CRYPTOCURRENCY OF THE FUTURE
It doesn’t take an extremely high level of tech savviness to have come across the concept of cryptocurrencies and their increasing popularity. Currencies like Bitcoin and Ethereum have a higher popularity amongst enthusiasts for obvious reasons, and are assets almost every forward-thinking investor wants to have in the portfolio. Assets… But how about as true currencies? What is the status on cryptos’ adoption as mainstream currencies?
Bitcoin has been making strides in leaps and bounds recently. In fact, 10,000 Bitcoins was famously used to buy 2 Papa John’s pizzas as far back 2010, in perhaps the first real crypto to commodity transaction. Retailers all around the world are increasingly becoming open to getting paid in Bitcoin, influenced in no little way by the rapid and continuous increase in value of the asset. Now heavyweights like AT&T, Tesla, Coca Cola, BMW, Microsoft, Paypal, Starbucks, and Rakuten are in on the act. But for reasons such as expensive transaction fees and increased volatility due to a fixed supply, there are divided opinions on Bitcoin’s chances of adoption as the global crypto currency.
This brings us to the dissenting moves against Bitcoin. Countries have moved to create their own cryptocurrencies that would be legal tenders in their countries. For example, China’s digital Yuan has been in the works for a while and is due to be rolled out soon. The Venezuelan government has been exploring the cryptocurrency space for the creation of their national crypto to replace the dead Venezuelan Bolivar.
The hesitations of the Venezuelan government has led to a lot of Venezuelans tending towards EOS, a popular and inexpensive cryptocurrency built on the EOSIO blockchain, as a means of exchange. This also raises the alternative of looking at other crypto projects that scale Bitcoin’s problems better as a long term global currency project.
As of today, I don’t know for sure which crypto for sure will totally pervade the global economy as a currency. Will any completely replace the fiat, or will a balance be struck between both worlds? Or will the multiplicity of crypto currencies be left to the mercy of individual choices? The comment section is open for you to share your two cents, or rather, your two SATs.
