Cryptocurrency is arguably the single most significant invention of our lifetime. In the next 10 years, we will see the cryptocurrency being a part of our day-to-day lives, as the internet and mobile communication these days are.
This international currency will allow people to transact in seconds and discard the current geographical limitations and restrictions. There will be no intermediaries adding forex, conversion or other fees for the equation of a transaction.
What would be the scenario of cryptocurrency in coming years?
Have a look at how the cryptocurrency would be working after a span of 10 years:
Money transfer is not the only function that cryptocurrency bears. It is also used as the transaction fees and to pay for services like smart contracts. In near future, businesses would be seen using blockchains like Ethereum and Stellar to deploy self-executing smart contracts across their organizations.
As smart contract technology improves, it is expected businesses to be removing the middlemen from various processes which then will help them reduce costs and make their services cheaper for the end user.
Everything in a Flash of Time
The time required to transfer the digital currency anywhere in the world would be less than 4 seconds.
Since money is not the only thing that can be sent over the blockchain, people can expect download or file transfer duration to be reduced to only a minute or even less than that. Blockchain-based copies of games, music, videos or books will be sent to your wallet at speeds that would make today’s file transfer services look primitive.
From ‘Bank’ to ‘Crypto Bank’
Eventually, the banks will accept cryptocurrencies and even create whole packages around them like:
- People will open crypto bank accounts.
- One would be able to buy Bitcoin and other cryptocurrencies from standard ATMs.
- Crypto debit cards will become a normal thing.
- Cryptocurrency loans and maybe even cryptocurrency credit cards will be issued to suitable candidates.
Replacement of National Currencies
The national government will always have a huge influence on the value of fiat money, which in turn affects a country’s economy as a whole. When its value plummets or rises, the government may have a hand in it. With crypto, no government-controlled central bank would have control over its regulations.
The Grown Value of Cryptocurrency
We are still in the early stage. Cryptocurrency meteoric price rise makes it easier for new investors to justify stepping in as it is now a large asset class and too big to ignore. 2019 will be going to see widespread institutional buying of cryptocurrencies but buyers beware—for cryptocurrency to sustain its rally, scaling solutions must work in the real world, and critical governance challenges must be resolved.
In the coming years, people across the globe will have a deeper understanding and acceptance of cryptocurrencies. It is not going to fulfill cryptocurrency initial goal of completely toppling the financial system, but it will not ever disappear.