Do Cryptocurrencies Have A Future?

Many investors are fascinated by cryptocurrency trading, and they are wondering whether it is here to stay or just a fad. Well, cryptocurrencies have a bright future and are sustainable in the global market.

Why?

1. It is a digital asset that serves as a medium of exchange.
2. It is secure that it stores the ownership records in a digital ledger or database.
3. It has a reliable transaction record that controls and verifies the transfer of user’s ownership.

However, people are nervous about cryptocurrencies like Bitcoin, Ethereum, Tether, Monero, Litecoin, Ripple, MintChip, etc. as they do not exist in physical form and are not issued by a central authority.

With that said, what is the future of cryptocurrencies?

Experts’ opinions are different. Some believe that crypto will succeed, while others think about its real value.

Well, here are the market traders’ and enthusiasts’ predictions and what they are currently up to:

• Tim Draper said that the total cryptocurrency capital will hit $80 trillion in the next 15 years.
• Robert Kiyosaki, author of the best-selling finance book, “Rich Dad, Poor Dad” stated that cryptocurrencies will replace US dollars.
• Iran has declared that it will use cryptocurrency mining as an industry.
• The blockchain-related patents captured Alibaba, IBM, Mastercard, and Bank of America.
• Roger Ver mentioned that the long-term future is brighter than ever for cryptocurrencies. There will be more awareness and adoption, and more stuff happening all over the world.
• Steve Wozniak, is the co-founder of a crypto-asset investment firm.
• The Bill & Melinda Gates Foundation utilizes Ripple’s protocol for financial management.
• The co-founder of Wikipedia is working on its decentralized counterpart Everipedia (IQ).
• Akon is launching his cryptocurrency to bring currency system security in Africa.
• Chamath Palihapitiya, the co-owner of the Golden State Warriors, invested in Bitcoin.

Other than investments and promotions from celebrities and authorities in finance, it is imperative to be knowledgeable about digital currencies so you can determine its future and feasibility.

To start, cryptocurrencies rely on blockchain technology, a record-keeping system behind digital currencies. A cluster of computers manages blockchain technology wherein records are public and verifiable. It is an easy yet ingenious way of transferring information in an automated and safe way.

What is unique about it?

• Its decentralized system
• Its immutability, so no one can tamper the information
• Its transparency

Furthermore, blockchain is progressing faster than ever. For instance, the United States of America, the United Kingdom, and Australia embraced the fortune of cryptocurrencies. Also, the blockchain market will be part of Mexico, Thailand, and South Africa soon.

So, knowing about the involvement of many countries in blockchain technology, what is the relation of this to the future of cryptocurrency?

Well, blockchain verifies and adds transactions for various forms of cryptocurrency through crypto mining. A cryptocurrency miner ensures the authenticity of information and updates the blockchain transaction. Crypto miners have a competition to solve mathematical problems associated with transaction data.

Thus, crypto mining drags investors and overfills the market with tools. To explain this further, investors play an increasing role in the industry’s development.

How?

• They properly allocate capital to the industry that boosts the economy. They encourage other investors with surplus funds to expand their operations, launch new products, and create jobs that add value to the economy. In return, the industry repays investors by garnering profits from business operations.
• They use Cryptocurrency Development Services. Once they discover the uses of crypto and blockchain and accept them as a way to simplify their daily lives, most businesses will use cryptocurrency resulting in a boost of sales.

Now, think about this for a moment…

Cryptocurrencies take over the global economy. When the demand rises, people will no longer focus on traditional currencies because they believe that cryptocurrencies are reliable.

Also, exchanges will become more regulated and safer with various services. Cryptocurrencies will join the “Internet of Things” to make efficient micro-investments for devices. Ultimately, it will have a high impact on crypto exchanges and the crypto world.

Is there any future for cryptos?

Absolutely YES!

Cryptocurrencies and blockchain prove their recent developments over the years.

People choose cryptocurrency because of its high potential, reliability, and efficiency. It is the future of money. Soon, they will act as disbursements for people as they move from digital to physical domains.

Cryptocurrency can replace real money on the online platform to a certain degree. Analysts said it could replace fiat money and financial institutions in the future.

Now that you are familiar with the future of cryptocurrency, it won’t hurt to try. I’m going to ask you, would you like to boost your income? If your answer is a resounding yes, then this is the best time to invest in cryptos so you can have more profits in the future.