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It’s less than a decade in, and cryptocurrency has already made a statement in the financial sector. Seemingly out of nowhere, this currency has managed to get people’s attention and, often, their admiration, and it’s already affecting some aspects of the general public’s lives, including entrepreneurship.
Adopting cryptocurrency and its underlying blockchain technology to work with already existing systems, of course, has posed challenges. Not all companies that have attempted to include this currency into their business have succeeded, in fact a large proportion have failed miserably.
Recently, online payment system business, Stripe, had its customers reject the cryptocurrency option because of confirmation lags, high fees and a disconnect between transactions and the fluctuations of the currency’s value.
Despite its failures amongst many businesses, there are still a large quantity that are hopeful and believe there is still a bright future for the currency. True, cryptocurrency has had its ups and downs, however, the following trends of the cryptocurrency market give us a somewhat intelligent guess as to what we can expect in the future:
As more and more governments are looking into the regulation of cryptocurrencies, investors are feeling more at ease about putting their funds into them. In fact, many are seeing the currencies as a viable asset because of their attractive return on investment.
Despite the measures being put in place to ensure stability in this market, there is still a struggle to stop or at least reduce the currencies volatility, as there are still so many factors keeping them volatile. Regulation will help this, however that alone might not be enough to make a huge difference in its volatile nature.
While the number of merchants who accept cryptocurrencies has steadily increased, they are still very much in the minority. For cryptocurrencies to become more widely used, they must first gain widespread acceptance among consumers. However, their relative complexity compared to conventional currencies will likely deter most people, except for the technologically adept.
Some think selling the digital currency is a lot like selling property. As when you change ownership of property, selling Bitcoin means giving up a discrete digital chunk to someone else – it just happens in the cloud. Whilst some major corporations have implemented cryptocurrencies, such as VISA, it’s not a currency you’d typically spend the supermarket.
Owning cryptocurrency can feel like cheating. While transactions of the digital asset are supposed to be taxed, many have evaded doing their civic duty, helped by the fact that the blockchain makes users essentially anonymous. That’s likely to change.
So, overall things are looking up for the digital currency. It’s likely that Cryptocurrency will develop into becoming a normal facet in everyday life, however it’s important to remember that although it will replace using cash in some aspects, it’s extremely probable that cash will still remain the first point of contact for daily transactions.