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What Does The Future Have In Store For Cryptocurrency

 

Gloucestercitynews.net (November 5, 2019)----When it comes to the topic of cryptocurrency, there is a lot that you have to wrap your heads around. Not many people believe in the potential of cryptocurrency because in all honesty, it has faced some rough patches ever since its inception. However, it has also braved the storms and risen in its market value. To gain holistic information on what the future holds for cryptocurrency, we first need to trace its roots back to where it all started. It all goes back to Bitcoin, the first cryptocurrency launched in 2009. The idea was to create a safe space for digital transactions, one where investors and speculators can transact without having to worry much about security. We shall now start with our discussion of cryptocurrency to try to understand what the future looks like for it. Check https://www.forex.academy for more data. 

The Story Of Bitcoin:

Like we mentioned in the previous section of the article, it was with Bitcoin that the saga of cryptocurrency started being written. Therefore, it would be futile to talk about cryptocurrency if we do not devote some part of the article in discussing the history of Bitcoin. 

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Bitcoin came into being in 2009 and was conceptualized by Satoshi Nakamoto. It is a decentralized currency system that uses peer-to-peer technology to go about all the vital financial transactions. While decentralization might sound very cool since the government of the respective country has no authority over the cryptocurrency network, but, it has more than one darker side to it. For instance, there is no governing body that can trace the network of the transaction and see to it that everything runs smoothly. Therefore, a system that was meant to make financial transactions safe and secure started throwing a lot of shade and this gradually planted doubts in people’s minds regarding the potential of Bitcoin. The reason we are talking a bit about Bitcoin and how it has always been a subject of debate for a long time now is because this analysis shall help us predict the future for cryptocurrency. Something that started on a rough note is expected not to show much growth or promise a bright future. However, analysts might tend to think otherwise. Let us now have a look.

Let Us Begin With A Short Term Goal:

To begin with, cryptocurrency has the potential of becoming an integral part of our life within the next five to six years. Talking about growth and the future, Facebook has also forayed into the realm of cryptocurrency with Libra. It is perhaps safe to say that when Facebook, one of the largest social media platforms the new world has ever seen, ventures into a dicey area like that of cryptocurrency and blockchain, it is enough reason to think that there is a lot of scope and potential for it to bloom and hold its own in the future. This dream of making cryptocurrency a part of everyone’s daily routine can be hopefully realized with Libra, after its launch in 2020, since Libra aims at providing a platform where not only investors but also, common people going about their 9 to 5 lives can safely deal with their financial transactions. 

In The Longer Term, Every Transaction Will Be Quick:

The aim of cryptocurrency is to expedite affairs and see to it that it is available for everyone and not just for the ones with a massive investment on their minds. Also, if you want to transfer a large amount of cash to someone sitting at the other end of the world, blockchain comes in quite handy. It speeds up the process and makes such heavy financial transactions and transfers look like a piece of cake. 

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Banks and Several Other Traditional Financial Institutions Might Start Accepting Cryptocurrencies:

Analysts say that cryptocurrency has the potential of making its way to traditional banks. Such is its growing popularity that banks will start accepting cryptocurrencies and deal in them just the way they do with regular cash. There are also possibilities of people opening crypto banks and availing crypto ATM services. Though this might seem like some kind of a stretch, the chances of it happening cannot be refuted altogether. 

Conclusion:

Cryptocurrency has a lot of game in it. It is true that it did not exactly have, what one might say, a brilliant start. This is why it was crucial to discuss Bitcoin so that we can trace how cryptocurrency evolved. Something that starts on a sour note or shows an eventual dip in its potential does not have to mean that it cannot pick up on its tempo. Sometimes time is all you need to get answers to questions that might not provide a definitive answer in the beginning. Therefore, there is no reason to doubt the worth of cryptocurrency. We need to give it a few years to understand the finality of the shape it assumes.

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