The future of cryptocurrency – what will it look like and what to expect?
When Bitcoin was released in 2009 no one ever thought that a decade later it would become the leader of what would be one of the hottest topics on the internet – The cryptocurrency world.
Previously, no one even thought that a digital asset like bitcoin could be released and have a huge impact on the currency world. It was something impossible to think about for everyone expect Satoshi Nakamoto who designed the original bitcoin protocol in 2008 and then launched it in 2009. Many of us did not even hear about it in the beginning. Even when we heard we were skeptical if bitcoin would make it through and grow. There were many naysayers, but Nakamoto believed in his vision and proved everyone wrong.
A couple of years later many people started investing without even understanding well how the cryptocurrency world works. As the years went on, bitcoin did not continue to go forward alone. Many other cryptocurrencies were released and many cryptocurrency-related apps were developed, making the investment process easier. Exchanging apps got released such as Binance, ByBit, Kraken and many more. Check all ratings of exchanges to see a full list of the most popular and exciting exchanges right now, rated by many users all across the globe.
Hence, today Bitcoin is not alone. Together with other cryptocurrencies such as Etherium, XRP, Litecoin, etc. it makes the top 10 cryptocurrencies in the world but always staying on top. We could frankly say that bitcoin is the synonym of the crypto world.
But it was not easy. It was a hell of a ride actually! Well, let’s see now, how the world of cryptocurrency will look like in the future.
What will happen with cryptocurrency in the next 10 years? Will Cryptocurrency overtake the fiat currency?
What would you say if by the end of the next decade the cryptocurrency will overtake the fiat currency? It is truly possible considering that as time goes by more and more people are using cryptocurrency. Most of the tech startups will have crypto components and there is a good possibility that governments and institutions will go towards the cryptocurrency sphere in a big way as well. Why not?
Taking into account the fact that cryptocurrency allows making millions of transactions in a matter of seconds. There could be some things that we must take into consideration though. In order for bitcoin to become part of mainstream financial, it must have to meet some criteria. It needs to be easy for customers to understand it, to be safe and secure so any hack or cyberattack gets avoided and there cannot be in any way possible a chance or any kind gap that would allow possibilities for tax evasions or money laundering. If bitcoin and other cryptocurrencies can meet these criteriums then there is a real possibility.
Moreover, some financial analysts predict that blockchain could reach about 1 Billion users by the end of the next decade. Maybe what could hold back the blockchain from expanding is the fact that as the solutions are built, worked on and piloted, they still remain isolated.
Although, in the decade to come there could be a consolidation of chains in market cap and developing mindshare. Scalability, solitude, developing tools will see a huge change and everything will become way more sophisticated.
Therefore, in the next few years, we will most probably see new blockchains developed. Just like everything tech-related that got replaced, starting from old cellular phones, VHS video players, Nintendo and not to mention many more things, a similar thing might happen to blockchain because once we see blockchains with several orders of magnitude scalability improvements, we will also see new applications starting to develop more quickly. For more, blockchain will also pay more attention to privacy, building privacy features.
Institutions and Central Bank Digital Currencies
The author of the book “Rich Dad, Poor Dad”, Robert Kyosaki, expressed his concerns that cryptocurrency will take over the US dollar in the near future. It actually seems possible! Well, it looks like things will be taking an interesting turn.
Moreover, since many institutions are joining the cryptocurrency world, rapid growth will continue with bigger institutions joining crypto in the near future. As the user demand grows many financial institutions will be forced in a way to have some sort of cryptocurrency operation. A big percentage of the money of the world is locked in financial institutions so this will likely drive a lot of demand for crypto assets.
China already has taken the initiative to make blockchain one of its main technological investments. They actually took steps to digitize their currency yen. The U.S. has started to do something about it too. The authorities will probably try to implement a digitized dollar using blockchain.
What could be some of the limitations?
Some of the dangerous things could be the fact that one’s digital fortune could be erased by a computer crash or maybe from a potential hack. Consequently, the most important sector the crypto world must improve is security, in order to expand and have way more impact on our lives.
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