In the decade since Bitcoin was unleashed on the world, it has led to a revolution. Today numerous cryptocurrencies are vying for attention, with more and more appearing each year.
There is no doubt about the success of Bitcoin around the world. Since it started booming, many people grew more curious and wanted to find out what the buzz was all about.
Bitcoin did penetrate not only the financial market and the entire web but also disrupted them. It is now bigger than just blockchain technology. It created a niche of its own. It continues to live and enable its users to manipulate and grow their assets.
As time passes, cryptocurrencies gradually become more accepted and a little bit closer to joining the financial mainstream. This is ironic, as one of the original purposes of creating a genuinely deregulated currency was to keep it out of the hands of governments and big institutions.
But, as we shall see, these are gradually becoming more interested in the potential of cryptocurrency and the blockchain technology behind it, which is likely to become even more the case in the future. So, what exactly can we expect?
To date, the world of cryptocurrency has been something of a free-for. With anyone with access to the computing power and the technical know-how being able to set up their digital currency, it has been the most unregulated of unregulated markets.
Hand in hand with this has been the crazy speculation that has gone on amongst investors. Add to this the reputation that certain currencies have gained as the preferred payment method in illegal activities, and it’s no big surprise that greater regulation is on the way.
Mushrooming of More New and Official Cryptocurrencies
Partly, this closer regulatory environment will be created because several banks will have launched their cryptocurrencies soon.
For example, early in 2019, Saudi Arabia and the UAE announced that they would be introducing an experimental cryptocurrency for trading between both nations’ banks.
Even the Bank of England has created an international group of financial institutions to create a cryptocurrency backed by the consortium. Once big names like these are making their plans public, we can be sure that the future will entail.
Crypto Working Like Traditional Currencies
Many observers agree it will be essential for Bitcoin and its rivals to become truly established, with greater use as currencies to buy goods and services.
Many other sectors are starting to show a genuine interest in accepting this alternative form of payment, including those in the entertainment industry. For example, it’s a natural choice for the gaming industry, in which many video games already have their in-game currencies.
The online casino industry is another branch of the entertainment world that is set to adopt cryptocurrency as a bona fide payment method. It’s only logical that players and casinos alike value the much-welcomed security of cryptocurrency transactions, not to mention the anonymity.
By transcending national currencies, cryptos are also highly attractive to an industry that constantly has to transact worldwide – the travel business.
Again, a few online travel companies have come to appreciate the ease and convenience that avoiding the need for currency conversion brings, and the number of participants is sure to increase over the coming years.
The technology that will facilitate the use of cryptocurrencies as a payment method is also proceeding at pace.
If one aspect of cryptocurrencies can have hindered their progress to date, it’s been their volatility. This has led to the emergence of a new generation of so-called Stablecoins. These are tied to “real world” assets to help avoid the huge price swings we’ve seen in the past.
A prime example would be the Gemini Dollar that is currently tied to the US currency.
We can expect to see many more of these emerging in the future. Whether they are in the spirit of the unregulated cryptocurrency is open to debate, but the stability they bring may be the guarantee that its end badly needs.