Cryptocurrency is here to stay, there are far to many big players entering the Cryptospace for it to disappear. Digital Currencies are taking the world by storm and showing potential in developing economies.
Some in the financial world are suggesting that Bitcoin, alongside Gold and Silver as a hedge against inflation. One day, we might even think about employing Cryptocurrency as our standard currency for a more universal transaction. Some even think it will replace the US Dollar as a reserve currency.
With the power of blockchain technology behind it, the longer-term viability of Cryptocurrency is cemented.
In 2021, Bitcoin hit a peak of $58,000 and a market cap of 1 Trillion Dollars, some speculate it’ll reach $100,000 this year and a $1,000,000 by 2025.
Bitcoins relative Ethereum reached almost $2,000, it’s less expensive than Bitcoin, Although the mechanism behind Ether prevents it from getting used as an on-the-spot payment method, this cryptocurrency seems to own a brighter future ahead. This is often all due to its smart contract concepts.
Other cryptocurrencies whose features are primarily based on privacy are starting to gain more prominent favor amongst users. Also, we are seeing Crypto’s which are backed or pegged to tangible items such as Gold or the US Dollar.
Bitcoin, unfortunately despite its security measures, continues to possess loopholes that will be exploited for access to users’ data. But this doesn’t stop users from investing in Bitcoin. Up to the present day, Bitcoin remains being accepted as a method of payment.
The level of acceptance is bringing this alternative currency to the mainstream. Some companies are genuinely considering taking a position in this currency, further fueling its journey to the globe of monetary currency.
The most targeted group of all would be the technologically savvy individuals and most folks are already a part of this group. Over 50% of our time spent online and it won’t be long until it reaches 100%. So it only makes sense that we’d move to a digital currency.