Steem Crypto Challenge Month #4 : The Future of Cryptocurrency
What should be the future of cryptocurrency- that is a very hot question for every traders, users and investors in crypto world. But it has no any concrete answer, because we can't visualize our future perfectly rather than imagination.
In case of technological issues we can predict something, it may match or not, but it may be a very close if we predict calculatively.
So when we discuss about the future of cryptocurrency we should go through the previous development of currency.
Currency is nothing but a medium of exchange and it had no existence in the first human society that was barter or exchange system. But there were a lot of problems with barter system that's why people felt the importance of currency.
From that time currency was initiated and there were a lot of development occurred on it. First of all the currency was only for a certain territory and certain community. That time people used some leaves, metals or many other things as currency and there was no universal practice.
So they felt a lot of problems, that's why they introduced metal coin as the currency and then it was developed to gold and silver coin. After a lot of development people introduced nominal money that is paper currency and now digital currency.
Gold coin had its own utility, but the problem was the value of the metal was not justified. On different parts of the world the value of metal was different. So it created some problems in inter-translations, that's why people turned to the nominal money.
Nominal Money is something that actually not have any utility, but it has some authorised or imposed value by any authority like government or Central Bank. It is like a document. It has also some problems that's why people is now being attracted to digital currency.
So when we are discussing about the future of cryptocurrency, we should point out the limitations of present currency. Then we will be able to point out that either the cryptocurrency can overcome the limitations or not.
If it can overcome that limitations, then we can be confirmed that cryptocurrency will be the next generation currency for the world.
The major problems of the present paper currency are as follows
Limited by border:
They are limited by the border. On different countries border there are some assigned money and one country money cannot be transacted on the another country. What is a great limitation for the present currency.
Whenever any person want to go abroad, he has to exchange his currency. Otherwise he cannot transect with that. So a people who has a lot of rupee and he come in Bangladesh, then he actually has no value if he don't convert his rupee to the Bangladeshi taka.
But in case of cryptocurrency you will be able to transact any where, because it has no country border. It is the the universal currency.
Another important limitatio of cash currency is the vulnerability. It can be torn or destroyed easily and a major problem due to this limitation is sometimes the bear affected as no other people, even sometime the banks, don't agree to take that torn or destroyed money from him. Then he losses the value.
But in terms of cryptocurrency you have not to be bothered about this issue as your currency will be reserved in virtual world. Only if you can confirm the cyber security, then it will keep safe.
Risk of hijacking:
When anybody carry the money, he become afraid about hijacking or terrorist.
In case of cryptocurrency you have to consider your cyber risk, but you will not to be tensed about thief or robbery.
Risk of losing:
Sometimes people may forget about where he kept the money or the money may be let off from his pocket.
In case of cryptocurrency your money is preserved in your virtual wallet, so you have not to be bothered about losing it or forgetting about it. Just you have to keep in mind the password and other security issues.
Different researchs found that the cash money is a potential career of different types of bacteria and viruses, so due to this currency people may be affected on different diseases.
In the time of coronavirus pandemic we came to know that how dangerously a people may be affected by the carriers.
But when you are dealing with cryptocurrency you have no physical touch with any currency, that's why it has no risk to spread any disease.
When a currency is centralised, it is controlled by any authority and being manipulated. That's why the value goes up and down and you may be affected by it.
When you need to take investment decisions, you have to keep attention about the decisions of the authorities.
This control sometime creates many problem. In case of cryptocurrency it is totally decentralized, so no any authority can manipulate the supply and demand or price of that currency.
From the discussion above, we are clear that the potentiality of cryptocurrency is on a comfort zone than the cash currency.
So I think the future of cryptocurrency is very secured and it is the ultimate destination of our future economy.
There were some related questions by the steemitblog on the post Steem Crypto Challenge Month #4 : The Future of Cryptocurrency, that should be answered..
Q-01: Is awareness and usage of cryptocurrencies growing in your country?
The use of cryptocurrency is increasing very sharply in our country and people are being aware about it. There are both investors-traders and content creators being engaged in cryptocurrency.
Q-02: What is the attitude of government to cryptocurrencies in your country?
Still now government is not being able to understand the importance and future potentiality of cryptocurrency. They are just thinking about their negative sides and risks of it.
Q-03: Are laws and regulations being introduced to help or hinder the growth of cryptocurrencies?
There are no specific law and regulations that may help or hinder the growth of cryptocurrencies, but the main barrier of trading cryptocurrency is lack of exchange houses. There is not enough exchange facility and government is not giving permission or motivation to them.
Q-04: Do you have a positive or negative outlook for the future of cryptocurrencies?
Obviously, I am looking the future economy is on the basis of cryptocurrency of the world.
Q-05: How do you think cryptocurrencies can benefit society in future?
I have mentioned this issue earlier on this post. I believe that cryptocurrency will reduce the tension and external factors.
Q-06: How do you think cryptocurrencies can reach mass adoption?
Cryptocurrency will not remain at the same position now where we are watching it. It will go all sector of our life and we will be in future to transact any goods and services from any shop or Marketplace by cryptocurrency. That time cryptocurrency will be able to reach mass adoption.
Q-07: Do you think the global economy will change if cryptocurrency usage becomes commonplace in all countries?
Global economy must be changed and we will experience an actual global village when cryptocurrency will become common currency of the world.
Q-08: Which cryptocurrencies do you think will emerge as the most widely used in the future?
It is very much difficult to predict, but we can say about two strong currencies whose are bitcoin and ethereum. These are doing really well.