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The Future of Cryptocurrency...
Cryptocurrency has gone global over the past decade and no matter the medium used, either old-fashioned talking or online regarding money, cryptocurrency is sure to be mentioned as it has proven to change people’s financial status overnight.
Cryptocurrency is a decentralized digital currency (not controlled by a central body like fiat) that works on blockchain technology and makes transactions easy to do across borders. It is fast, efficient, secure, and has anonymity with peer-to-peer trading. It can be listed on exchanges and bought and sold like fiat which is traded on the stock exchange. It is extremely volatile which makes the value fluctuate drastically.
Despite the impact, it is still not widely accepted albeit the possibilities it has. A lot of people don’t fully understand digital currency and being new it has a lot of myths and people with bad experiences, so we are left wondering, what is the future of crypto?
Bitcoin being the most popular crypto and one of the stable profitable coins due to its volatility has a chance to lead the future and may determine the successes of some cryptocurrencies later. It is a source of investment for a lot of people to make money and secure their future with a platform for trading like British Bitcoin Profit to make a profit.
Technological advancements can in the future help the loss of all crypto portfolios that can happen right now due to a computer crash that wipes the information on it including the crypto wallet. The other way it can help is from hackers who can wipe all your holdings at a moment’s notice. Advancement also helps in making it easily accessible to everyone and making it more understanding and inclusive for all people.
Some businesses have accepted crypto as a form of payment which has increased its acceptance, more and more business acceptance will drive more people to use it and with new technologies, it becomes easier to use the technology. Blockchain is not only even used in cryptocurrency but also in insurance, fintech, and medical industries and more acceptance mean the more problems the technology can solve in our every day-to-day life.
Governments have started creating their o cryptocurrency as a way to get into the technological revolution and a lot of regulations has come from a lot of countries to control the use of it which gives it more legitimacy as a currency to be used by business and individuals. More regulations will be seen and will fast-track the use of crypto in everyday activities.
A part of having currency is the security of it and cryptocurrency is very secure. Blockchain has never been hacked and it is open source which shows the level of security it has. The only way cryptocurrency can be hacked is by the companies in the ecosystem that has a vulnerability in their sites and with information linked that can be used to hack wallets, but generally, cryptocurrency is widely secured and can be used for a long time as currency for the future.
As crypto matures, we will achieve a lot of stability which will make it easily transferable, and a store of value that will make it more used by businesses, the government, and everyone as a part of everyday life.
Cryptocurrency is still a lot in its early stages and some people are still skeptical about it but it is here to stay and has been adapted into our lives and will be a currency used by everyone which is only a matter of time. With the acceptance and how widely talked about it is, the future of crypto is sure to be bright.
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Serial Entrepreneur/investor since 2013.
South Africa.
