Cryptocurrency in a decade

Cryptocurrency, everyone is talking about it, there has been quite a buzz created and it is increasingly gaining mainstream adaption but many of us still struggle to understand it. In simple words, cryptocurrency can be defined as a digital currency.

Just like the US dollar or any other currency, cryptocurrency is also a medium of exchange, however, it exchanges information digitally or in the form as a token as to avoid counterfeit or double-spend. There are many cryptocurrencies, the all known Bitcoin, Ethereum, Litecoin, Ripple, and Tether to name a few the fact is there are more than 2,000 cryptocurrencies in existence.

Cryptocurrency has now been around for over a decade but many are just starting to learn about it and how it is the future of the currency system. Many experts describe cryptocurrency as the reason behind the brink of the financial world as we’ve known it coming to an end.

It has been established by experts that the current currency system that we have will not last much longer and there is no better system in the market to replace it other than cryptocurrency.

Cryptocurrency has many major benefits that the current system doesn’t have such as lower transaction fees in comparison to credit cards, the like lines of fraud being committed reduces drastically, no worries about exuberant bank charges, the barriers that are in the current system are broken down in cryptocurrency and international trade becomes much simpler.

A major problem with cryptocurrency is that in many countries it is not accepted or recognized as a currency due to the fact that it can’t be tracked or controlled the way normal currency can, making it very hard to convert Bitcoin to cash. So while there may be a bright future for cryptocurrency, it will take time for governments to come to terms with it and those terms I believe will happen within this decade.

by: Nailah L. Wright Follow me on Twitter or Instagram. Check out my website.

Originally published at https://www.blktrdr.com on September 18, 2020.