Amid many doubts about cryptocurrency on being a platform to carry illegal activities, the tremendous growth of cryptocurrency, in the beginning, has made Bitcoin, the undisputed king of the crypto world. This ruling cryptocurrency is credited for Bitcoin millionaire stories, where the lives of many people got changed when they invested in this popular crypto coin. There seems to be no question about its leadership among the other cryptocurrencies. Bitcoin gained much wide appreciation in the crypto industry market cap. Amid many doubts and criticism, there has been not much affecting Bitcoin’s popularity, who grew to fame more and more. But competition is inevitable, and it can be seen with the growth of other crypto coins like Ripple, Ethereum, and other digital currencies. No matter Bitcoin is still the leading crypto coin. The rapid rise of these digital currencies has triggered analysts with a question that says ‘’ will cryptocurrency surpass cash in the future?’’
Expected Possible Outcome In The Future
After observing the rapid growth and acceptance of cryptocurrency among people around the world, analysts are expecting a possibility which says cryptocurrency surpass cash in the coming future. Well, there is a valid reason for this, there are lesser or impossible chances of manipulation in cryptocurrency in comparison to fiat currencies like cash. It is all because of cryptocurrency decentralized nature and being free from regulations. If we go beyond, then we will find that the concept of universal basic income could be well supported by cryptocurrencies, contrary to fiat currencies. There have been programs that have tested crypto use regarding this concept.
Furthermore, the intermediaries could also be eliminated by cryptocurrencies to carry out transactions, regularly. This could also prove helpful for customers and businesses with a cut in costs.
Challenges For Cryptocurrency In Replacing Cash
However, replacing a long old currency with a newbie digital currency might not be so easy as it seems. Since being a newbie technology, it has to work hard to prove the worth among the choice of people, worldwide. This is all because of some challenges that can appear as a barrier in between. If the concern regarding cryptocurrency surpass cash becomes possible, then it will lead to the loss of value of traditional currencies. But to take over cash completely by cryptocurrency, the development of new infrastructure is needed for worldwide adoption. There could be inevitable problems related to transition, as cash would become contradictory soon, which would lead to lost assets by some people. Prominent financial institutions have to struggle to bring changes in their methods.
The cryptocurrency impact on financial institutions and individual consumers would spawn problems for the government. As you know central currencies are monitored by the government is the reason for regulation in several ways, and digital currencies function with the absence or limited control of the government. Due to internal and external pressure, it would become impossible for the government to decide the amount of currency to print. Instead, the dependency of newly created tokens and coins will be on mining operations working independently.
No matter how individual investors would make up their mind to accept cryptocurrencies from the regular cash which they have been using so far, the question on will cryptocurrency surpass cash in the future is not in the control of anyone’s hand. There might be a possibility that the future of cryptocurrency in the upcoming future is blown out of proportion, as much estimation is done about this newly bubbled financial industry. Investors would find it difficult if everything goes related to crypto, as there might be frequent changes. and predicting anything about the cryptocurrency is not so easy.
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