The world is dynamic and fast-changing–a fact that we now have to accept and live with. In particular, money has changed its form from bank notes to cryptocurrencies. Apart from the fact that we are living in a high tech world, the increased use of cryptocurrencies can be attributed to a number of reasons such safety, anonymity and utterly decentralized means of exchange.
Important to note is that unlike conventional currency, they are not controlled or regulated by some singular authority and their flow is determined entirely by market demand. They are also impossible to counterfeit, thanks to the complicated code system that encrypts each and every transfer thus ensuring complete anonymity and utter safety to every user. Despite the admittedly high stakes that this sort of dealing entails, not to mention the lack of any government agency to lend credence to them, cryptocurrencies can only thrive and multiply.
With key measures in place, the possibility of cryptocurrency replacing the use of other forms of money is just a matter of time. While predicting the future of Cryptocurrency, Chalmers Brown, Co-Founder & CTO at Due, told Forbes early this year that:
“I am personally excited for the future of cryptocurrencies and blockchain technology in general. Current innovations such as Bitcoin, Ethereum, and others are just the beginning for this technology that can help revamp many industries. There is plenty of opportunity in this space.”
Brown’s statement represents a possible prediction of the acceptance of cryptocurrencies and even a possible replacement of money currency as a preferred mode to finance emerging industries and economies world over. One thing that needs to be kept in mind is that cryptocurrencies can better adapt to the prevalent challenges of both funding and the emerging digital economy.
The arguments as to why the use of cryptocurrencies should be preferred beg us of the question, is the future of money Cryptocurrencies? Speaking of our current situation, most countries have not put many initiatives to recognize the use of cryptocurrencies as a preferred mode of exchange. This has left the use of cryptocurrencies facing a bleak future. For example, according to the Fortune Magazine a month or two ago, Bitcoin saw a 35% fluctuation in price range after a proposed exchange-traded fund by the Winklevoss Bitcoin Trust was denied by the U.S. Securities and Exchange Commission due to concerns that the currency could be used for illegal purposes.
However, the above-mentioned problem can be solved through increased security measures as well as having governments coming up with regulations to guide uses of cryptocurrencies. It’s noteworthy that the use of cryptocurrencies such as Bitcoins is slowly finding their way into the educational industry, with the University of Ohio offering courses about cryptocurrencies and even accepting the payment of fees using cryptocurrencies. These are just but a few examples of initiatives being adopted by industries and educational institutions to bring the use of cryptocurrencies into the mainstream.
It is, therefore, worth noting that with cryptocurrencies having a wide appeal from the technologically-savvy population, their acceptance and recognition by governments is just but a matter of time!