One of the greatest benefactors of the advancement of technologies in the financial sector. Among the remarkable things that have emerged are cryptocurrencies. They address many concerns including that of privacy. It is also shifting the focus of economic power from banks and governments to people. Digital currencies like Bitcoin are changing the world and there are many reasons to believe that this form of currency will be the future of your money. Let us understand the predictions and the future of cryptos in the coming years:
People may start using Cryptos without Knowing it
It has been a decade since the launch of cryptos but there are many who are still unaware of it. Most people and businesses are using traditional transaction methods to make payments, but in the future, we can see the usage of cryptos as a payment option. Businesses will start paying for services using virtual money as that will save them transaction fees and other such expenses. Removing the middleman will make it cheaper for the entire supply chain and will also help the end-user. In a way, people will be using cryptocurrencies without being aware of it.
Integration with IoT
IoT is a technology that is creating a ripple in various industries. This when integrated with blockchain technology that uses cryptocurrencies, can create a more secure and scalable framework. It also means that the micro-investments are more efficient on smart devices. You can buy Ripple in India or other such currencies using smart devices due to this integration.
Disruption In the Banking sector
The banking and financial sector could see a major disruption due to cryptocurrencies and blockchain technologies. Currently, banks are not accepting digital currencies but it will eventually, though it’s not sure that it will happen in 2020. When that happens, people can have bank accounts with cryptocurrency, have debit cards for the same, withdraw cryptos from ATMs and many banks may also be ready to give cryptocurrency loans to eligible candidates.
Can become an alternative to FIAT currencies
Many experts are hopeful that cryptocurrencies will replace FIAT currencies in the future. That is because of the rise in the popularity of digital currencies like Bitcoin, Ripple, Ethereum, etc. It is considered as a reliable option irrespective of the geopolitical climate across the world. Top currencies like Bitcoin have gone past the $10,000 mark in the US and the INR to BTC exchange is also yielding good returns. Hence experts consider this as an alternative for traditional money.
They will remain Unstable
Despite various measures taken by cryptocurrencies to stop the volatility it will continue to remain unstable. This is mainly because, when trading at its peak there will be a need for greater regulations in the market which is yet to be put in place.
Transactions will get Faster
Transferring money from one account to another will get quicker and cheaper. Unlike the traditional transactions where you need to wait for the money to be transferred, you can send digital money in seconds. Blockchain technology will also help to make faster file transfer and will reduce the need for file transfer services.
Trading Exchanges will see a Rise
As the popularity of digital currencies rises, there will be a greater need for reliable cryptocurrency exchanges for trading. As more cryptos come in the market there will be more trading in many currencies and hence a need for robust exchanges. CoinSwitch is one such exchange in India which trades with many cryptocurrencies. They charge low transaction and withdrawal fees. It is also fast and secure.
As the adoption of cryptocurrencies increases, it will soon be used in many sectors and become a great alternative to FIAT currencies.
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