Future of crypto currencies
When you look at the cryptography-based currency market, it appears exciting, worrying and mysterious at the same time. The pioneer, Bitcoin, has gained huge popularity in the last few years. The currency has undoubtedly fallen a lot, but has regained its position. In addition, ICOs for new cryptography-based currencies are emerging at a rapid pace.
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 seems a little doubtful. The future of crypto-currency is more based on predictions of technological trends and assumptions made. There are some pro crypto-currency advocates who think of a bright future, while others warn people about the future of crypto currency.
Changing national currencies in 2030
Some of the leading futurists believe that crypto currency will stay and rule the financial market. It is predicted that crypto-currencies will replace national currencies by almost 25% by the year 2030. Crypto based currencies are considered more efficient, especially because of the way they work. Therefore, changing 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 development continued, making it legal currency and an asset in many countries. In the past few years, many other crypto type currencies have emerged and their popularity has led to the legitimization of a new asset or currency other than the conventional currency that operates 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 can’t expect cryptography-based currencies to work like money
Crypto type currencies operate on blockchain technology and are not tied to any centralized authority unlike traditional currencies. This 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 similar to selling real estate.
When you sell your Bitcoin, you are passing on smart digital information to someone else. There are several Visa companies that have already made 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.