Future of crypto currencies
If you look at the cryptography-based money market, it appears to be exciting, disturbing and mysterious at the same time. The pioneer, Bitcoin, has gained huge popularity over the past few years. The currency has undoubtedly fallen sharply, but has once again returned to its position. In addition, ICOs for new currencies-based cryptocurrencies have emerged at a rapid pace.
A lot of money has been invested in the Bitcoin industry
We cannot ignore the fact that large amounts of money are invested in the domain. But according to financial experts, the whole future is in little doubt. The future of crypto-currency is more based on predictions of technology trends and assumptions that have been made. There are some pro crypto-currency advocates who envision a bright future, while others warn people of the future of crypto currency.
Replacement of national currencies by 2030
Some of the leading futurists believe that crypto currency will survive and rule the financial market. It is predicted that crypto-currencies will replace national currencies by almost 25% by 2030. Crypto-based currencies are considered more efficient, especially because of the way they operate. Therefore, the exchange of national currencies is not a big deal.
In 2009, when Bitcoin was introduced, it showed a lot of potential and it was successful. Within a year, it flourished and its growth continued, making it legal money and an asset in many countries. Over the past few years, many other crypto type currencies have emerged and their popularity has led to the legitimacy of a new asset or currency other than the conventional currencies operating in the global financial economy.
We cannot deny the fact, that there is some money to be lost in the cryptography based currency economy. However, it is also believed to have a high probability of making a profit.
You wouldn’t expect cryptography -based currencies to act like cash
Crypto type currencies operate on blockchain technology and are not tied to any centralized authority unlike traditional currencies. It is often called the blockchain economy by some experts. The IRS considers crypto currency more like an asset than actual currency. It is not wrong to say that Bitcoin is more or less the same as selling real estate.
When you sell your Bitcoin, you are passing on intelligent digital information to others. There are a number of Visa companies that are already making the use of crypto-currencies easier for regular transactions. However, crypto-currency is still something that needs to hold a strong position in the mainstream economy.