What is the status of Cryptocurrency in the future?
February 6, 2019 4:01 pm,
Cryptocurrency has been in the news since the past few years and has continued to create momentum in the digital realm. It includes Bitcoin, Ripple, Litecoin and all other altcoins. Bitcoin was first launched in 2009 and ever since then it has only increased in value. Because of this high value and manifold returns, Bitcoin earned a large audience. The doubts in the beginning slowly faded away. This led to the introduction of much more altcoins and opened up a wide range of options. More and more people began to learn about the area and have increased the participation in investment in Cryptocurrency.
Bitcoin vs Altcoins
Bitcoin is the very first of cryptocurrencies. It gained public attention in 2013 when it hit the peak value. Ever since then, Bitcoin has managed to stay in the top of the list of cryptocurrencies. The success of Bitcoin has attracted many other altcoins to come up. Litecoin, Ripple and Ethereum are some of the most famous cryptocurrencies. They have also gained sufficient followers since their introduction. This shows that Bitcoin and other altcoins have a bright future despite the economic booms and recessions. These coins are less affected by the economic fluctuations when compared to the fiat currency.
Cryptocurrencies have a lot of features that makes it stand out from the normal currency. The main feature is the factor that all the processes involved in digital currency are decentralized. This means that there is no government agency or any such authority governing the transactions. This makes the transactions more quick and easy, but is also prone to theft and hacking. This can make or break the future of Cryptocurrency. In the future, if the threats could be minimised through technological advancements, then there can be a bright future for it.
The main reason that deflects customers from digital currency is that it is difficult to understand. The Blockchain technology or the distributed ledger concepts are a bit hard to wrap around the head. If people could easily understand how this would work, more and more users would be encouraged to participate in the process. Also, the quantity of retailers and merchants that accept this Cryptocurrency is also meagre. This would possibly change in the future.
There is a lot of possibility for Cryptocurrency to replace fiat currency in the future. It has to overcome some of the flaws such as the complexity and other security issues. People have a notion that everything associated with the internet is not safe. This idea must change. Once Cryptocurrency gain the confidence of the users, then it would have all the possibility to out throw or at least e an equal substitute to fiat currency.
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