Steem Crypto Challenge Month #4 : The Future of CryptocurrencysteemCreated with Sketch.

Hello Everyone

This is my submission for the 4th Steem Crypto Challenge announced by @steemitblog and this time its about the Future of Cryptocurrency.

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This month has been going great because we get the opportunity to talk about crypo every week and certainly its helping to learn more. This year 2020 has been great so far for crypto in my country India and even in the world.

Is awareness and usage of cryptocurrencies growing in your country?

In my country India this year 2020 has been great because the government has removed the blanket ban to buy cryptocurrencies using a bank account and that has made a positive movement. After the ban removal, things have turned way better and few exchnages are launched in the country. Now even new user sign-up has increase that is a very good sign for the crypto growth and adoption in the country.

Now even one of the exchange Zebpay has started advertisement in the country during the IPL (Indian Premier League) cricket matches that are great indeed and now I can see many people asking about crypto.

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Television advertisement for crypto has happened for the first time in the country and this will bring a lack of users int the platform because India has a huge cricket fanbase. People watch the ads more while watching crickets and this ad will make a huge change in a country with the mindset towards crypto

What is the attitude of the government to cryptocurrencies in your country?

Earlier govt was completely against crypto but now they are in a neutral state. Earlier they used to say that they want blockchain to adopt for the transformation of many sectors and industries but a BIG NO for crypto which I was finding funny because one does not exist without another. This year their approach towards cryptocurrency has changed and based on some news from the sources it has been observed that the government is working on regulation in the backend and hopefully this should be released soon but because of covid-19 lockdown things have got delayed.

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This change of attitude is a good sign for the country and maybe in 2021 we would have some sort of regulation in place in India

Are laws and regulations being introduced to help or hinder the growth of cryptocurrencies?

As of now, there is No Law in India and good thing is that we have the option to buy crypto using fiat. Although govt has not done anything to promote crypto they have also not done anything to hinder the growth of cryptocurrencies as well. Its certainly expected from the govt to come out with regulations and most probably it will be positive because few Indian banks and one of the tech giant has started working in blockchain and crypto space so positive outcome is expected.

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Do you have a positive or negative outlook for the future of cryptocurrencies?

I am fully positive with crypto and since the year 2017 until now I have worked to increase my crypto holdings and portfolio. I believe in crypto because I can see lots of big companies and rich people getting part of it and I am quite hopeful that it will do great in long term.

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Everything needs time to grow and nothing grows overnight so I have a 10-year vision with crypto out of which I have completed 3 years almost and 7 years are left. I am very sure that in the next 7 years crypto will reach many hights and will create milestones.

How do you think cryptocurrencies can benefit society in the future?

This time when the world is going through a hard time because of covid and segments like the stock market, real estate is crashed but crypto is doing significant and this has helped millions of people in the world to survive. Even I have seen so many people from Venezuela who are earning their bread and butter through steem so its making a positive change in life and also helping people to survive.

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It can benefit society in a vast scale if proper awareness is provided to people and how they can use and contribute to crypto. Crypto is not just for the investment and STEEM has proved it that it beyond it and formed a next-generation social media platform where content is money. Bring more people who are not traders but they have many skills can make big and cryptocurrencies will certainly benefit people in many ways.

How do you think cryptocurrencies can reach mass adoption?

I think that for mass adoption we need to make crypto a part of daily life. I mean to say that once we start using crypto in our daily life like buying things and using it for various services as a payment option then nothing can stop it from mass adoption.

I use the wallet to make payment for daily necessities/groceries, fuel, Utility bill payment, and to add the money in my wallet I use a credit card. Once I get a credit card bill then I use my bank account to pay the outstanding. This is a bit lengthy but this is the best available as of now to use digital money easily because I don't want to use my card every time and even many shops don't accept cards but they accept wallets like Paytm or Google Pay etc.

If I get the option to pay for all these things using crypto wallet then I would love to buy crypto using fiat or card then I will be able to make easy payments using crypto. If this happens and I am very sure that it will lead to mass adoption because in India itself millions of users are doing the same practice that I follow and if we look at the global front then this number would be huge.

India has a population of over 1250 million and about 35-40% population using smartphones and wallets like Paytm. So just imagine if just 100 million people use crypto for their daily payments then this will be a great beginning for mass adoption and other countries can also contribute well to this change so we should work towards making crypto part of our daily life and then crypto will make our life easy and amazing.

Do you think the global economy will change if cryptocurrency usage becomes commonplace in all countries?

Definitely. If cryptocurrency usage becomes commonplace in all the countries then for sure there will be a positive change in the economy and this will be huge. This may dip the usage of fiat but altogether it will bring innovative and positive change to the economy of the country.

Which cryptocurrencies do you think will emerge as the most widely used in the future?

Bitcoin is the mother currency and there are some more coins that I think can be more popular in the future. In my opinion, I don't see anything that can replace bitcoin for the next 10-15 years however some other tokens like ETH, XRP STEEM, BNB, and USDT can get more attention because of their utility.

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Just taking one name is not sufficient as I think that there will a couple of coins so I take STEEM and share my reasons for picking this one-

  • STEEM is not just a crypto coin instead its an ecosystem that has a vast use of tokens on various dapps built on the steem platform. Unlike other coins, its just can't be traded or hold on wallets but we can use STEEM to pay for many Dapps and even on exchanges like Steem-engine.com where we can buy hundreds of tokens through steem.
  • There is so much development going on so in the future its utility will increase because dapps will add more features and services in future
  • There is no hardware mining required for steem and it is mineable through content on the steem platform.
  • Free and instant transactions processing with scalable volume
  • Easy to use and already listed on leading exchanges like Binance, Bittrex, and Poloniex, etc.

This challenge is the share the thoughts and opinions about the future of cryptocurrencies but I think that the future is a cryptocurrency and in the next few years we can see the change happening. Those who are not believing in it will do in the next few years not always we get 100% people on our side but I am very much optimistic about it.

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Thanks to @steemitblog for bringing this October month a great one through a series of challenges about crypto and @steemcurator01 @steemcurator02 for support.

I have published this post with 100% power up

Have a great weekend

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The government is currently discussing how to assist Bitcoin. A unit of officers has been established for the situation and to suggest recommendations, which is expected to take 6 months. The Supreme Court has also considered and ordered the Central Bank of India (RBI) to report digital currency risk within four weeks. If India finally decided to aid Bitcoin, it could come under the jurisdiction of the RBI or the Securities and Exchange Board of India (SEBI).

There is no official clarity on this by the govt as of now however looking at global crypto sentiments and development its quite expected that things will go in a positive way.
Supreme court has certainly supported crypto and hope it will help crypto regulate in the country.

India a big country and it plays a very important role so if the Indian govt does anything that supports crypto then it will contribute a lot to its mass adoption. I still remember how tough time it was when bank support was banned and because of this many exchanges had to stop their operation.
I hope now things will be better and govt will support it. Crypto future is bright and as you rightly mentioned that #crypto is the future so its right time to be part of the digital money revolution.
#twopercent #india