There was a time when cryptocurrencies were considered to be a bit of a joke. People didn’t think that they would actually become popular in the long run. Those who invested in Bitcoin before are probably very happy now they look back, but it takes guts to invest heavily.
There are still other cryptocurrencies that have become popular over the past years and there are some studies stating that cryptocurrencies may actually replace the traditional currencies that are being used right now.
Cryptocurrencies and Their Rapid Evolution
It’s safe to say that cryptocurrencies have evolved alot much over the past years. They started to become popular and people already considered them as investments which is causing changes in how people view financial systems.
There are still some issues that are being worked out with cryptocurrencies, especially as far as regulation goes. There are also still some countries wherein Bitcoin is not available.
There are still a lot of people who are skeptical about how cryptocurrencies can take over normal money as some feel that they would never accept it because it’s not something that they are accustomed to. Meanwhile others are willing to give it a try because they feel that change is inevitable. Some say that with all of the progress that Bitcoin is showing, it is inevitable that it will make change happen eventually.
Some Changes to Expect
If Bitcoin is to become the next major currency of the future, there are some things that should be expected such as the following:
- Paper money will cease to exist as everything may be done through online transactions.
- There will be new payment systems that are available. Which could involve wallet to wallet purchases.
- Decentralized payments. One of the reasons why people usually take some time buying some items is because of the differences in currencies.
Money has always evolved from the beginning of time. There are some changes in moneys appearance through the years of course, from what started as rough gold coins has become a high security industry.
With the never-ending change in technology, there is a good possibility that cryptocurrency will take over traditional payment methods in a decade or so.
The replacement of the old currencies may lead to a better future but experts also know that it will take time before people would be 100% open up such a big change in the financial industry. There will always be people who would prefer to hold on to their traditional money, and this can make the process slow down quite a bit.
If the majority are happy to adopt this change and adapt to this new concept, then it will inevitably happen. Only time will tell…
By Tim Zhang
World Blockchain Investment Association