Cryptocurrency, otherwise known as digital currency, came into existence in 2009. Bitcoin was the first currency. Since then, there have been other currencies born amidst criticism from different investors.
The question in many people’s minds is whether or not the cryptocurrency will continue to flourish even in the years to come. Probably, you will hear mixed reactions when it comes to this. Some will say yes, while others doubt its future existence.
If you are looking forward to being able to purchase bitcoin in years to come, here is what you should know about its status going into 2020.
Cryptocurrency is growing
For you to develop a single cryptocurrency, you have to build a block of code known as the blockchain. That code does not have any back up from precious metals like the universal currency that we use. Hence, investors feel that the cryptocurrency boom will end soon.
Nevertheless, we see a different trend altogether. With the establishment of different exchange platforms, you can buy and sell your digital currency as long as the platform does support its use.
Additionally, with coins such as Bitcoins, people have been earning fortunes through it. One Bitcoin does go for thousands of dollars, which is the reason that you may never see its end.
People are relentless about using cryptocurrencies
Much attention from the media attracted people to it. Now you can find many resources on the internet about these coins. Additionally, with the introduction of different exchange platforms, critics are changing their minds about these currencies. Soon, we might see the introduction of verified ETFs.
The main reasons why people continue to use these digital currencies are:
- Users can rely on these currencies as an alternative for the fiat currency. Recently, people use cryptocurrency to pay for products and services
- When using cryptocurrency, there is no need for an intermediary or bank. These institutions depend on the exchange rates; hence, completing transactions can be expensive, especially if you are carrying out international transactions
- Other than the freedom of using these coins, every process is safe. Hackers find it difficult to hack a blockchain because of the complexity involved. Hence, you can share sensitive information without any fear
- Blockchain keeps updating itself.
On the flipside
Regardless of the benefits mentioned above, there are particular challenges that blockchain developers will have to conquer to encourage more people to use cryptocurrency. One of them is the issue of security. A single hack can expose the entire blockchain, which could cause it to crash. That is why you should select one with a good history of security.
Otherwise, loss of data could lead to the loss of millions of cash.
Besides that, if governments could intervene (which we are already seeing signs of it happening), blockchain might be the future of currency and apps.
Final verdict- Will it be there in 2020?
The blockchain technology is not going anywhere. Although significant challenges are apparent, you can already see that cryptocurrency has been experiencing growth since its establishment. Additionally, we can already see signs of increased potential even in years to come. If you are skeptical about it, this is not the time to be. You can buy the most established digital currencies and make a fortune.