Look around you; what do you see? Exponential development. Technology has given birth to sky-kissing towers and intelligent systems, all of which have been equipping the world with futuristic aspirations. One such innovation that took the global economy by a storm was cryptocurrency. It was developed to radically redefine the concept of money and transform currency from the colored tangible processed papers to little pixelated marvels. Cryptocurrency uses encryption techniques (cryptography) to manage accounts and transactions. The dynamic shift from that abstract concept of digital currency to concrete virtualized coins took place about a decade back. The first brainchild, Bitcoin, materialized into the screens in 2009 and is still the most popular cryptocurrency.
Volatility is the most significant feature of cryptocurrencies that have left the users in a dilemma. While one of the two edges of this disruptive technology has that highly profitable sharp tip, the other has a blunt surface with the potential to take you down the rabbit hole. Bitcoin witnessed immense growth in 2013, from where a considerable drop occurred in 2017. The inherent nature of cryptocurrencies is immutable, and the need for combating this issue gave birth to subsequent inventions. Exchanges for secure money transfer, wallets for money storage, and bots to take over the role of human traders and prevent losses were developed. All these factors have contributed tremendously towards the rocketing profits and jingling accounts of crypto traders.
But how has cryptocurrency changed the face of the economy? Can it sustain the turbulent wave of constant innovations and come out intact? Cryptocurrency has undoubtedly created the labyrinth to multiple financial outcomes for the world and its inhabitants, where success and profit rates are as adequately high as to allure more users into it.
What does Bitcoin have in store for the users?
Bitcoin was at some point, a queer concept, from which it has grown to become the most widely used digital currency. Just like the current situation of Bitcoin, its future is also likely to seesaw with every passing year. Multiple optimistic views have been generating on Bitcoin’s journey in the coming years, which draws out the potential of Bitcoin Gold to hit high values. On the other hand, many analysts anticipate a rather gradual drop in rates and an unfortunate end. All these predictions to failure result from the few drawbacks of Bitcoin that include its constant volatility and less efficient verification process.
Cryptocurrency is growing
Recent reports suggest that the market value of Bitcoin and other cryptocurrencies are likely to witness exponential growth in the coming months. The investments made by several MNCs in the cryptocurrency market indicate the chances for a hike in the currency rates. AT&T is one of the largest telecom companies in the world; it has accepted the cryptocurrency transactions through BitPay. Samsung Pay has been introduced in the newly launched Samsung phones, and the existing users can avail of this service from the recent system update.
Libra is the new talk in the technical arena, and it gets exciting with the launch confirmed in the former half of 2020. Through Libra, Facebook is aiming at opening a platform where the existing members in the social platform will most likely bring huge masses into the practice of using these coins. The content on cryptoevent can help you find the best cryptocurrencies among the recently launched ones.
Starbucks, Nordstrom, and Whole Foods are some of the companies that have started accepting payment in cryptocurrency. Bitcoin is being used for transactions here, through the payment platform that Flexa has created. The CEO of Twitter had launched one of the most popular payment company called Square, which had caught the attention of the masses with the launch of its digital format. The same company has signed contracts to fund the blockchain infrastructure and further develop the Bitcoin Network. Many of the U.S states, including Ohio, California, and Indiana, have started planning on shifting to Bitcoin for tax payments.
Cryptocurrency has the ability to change the world’s outlook on money and banking. As various domains are embracing cryptocurrency transactions, it can be concluded that the future of the economy is safe within the realm of Bitcoins and Altcoins. But a blind walk into waves of volatility could also wash away all that you own. So make sure to take every step carefully.