Cryptocurrency - the Future of Money?

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    Cryptocurrency - the Future of Money?

    We are on the way to a cashless future. Governments and central banks have no choice but to prepare for it. However, will going cashless give boost to the use of digital currency? Will cryptocurrency replace our fiat curreny in future?

    #2
    Tokens from blockchain are definitely considered as a valued currency by organisation as and can replace our fiat currency because we are moving towards cashless future. Bitcoin shall remain the currecncy that will be used for long term investments (e.g. stocks) or would be traded to paypal on a regular basis using Ethereum.

    Banks may soon issue cryptocurrency that is based off on their own private blockchain and hold cryptocurrency values like how banks from different countries hold each others.

    There are endless possibilities however, i think that the next generation must and will employ blockchains. The age for trading value through fiat currencies is over.

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      #3
      There are many issues of privacy stop it from becoming the future of money by giving hackers the opportunity to perpetrate a lot of mischief (ransomware to the Silk Road). Again the value of cryptocurrency also fluctuates too much to provide a stable, functional currency.

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        #4
        Bitcoin was created to avoid centralized banking and government money. It uses blockchain, which is very secure. As per David Yermack, the chairman of the finance department at New York University, Blockchain reduces the cost of verifying transactions and thus banks are looking into using it. So, cryptocurrencies could be used as national currencies in future.

        Bitcoin have already become popular in countries like Zimbabwe and Venezuela, where it is being used as a major means of exchange.


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          #5
          Originally posted by Rose Bluebell View Post
          Bitcoin was created to avoid centralized banking and government money. It uses blockchain, which is very secure. As per David Yermack, the chairman of the finance department at New York University, Blockchain reduces the cost of verifying transactions and thus banks are looking into using it. So, cryptocurrencies could be used as national currencies in future.

          Bitcoin have already become popular in countries like Zimbabwe and Venezuela, where it is being used as a major means of exchange.

          Bitcoin is only used for trading now a days and the real intent behind it's creation has not been achieved. The value is increasing due to trading and not due to people keeping hold of the currency.

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            #6
            It is impossible that businesses give ignorance to digital currency and that too specifically inside the online ecosystem. Nowadays, itís increasing commonly among many firms to provide virtual currency as a medium of payment. So, Cryptocurrency is the Future of Money.

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              #7
              I have just come across the term "ICO" - a type of funding using cryptocurrencies. Is it the future of fundraising or just another crypto scam?

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                #8
                It's quite hard to predict, but I think yes. Nowadays even casino even accept Bitcoin instead real money

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                  #9
                  Originally posted by Jackson View Post
                  It's quite hard to predict, but I think yes. Nowadays even casino even accept Bitcoin instead real money
                  No one can't predict the future, but yes, I agree with you. It was a surprise for me when I found out about the role of crypto in casinos

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                    #10
                    I think it’s yet too early to tell and one of the most vulnerable industries to make any predictions is technology.
                    However, in my view, in the coming ten years, the cryptocurrency will be part of our daily lives, as the internet
                    and mobile communication these days are.

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                      #11
                      Crypto is the financial internet of the future, and global decentralised apps would be built on blockchains like Bitcoin and Ethereum.

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                        #12
                        The current market situation shows that Bitcoin is now more valuable than gold.

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                          #13
                          Originally posted by Hwabbi View Post
                          The current market situation shows that Bitcoin is now more valuable than gold.
                          Actually it is not valuable than gold if we see the Estimates on the value of the worlds total supply of gold
                          and that of the entirety of all crypto currencies. But now in the digital future, we need it more than gold,
                          as a mean of payment making it more valuable.

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                            #14
                            What is the reason for the doctrine of store of value? Why not use a decentralised, stable, and inflation-free currency for storage as well if everybody is using another decentralized, secure, and inflation-free currency for daily transactions? In that case, why is bitcoin even necessary?

                            And I believe that the biggest issue with bitcoin is its inability to scale. If transaction volume ever increases, fees and transaction time will skyrocket (as was displayed in 2017).

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                              #15
                              I actually consider that the way the cryptocurrency market is developing, is getting out of hand actually. I mean, just take a look at the values that we are having for the dogecoin or ada/cardano, it is pure insanity! I mean, those currencies are not that popular as the bitcoin or ethereum, however their stocks are valued at more than 80 freaking billion dollars!!! That is pure insanity guys. And you know, I am still surprised by how people keep on asking how to pay with cryptocurrency. I mean come on guys, you have to know those simple things.
                              Last edited by WilliamJack; 17-05-2021, 16:38.

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