Unrestrained by national interests, unaffected by global events, cryptocurrency offers a financial resource that offers much in the way of benefits for the future. According to futurists, those experts who look forward and make judgments based on how they see society evolving, cryptocurrency will replace all other forms of currency by 2030. Yet the question is, how prevalent is it right now, and does that offer an indication of its future existence and potential? The answer lies in being aware of the businesses that are already integrating Bitcoin payments into their choice of options for consumers, and with big names like Microsoft and Subway already implementing cryptocurrency payments, it’s clear that this is a form of currency that is not going anywhere anytime soon.
The benefits of volatility
Many are wary when it comes to investment in cryptocurrency, and the wildly fluctuating prices are one of the main reasons for that. However, it is that fluctuation that offers an insight into the future. All currencies go through cycles of profit and loss. Bitcoin and the alternatives to it like Ethereum or Litecoin are already going through the same initial cycles that more traditional currencies experience. However, rather than being a cause for concern, this is an indication that cryptocurrency is merely the newest form of currency and acts in the same way as any other.
Is widespread adoption of cryptocurrency inevitable?
We rely on the banking industry, but it also relies on us. Between savings fees and transaction costs, customers spend vast amounts of money on propping up banks and giving them more power. However, crypto finances cut that factor out, and are widely considered to be the future of financial management. There is a distinct lack of intermediaries when it comes to digital finances, and that offers the possibility of much disruption when it comes to banking. Although users will still have to make use of digital currency wallets like those found at Wirexapp.com, the reduced costs combined with the absence of those costly bank fees are one of the major reasons why Bitcoin advocates are so confident that the technology will eventually replace traditional financial services.
How will governments react?
There is currently no oversight when it comes to trading via blockchain, which is one of the major attractions of it. Yet it’s also widely considered to be a flaw, with payments more often than not utilised in ways that evade the tax office. For that reason alone, it is increasingly likely that governments the world over will adopt widespread actions in order to have more control over the anonymous payment system, and while that may be considered tragic by many current users, it also offers a stability and respectability that will attract more mainstream use. When it becomes adopted by the majority, then it may end up becoming the standard when it comes to online transactions.
If you want to take advantage of the global marketplace and keep your finances safe while keeping your online data more secure, then it’s well worth having a closer look at cryptocurrency. With the right security management and an awareness of the potential growth, investing now could give you a more solid foundation when it comes to the future of worldwide currency and global transactions.
This page was last updated on May 1, 2018.