Cryptocurrency is here to stay, and that is a fact, whoever is not seeing that will stay behind. But, what is the future?
A great thing is that different projects of altcoins and bitcoin -0.49% have different purposes and different usages for companies banks and governments.
Most likely Bitcoin -0.49% – will continue to play a dominant role for a some time, because of its properties as a store of value and the network effects it has shown so far, but altcoins represent a new technology or platform. As the name suggests, they are alternatives, not replacements.
But new projects are working very hard to change that situation, and new discoveries able to change this reality could be happening this year.
There are a number of challenges to the future of cryptocurrency: regulatory barriers, cybersecurity, and energy consumption, as well as the difficulty in converting cryptocurrency into spendable money.
However, this state of affairs is changing very fast and nations all around the world are already in the process of developing sensible legislation, exchanges are beginning to secure regulatory approval, and even Wall Street is beginning to facilitate cryptocurrency trading for clients. Before long, we’ll see those difficulties be solved.
A big challenge is the huge consumption of energy as well as its susceptibility to cyber attacks.
Crypto mining uses as much CO2 per year as one million transatlantic flights, so another problem is a climate concern.
On November of 2017, the power consumed by the entire bitcoin -0.49% network was higher than the Republic of Ireland energy network consumption.
Despite these negative aspects, cryptocurrencies still are doing great and are becoming more and more solid, building new and stronger grounds to grow and become more and more important to the world, and could displace roughly 25% of national currencies by 2030, for a simple reason: MORE EFFICIENCY, and it is going through a legitimisation of a new asset class emerging alongside the traditional global economy.
Crypto might not replace all of the existing systems, but it adds a new layer of value – similar to how we still have regular postal mail and fixed-line telephones even though we have WhatsApp, Skype, and Gmail.
Some altcoin developers are also aiming to use cryptocurrency to incentivise positive choices by users, especially regarding the environment.
A cryptocurrency-based tokenised reward system would allow for rewarding people for positive behaviour in a way that could create long-term positive change.
Energi Mine is currently using this idea to incentivise people to make environmentally friendly choices, giving people a tangible financial reward in the form of Energi Tokens (ETK) for positive changes in behaviour.
In short, the future will bring increased controls and reliability to the asset, allowing individuals and groups to invest and bank with security and ease.
A more mature cryptocurrency will be followed by a more mature market ready to lead to increased investment from professional investors such as hedge funds, further legitimising cryptocurrency in the financial sector, after a natural process of tighter regulation and controls will consolidate to protect investments in the sector.
Welcome to this new world and don’t stay behind.
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