are some proponents of cryptocurrency who see a bright future, while others warn people about the future of cryptocurrency.
Changing national currencies by 2030
Some of the leading futurists believe that cryptocurrency will stay and rule the financial market. Cryptocurrencies are predicted to replace national currencies by almost 25% by 2030. Crypto-based currencies are considered more efficient, especially because of the way they function. Therefore, replacing national currencies will not be a big deal.
In 2009, when Bitcoin was introduced, it showed great potential and was successful. Within a year, it was booming and its growth still continues, making it legal tender and an asset in several nations. Over the past few years, several other cryptocurrencies have emerged and their popularity has led to the legitimization of the new asset or currency, separate from the conventional currencies operating in the global financial economy.
We cannot deny the fact that there will be money that will be lost in the crypto-based currency economy. But it is also believed that there is a great opportunity to realize profitable income.
You cannot expect crypto-based currencies to function like cash
Cryptocurrencies operate on blockchain technology and are not tied to a centralized authority unlike traditional currencies. Some experts often refer to it as the blockchain economy. The IRS considers cryptocurrency more property than actual currency. It would not be wrong to say that Bitcoin is more or less similar to selling real estate.
When you sell your bitcoins, you are giving away the 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 take a strong position in the mainstream economy.