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What is the future of Cryptocurrency?

Digital currency is a form of currency available only in digital and electronic form. It is also called digital money, electronic money, electronic currency, or cybercash. Cryptocurrency is nothing but digital currency based on the idea to provide a way to pay for transactions without a third party like a bank using advanced encryption techniques known as cryptography.

In recent years, it has become a global phenomenon. With all the digitalization taking place, the future of money will be electronic, but one can never be sure if it will resemble a cyberpunk utopia.

Some economists predict a significant change in crypto is forthcoming as there is a possibility of crypto being floated on Nasdaq, adding credibility to blockchain and its uses as an alternative to mainstream currencies. Being a decentralized currency, it renders cryptocurrency free from government manipulation or interference. But the flipside is that there is no central authority to ensure that things run smoothly.

There are no legal authorities to back the value of cryptocurrencies, compared to fiat money, whose issuance is a highly centralised activity backed by its government’s full faith and credit.

For cryptocurrencies to become more widely used and have a future, they must first gain widespread acceptance among governments and consumers. However, their complexity when compared to traditional currency is likely to deter most people, except for the technologically savvy. Because of its volatile nature, major concerns have risen in people’s minds. Recently, with China announcing the ban, we all were witness to the major fall in crypto’s price.

To become part of the mainstream financial system, Crypto would have to satisfy very divergent criteria. Cryptocurrency’s success or failure in dealing with the challenges it faces may determine its fortunes in the years ahead.

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