Is the Future of Money Cryptocurrency?

(Nada Aziz, )

We are living in a dynamic world where everything is changing fast, a fact that we have no option but to deal with. Particularly, money has now completely changed its form as historically it used to be in medieval coins, then changed to its recent history of being bank notes and now that we are in a tech world we have crypto currencies. This drastic change to Crypto currencies is mainly attributed to reasons such as safety, privacy, and decentralization of the means of exchange.

Contrary to conventional currency, an important facet of this new currency is that it is deregulated in that no authority has power over it making and distribution. Crypto currencies is driven by the markets supply and demand. It is also basically impossible to counterfeit given its complex coding system whose encryption is rigorous whereby each and every transaction is recorded increasing the level of safety. They are also convenient to use for high risk high reward investments which a financial advisor would advice against. Therefore, regardless of the highs takes involved together with no involvement of government agencies, crypto currencies thrive and expand.

The moment key measures are put in place, it is only a matter of time before crypto currency completely takes the place of the other conventional forms of money. In his prediction of its future, Chalmers Brown stated, “I am personally excited for the future of crypto currencies and blockchain technology in general. Current innovations such as Bitcoin, Ethereum, and others are just the beginning for this technology that can help revamp many industries. There is plenty of opportunity in this space.”-Forbes

With this statement we see there being a possibility that crypto currencies can replace money currency and become the most preferable mode of transaction among emerging industries as well as economies in the world. One crucial fact that should be remembered is that with Crypto currencies, there is a better adaptation to the prevalent challenges witnessed in funding and the emergent digital economy. A fact that was backed by Humaniq CEO DinisGuarda.

These arguments on whether crypto currencies should be the most preferable mode of currency begs the question, is Crypto currencies the future of money as we know it? Based on the prevailing situation, most states are yet to formally recognize crypto currencies as a form of currency. This has rendered the future of crypto currencies bleak and to remain unstable. This smoky future was exemplified by the Fortune Magazine where a month ago they pointed out that about, Bit coin’s price range underwent 35% fluctuation following a proposal of an exchange-trade funded by the Winkle Voss Bit coin Trust did not get an approval by the U.S. SEC. The move by the Securities and Exchange Commission was attributed to concerns that this mode of currency is highly prone to being used for illegal transactions like black market trading. They also cited that crypto currencies are also vulnerable to exploitations for accessing personal data.

Possible remedies
However, these loopholes mentioned above have remedies such as increasing security measures as well as some form of government regulations to guide its usages. It’s important to note that the usage of crypto currencies most notably Bit coins are though slowly but surely permeating into the sector of education, an example being the University of Ohio which offers courses on crypto currencies and even going to the extent of accepting tuition fees in crypto currencies. These are just a glimpse of how big and far the strides crypto currencies have made in industries and learning institutions going main stream.

Therefore, in conclusion it goes without saying that given its wide appeal especially with tech-savvy population across the world, it’s only a matter of time before the government and others recognize and accept crypto currencies!
 

Nada Aziz
About the Author: Nada Aziz Currently, no details found about the author. If you are the author of this Article, Please update or create your Profile here.