The future of cryptocurrencies
When you look at the cryptocurrency-based currency market, it will seem exciting, but also interesting and mysterious. The pioneer, Bitcoin, has gained huge popularity in the last few years. The currency certainly fell significantly, but once again regained its position. Moreover, ICOs for new cryptography-based currencies are booming.
A lot of money is invested in the Bitcoin industry
We cannot ignore the huge amount of money invested in the domain. But according to financial experts, the whole future looks a little doubtful. The future of cryptocurrency is mostly based on predictions of technological trends and speculations. There are some cryptocurrency advocates who think of a bright future, while others warn people about the future of cryptocurrency.
Changing national currencies by 2030
Some leading futurists believe that cryptocurrency is here to stay and rule the financial market. Cryptocurrencies are predicted to replace national currencies by almost 25% by 2030. Cryptocurrency-based currencies are considered more efficient, especially because of the way they operate. So changing national currencies won’t be that big of a deal.
When bitcoin was introduced in 2009, it showed a lot of potential and was successful. Within a year, it flourished and continues to grow, making it legal tender and an asset in several countries. Several other cryptocurrency-type currencies have emerged in the past few years, and their popularity has led to the legitimization of a new asset or currency other than the conventional currencies operating in the global financial economy.
We cannot deny that there will be some money to be lost in a crypto-based currency economy. However, it is also believed to be highly likely to generate lucrative returns.
Cryptographically based currencies cannot be expected to function like cash
Cryptocurrencies work on blockchain technology and, unlike traditional currencies, are not tied to any centralized authority. Some experts often refer to this as the blockchain economy. The IRS treats cryptocurrency more like 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 Bitcoin, you are transferring discreet digital information to someone else. There are already several Visa companies that facilitate the use of cryptocurrencies for ordinary transactions. But cryptocurrency is still something that needs to take a strong position in the mainstream economy.