The future of cryptocurrencies
When you look at the currency market based on cryptography, it will seem to be exciting, concerning and mysterious at the same time. The pioneer, Bitcoin, has gathered immense popularity in recent years. The coin, no doubt, fell significantly, but it recovered its position once. Also, ICOs for new crypto-based coins are emerging in a rapid phase.
A lot of money is 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 on cryptocurrency is based more on predictions of technological trends and speculations made. There are some cryptocurrency professionals who consider it a bright future, while others warn people with the future of cryptocurrency.
Replacement of national currencies by 2030
It is believed by some of the main futurists that the cryptocurrency will stop and rule the financial market. It is expected that crypto-currencies will replace national currencies by almost 25% by the year 2030. Crypto-based currencies are considered more efficient, mainly because of the way they work. Therefore, replacing national currencies will not be a very big thing.
In 2009, when Bitcoin was introduced, it showed a lot of potential and was successful. In a year, it flourishes and its growth is still, making it a legal currency and an asset in many nations. In recent years, many other types of cryptocurrencies have emerged and their popularity has led to the legitimization of the new asset or currency outside of the conventional currencies that function in the global financial economy.
We cannot deny the fact, that there will be some money that will be lost in the cryptocurrency based currency economy. But, it is also believed that there is a high possibility of making profitable income.
You can’t expect crypto-based currencies to work like cash
This type of crypto currency works on blockchain technology and is not tied to any centralized authority unlike traditional currencies. It is often referred to as the blockchain economy by some experts. The IRS considers cryptocurrency more like property than actual currency. It will not be wrong to say that Bitcoin is more or less similar to selling real estate.
When you sell your Bitcoin, you pass discrete digital information to someone else. There are several Visa companies that have already made the use of crypto-currencies easier for regular transactions. But, cryptocurrency is still something that should hold a strong position in the mainstream economy.