The discussion about the future of cryptocurrency is so engaging such that many players in the industry are coming up with predictions with indications that the future of business will be entirely on blockchain and cryptocurrency technology.
The fundamental conviction we should have is that going forward regulations will get tighter and tighter.
As the regulations tighten, the government will begin to accept the use of cryptocurrency, and people will start saving their money in the form of cryptocurrency.
By the year 2017, no one could imagine coming across a bitcoin ATM. Currently, many countries are welcoming the cryptocurrency networks in their homelands, and Bitcoin machines are slowly becoming a commonplace thing.
Is The Future Predictable?
Deciding conclusively about the future of cryptocurrency is quite tricky, but numerous predictions are emerging.
Some of them may appear insane and untenable, but the power of positivity in the crypto world is terrific.
There are extreme predictions that people will start using cryptocurrencies in place of fiat money very soon. The change to embrace Bitcoin and other cryptos will happen spontaneously, and users may not even recognize their exact points of transition from fiat money.
There is anticipation that by the year 2030, people will start saving their high-value funds in bitcoin from other gold. The rate of appreciation will be attractive up to some point where the cryptocurrencies will reach saturation point. At this point, the world will have a reserve cryptocurrency, and smaller cryptos will be used as daily means of exchange and referenced to the reserve crypto,( which is profoundly foreseen to be the bitcoin.)
Five years ago I never imagined of getting bitcoin near me, but currently, it has become so typical to pass by a crypto-ATM just across the street.
In a similar measure, five to ten years to come will make very significant alteration to the crypto scene such that the percentage of people using cryptocurrency will exceed that of people who do not use it.
What Will Happen To The Fiat Currency?
If banks start accepting bitcoins and other cryptos as stores of value, the disappearance of fiat currencies will be imminent and definite.
The flexibility of trade across borders will attract many users.
As we know, the use of smartphones has taken center stage, and most of the people in the business world are carrying out their banking activities online. That is a clear indication that blockchain technology will take over the banking and financial sector within a few years from now.
What Will Happen To The Entire Crypto World?
Many cryptocurrencies will come up.
They will have high quality and with more security features. These cryptos will ensure high availability of trading alternatives.
Another remarkable axiom is that trading blocks will tend to form in a way that a particular cryptocurrency such as Bitcoin gets more acceptance in some countries than others while being rejected in some regions. Due to this, the banking and financial sector will suffer from more devastating effects. Customers will start to open Cryptocurrency accounts, and instead of having the current fiat currency debit cards, people will acquire cryptocurrency debit cards.
Financial transactions will entirely migrate to online platforms with no hard cash transfers taking place. Banking halls will transform into customer care centers without any cash transactions taking place.
Since the circulation of cryptos will accelerate, their volatility will also remain elevated.
A metamorphosis of e-commerce to c-commerce is also hugely projected. Most people involved in e-business will prefer to keep their business transactions online, and the money involved in these trades kept online too. The competition will shift from local to global. Cybersecurity will become a very lucrative career, and specialization in this area will increase, and institutions will be forced to increase their cybersecurity budgets and staffing.