The incredible journey of cryptocurrency started back in 2009 when Bitcoin came into existence. Satoshi Nakamoto invented Bitcoin and gave the world an alternative to FIAT money. Initially, it was just Bitcoin but now more than 5000 different cryptocurrencies are calculated all across the world.
Etherum, Thether, Solana, DodgeCoin, and Polkadot are some of the trendiest Cryptocurrency right now. In the beginning, some people were afraid to invest in this currency. However, those who did, became millionaires overnight.
Despite the heavy fluctuation, crypto reached a mark of $64,000 this year. Even consumers are continuously using Crypto to avail services and buy goods. On top of it, some of the investors are also seeing Cryptocurrency as an asset in the long term.
So, what’s the truth? Is Cryptocurrency going to rule the mainstream currency? Let’s discover:
The future of Cryptocurrency
Witnessing the 10-fold rise in bitcoin in recent years, one thing is clear that Cryptocurrency is here to stay. With multiple advantages over FIAT currencies, it has the potential to be a universal payment gateway in the coming future.
The most attractive utility of cryptocurrency is that it can be utilized to transfer money across borders without any major cost. On top of it, there are no delays and currency fluctuation when you are dealing with cryptocurrency.
All we can say is, in the next 50 years it can be the World Reserve of currencies, making money transfer easier and more transparent. The only downside here is, unlike the US dollar and other currencies, there is no authority tracking or managing these currencies. Even though governments all across the world are trying to regulate these currencies, there is still a lot to be done. As for now, we can only hope for it to be regulated, so that its multiple benefits can be put to work.
5 Reasons Why Cryptocurrency is gaining so much popularity?
1. Cryptocurrency reduces the chance of fraud
The biggest problem with the traditional method of transaction is theft and fraud. Whether you are using a credit card or online payment method, there is always some sort of insecurity but that problem is solved when you make a transaction using cryptocurrency. The money is electronically transferred over ultra-secured Blockchain technology. Besides, there is a transparent record of every little transaction made.
2. Cryptocurrency holds you accountable
One of the key benefits of cryptocurrency is that it can put an end to corrupt and illegal monetary practices. The reason why this digital model of currency is being favored so much is because it is encrypted. Unlike the traditional ledgers, a transaction made through Blockchain technology cannot be altered in any way possible.
3. Cryptocurrency is mobile
As a digital mode of payment, Cryptocurrency doesn’t need you to travel to banks and ATMs to access money. All you need is internet access and your crypto account to transfer the currency or buy goods and services.
4. Cryptocurrency transactions are irreversible
One of the best characteristics of Blockchain technology is it’s not being interfered with by any kind of government entity. It’s a complete peer-to-peer transaction, where the user can send and receive currencies anywhere in the world. So, a transaction done means it’s done, there is no possible way to revert it. On top of it, the transactions being done don’t require any third-party approval.
5. Cryptocurrency simplifies crowdfunding
Crowdfunding is one of the easiest ways to raise money for your venture. Besides, it also allows investors to make several small investments instead of one large investment that has large mitigation risk. With cryptocurrency, it becomes easier for both investors and startups to complete the transaction without revealing their identity.
To succeed in the mainstream currency market Crypto will have to overcome its shortcomings like maintaining the tax regulations without revealing users’ anonymity. The economic analyst even suspects that cryptocurrency is the most susceptible to bubble-like collapse because it is not physically available like traditional currency or gold. Besides, for Cryptocurrency to succeed there has to be vast technological advancement all across the world.