All this while we have read so much about crypto-money and its facets also have come across different currencies that have developed so far, encountered ultimate features and substantial advantages, its time we divulge about what future holds for cryptocurrencies?
If we address the history of virtual currency and compare its reality, then we will witness that cryptocurrencies have survived for quite long making a strong position in the financial world with its integrated business system.
Notably, from the theoretical concept to virtual reality, the crypto-exchange system has evolved to bits, drawing a large number of investors and traders into this new market trend.
If we delve upon the future of cryptocurrency, then it seems to be bright and liable to succeed more with time as it is interpreted to be a fad progressing each year for real innovation in existing financial commodities.
Though crypto-currencies functions smoothly on a virtual platform yet, it surfaces limitations like virtual dominion.
On the assumption, if once the digital fortune is erased by a computer crash or a virtual vault is ransacked by a hacker then the crypto-system needs advanced technologies to redirect.
Also, the more popular it gets, the more it will be bounded by regulation and government scrutiny, which disintegrates the fundamental premise for their existence.
With the passage of time, crypto-world may lose its integrity of the decentralized system asmore the mass it attracts with time, the substantial authoritative body it will require to coordinate system.
Furthermore, the number of merchants who hold cryptocurrencies has unwaveringly increased yet there is still a large part of the world who are not into crypto-exchange trading.
For cryptocurrencies to become more widespread than now, they need to reach wide acceptance of people in almost all countries to make a mark for these cryptocurrencies.
However, their relative complexity compared to conventional currencies will likely to hinder most people, except for the technologically proficient.
A cryptocurrency that aspires to become part of the mainstream Fin-Tech industry might have to disburse broadly in standards.
Explanatorily, it would require to be mathematically complex specifically, to avoid fraud or hacker drives yet being easy for purchasers to understand.
It needs to be decentralized but with adequate consumer safeguards and protection security. Also, it requires to deal with user anonymity preservation without being a conduit for tax evasion, money laundering and other nefarious activities.
Since these are challenging criteria to satisfy, is it permissible that the most popular digital commodities in the near future may possess attributes that fall in between heavily-regulated fiat currencies and today’s cryptocurrencies?
More so, possibilities seem to look remote for virtual currencies, especially after Bitcoin’s success (or lack thereof) in dealing with the challenges it has encountered so far, may help in determining the fortunes of other cryptocurrencies in the years ahead.
It is difficult to state or proclaim the future of cryptocurrency or cryptocurrencies in a whole as there is no mark of certainty for these currencies to rise or fall with time so, no inference can be made in general to provide a lane to these digital assets.