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It would not be too much of a stretch to imagine of a time when fiat currency and the traditional forms of banking and financial transactions shall move towards complete oblivion. Cryptocurrency is the new cool and experts believe that in a few years, it shall be the only means of dealing with finances. However, cryptocurrencies did not always enjoy the position that they have today. It has been rough for these digital forms of currencies soon after its launch in 2008. After a brief period of a debacle, it rose strong and now has the entire economic market in a frenzy. We shall now check the future of cryptocurrencies so that we have all the information required to make sound financial decisions.
Government Agencies Shall Adopt The Blockchain Technology:
Cryptocurrencies are a decentralised affair, but that does not mean that government agencies cannot adopt their technology to run their activities. There is a lot that goes on within a government agency, and the work is quite complex. Several departments work in close coordination with each other, and the work is quite tedious. Therefore, it is quite possible that they would adopt the blockchain technology to maintain a secure and safe database, where the workflow would be much more organised and easily gone through with.
The Blockchain Technology Shall Integrate With The Internet of Things:
The Internet of Things is a real thing as much as you would want to twitch your eyebrows to the concept. The Internet of Things aims at connecting and integrating several electronic devices on a single platform in a bid to receive and send data easily. The blockchain technology can simplify this seemingly complex project by providing safety and security. Plus, with the blockchain network joining hands with the Internet of Things, micro investments involving cryptocurrencies shall be a possibility. Flexipay provides a secure and safe way to make payments and go about investments with cryptocurrencies, if you were wondering how one could consider micro investments in the Internet of Things.
Traditional Banking Might Become a Forgotten Lore:
Cryptocurrency is slowly moving towards creating a world where traditional banking and fiat currency shall be reduced to nothing more than a forgotten lore. Cryptocurrencies has the potential of becoming the only form of currency driving the economy. They might even become a household name very soon, and every transaction might take place with cryptocurrencies. Though this might sound like a far-fetched dream, it is still a possibility.
New Cryptocurrencies Shall Be On The Rise:
Bitcoin, Litecoin, Ethereum and Ripple are just a few in the long line of cryptocurrencies that are about to emerge victoriously in the years to follow. The cryptocurrencies that we mentioned in this section have seen tremendous growth over the last decade and has a brilliant market cap. This trend shall continue in the upcoming year, and shall provide a space for the emergence of many more cryptos.
Conclusion: Cryptocurrencies Shall Continue To Be Volatile
No matter how many new cryptos emerge and no matter how potent they seem in pushing the economy towards success and growth, they still thrive in an extremely volatile space. Therefore, it is essential to understand the volatilities and nuances associated with this space and measure each step with careful consideration. Being aware of one’s financial standing is necessary to have a holistic awareness of the self. Cryptocurrencies are promising, sure. But they also come with several complications that might become challenging to navigate. Thus, it is essential that one has all the knowledge about cryptos and the blockchain technology before making any investment decision.