Cryptocurrency has been making headlines for the past few years and every other person these days is seen getting involved in trying their luck with cryptocurrency.
Cryptocurrency will be the most discussed currency in 2021, beating traditional paper money and debit/credit cards. Since cryptocurrency is virtually everywhere today and is only getting more popular daily, we need to dig into its impact and the factors that add to its popularity.
The extensive discussion here is about how cryptocurrency will impact the future. Will it replace all other forms of currencies, or will some other entity of its kind replace it? Keep reading this blog to learn more about cryptocurrency and its influence on the future of the business market.
The Emergence of Cryptocurrency
Cryptocurrency was a vague concept just a few years back. Today, cryptocurrency is one of the most emerging economic interests worldwide. It has gained significance throughout the years and will grow more as an interest in the upcoming years.
Cryptocurrency is a digital payment that you may use to purchase things and get services. It has no physical existence, and various companies have introduced online currencies that anyone can use to buy their offerings.
The Currency of Future
Cryptocurrency, regarded as “the future currency,” is based on revolutionary blockchain technology. This technology works on the process, which includes recording the transactions in codes. It links multiple transactions and makes them in the form of a chain to check the entire transaction record as a linked chain.
Bitcoin was the first decentralized currency that emerged in 2009 and was made by Satoshi Nakamoto. Bitcoin paved the way for all other cryptocurrencies and has gained immense popularity since its emergence.
The Adaptation of Cryptocurrency
People were initially reluctant to accept cryptocurrency; a few had the guts to invest in it, while the majority doubted its impact on the future. Although many were treated as a forgetful phenomenon, it soon proved all its doubters and neglecters wrong by emerging as one of the most significant monetary interests over time.
Elon Musk and His Impact on Cryptocurrency
Due to its popularity and impact, companies worldwide accepted and adapted its relevance. Elon Musk, the technology emperor, attached himself to cryptocurrency over time.
He had an impactful role in pushing bitcoin when he took the bold step of including bitcoin in his Twitter bio, driving the Twitteratti crazy, leading to bitcoin’s prominence and added purchases. He further bought more than $1.5 billion worth of bitcoins. Also, he announced that people could now buy their Tesla vehicles using bitcoins.
The Future of Cryptocurrency
We have concluded from observing the past decade that cryptocurrencies are not very stable and fluctuate. The volatile nature of cryptocurrencies is primarily due to the financial regulations issued by the government over their usage.
Economists predict that in 3 years, more than 90% of distinct kinds of Bitcoin will be available to the public. Its popularity will only increase with time due to its anonymity and decentralization.
Moreover, the public is encouraging the usage of cryptocurrencies. It thinks multiple types of cryptocurrencies should be released and used across all platforms, leading to its bright future.
Visa, Mastercard, and PayPal’s Support for Cryptocurrency
As a giant in virtual payment systems, PayPal supports the purchase and trade of cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. However, it gets deprecated by some people for not allowing users to transfer digital coins to their private wallets.
Being one of the most comprehensive payment platforms worldwide, Visa now supports transactions on the Ethereum blockchain with stablecoins. Mastercard also recently joined the cause by announcing that it will keep buying and trading cryptocurrencies by the end of this year.
Conclusion
Keeping all the above points in mind, the future of cryptocurrency is safe, and the emergence of cryptocurrency usage will only increase with time.
It would be intriguing to see how cryptocurrency will revolutionize the future. Would it replace paper money and debit/credit cards, or will it co-exist, having its prominence and paving the way for introducing revolutionary payment methods?
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