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With the birth of Bitcoin in 2009, cryptocurrency made the upsurge from an intellectual concept to a virtual reality. Since then, bitcoin has gained more and more supporters, but in April 2013, after a 10-fold surge in the last two months, investment reached a record peak of $266 per bitcoin. It received a great deal of home and media attention.
Cryptocurrencies have become a universal phenomenon in modern years, but we still have much to learn about this developing technology. There are many concerns about technology and its ability to disrupt the traditional financial system.
Future of Cryptocurrency
Some economic analysts anticipate a major shift in cryptocurrencies is on the horizon as institutional money hits the market. Additionally, the cryptocurrency could be listed on its Nasdaq, further strengthening blockchain’s credibility and use as an alternative to traditional currencies. Some predict that all cryptocurrency needs are verified exchange-traded funds (ETFs).
There is no doubt that ETFs will make it easier to spend in Bitcoin, but there should still be interest in investing in cryptocurrencies that may not be auto-generated by funds. Crypto casino is ruling the entire gaming and casino industry, one of the fastest-growing industries in the world today. Cryptocurrency payments have become simpler and easier to operate, creating an upsurge in demand for the entire crypto market. Proponents of Bitcoin and alternative cryptocurrencies argue that these financial stagings are inherently trustworthy systems. That is, they are not directly bound to any nation, government, or corporation. They would argue, for example, that cryptocurrencies are exceptional to simple physical currencies because they are not dependent on the U.S. federal government.
Stable Coins
Stablecoins are gaining acceptance as a way to back cryptocurrencies with assets of real value, much like the US currency was once on the gold definitive. These assets may be other currencies or commodities. There are some problems with this approach. Firstly, it essentially emulates an existing system. Another concern is that it is not as obvious to audit and guide as traditional currencies, which may make it easier for people to commit fraud.
Understanding Bitcoin
Bitcoin is a decentralized coin that utilizes peer-to-peer mechanics, allowing all functions, such as currency derivation, transaction processing, and verification, to be performed collectively over the network. This decentralization frees Bitcoin from government control and interference, but the downside is that there is no fundamental authority to ensure things run fluently or to support Bitcoin’s value. These characteristics fundamentally distinguish Bitcoin from fiat currencies backed by the full trust and creditworthiness of governments.
Banks regulate the amount of money issued according to their monetary policy tenets, but theoretically, there is no cap on the issuance of such money. In addition, regional currency deposits are usually insured by government agencies against bank failures. Bitcoin has no such agency mechanism. Bitcoin’s value depends entirely on how much investors are eager to pay at any given time.
Bottom Line
Some of the limitations currently faced by cryptocurrencies are the technology’s limitations, like the fact that a computer crash can wipe out your digital assets, or your virtual vault can be looted by hackers. Progress may overcome it over time. What makes it more difficult to overcome is the fundamental paradox that plagues cryptocurrencies. The more prevalent cryptocurrencies become, the more likely they are to be subject to regulation and government scrutiny, undermining the basic premise of their existence.
David Prior
David Prior is the editor of Today News, responsible for the overall editorial strategy. He is an NCTJ-qualified journalist with over 20 years’ experience, and is also editor of the award-winning hyperlocal news title Altrincham Today. His LinkedIn profile is here.
