The Future of Cryptocurrency

By Austin Reihl | Cyberfeed | 14 Apr 2021

It has been over a decade since the first cryptocurrency introduced itself to the financial market: Bitcoin.


The original crypto-giant (ticker symbol: BTC) has come a long way from being valued just from mere few pennies to now tens of thousands of dollars - prices many had never thought even possible!


The Impossible Rise of Bitcoin


Bitcoin (BTC) has gained the attention of many internet users over the years. In more recent memory, BTC has even made the news across platforms from television to social media.


But from the days when BTC was little more than a whitepaper, the first successful cryptocurrency has come a long way from being valued at just a mere few pennies to thousands of dollars. 


Although these are prices many had never thought possible, cryptocurrencies and blockchain technology are still in their immature phases at the moment. 


And despite its popularity and current market value, cryptocurrency is still considered a tiny portion of total global financial assets. But how far has crypto come, and what impact has crypto brought to the global economy?


Below, we look at advantages vs. disadvantages and analyze the use-case for digital cash replacements and the rate at which we can expect to see cryptocurrencies conquer fiat through global blockchain adoption.


The Future of Cryptocurrency


For digital currencies backed by blockchains to successfully become perceived as trustworthy systems by the masses, concerns regarding laws, regulations, and governance will need addressing.


These areas will all have to be addressed for cryptocurrency to realistically scale to a globally adopted standard without compromising the technological innovation that blockchain technology can afford us.


Despite this, many areas have successfully deployed because blockchain and cryptocurrencies reflect a new form of trust, coinciding at a time when society's willingness to trust in traditional financial institutions is rapidly declining - and this factor will likely prove to be invaluable.


However, to succeed in the future financial climate will come down to trustability. Luckily through blockchain technology, trustlessness is the cornerstone of encrypted digital currencies on distributed global ledgers.


Final Thoughts


Cryptocurrency has offered a revolutionary idea in the global financial market.


It is a matter of acceptance that the world is changing, and it is the way we deal with this and what we do with the technology that we have in our hands today that drives us toward the future, for better or for worse.


And so, as the underlying benefits of cryptocurrencies start to be understood by the retail market, more people will begin to engage with not just BTC but decentralized finance (DeFi) protocols, too.


Thus, the coming crypto-revolution is about to bring irreversible change to our global economy - this is no longer just a matter of choice. 

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Austin Reihl
Austin Reihl

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