We have all witnessed the growth of Bitcoin, the surge in it’s prices, and the discovery of overnight millionaires. And all this is owed to what was an academic concept until turned into virtual reality by the creation of Bitcoin in 2009. But much like the dreaded NEET is the idea of the future of Bitcoins. Have cryptocurrencies already peaked? Or they are yet to reach their full potential?
Firstly, understand that the future of cryptocurrency lies in Bitcoins. And Bitcoins have major drawbacks to them, like the transaction anonymity and decentralization which were earlier considered an advantage now simple mean they are more prone to money laundering, smuggling, and illegal activities of all kinds. Dues to the lack of any central authority, nobody is managing the smooth run of things, hence no backup for consumer protection.
Here are a few more limitations that alter the future of digital currency; to help you prepare for an investment, much like preparing for JEE Main.
Once the craze falls down or the next promising currency is unveiled, your currencies price starts to drop.
Although Bitcoin is the standard digital currency of today, there are other cryptocurrencies that are rapidly growing in competition to Bitcoins. We have Ripple, Bitcoins rival, recently had a huge surge in prices from $0.25 to $3.16 at present, with a market cap of 122 Billion. Ether, Litecoin, Monero are the other leading Cryptocurrencies of today.
Albeit, each has its own features and advantages and disadvantages, the success of one is the downfall of the other.
Nobody can predict the future, but being informed sure does help you weigh out your options, and speculate reasonable results. Therefore, with the demand of cryptocurrencies rising with the second, the future of cryptocurrency is just a probability experiment for now.
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