Are cryptocurrency the future?
In the past few years, as Bitcoins became increasingly popular, cryptocurrencies have created a global phenomenon. Despite remaining concerned about issues about the instability of these digital coins, investors and traders have started buying and selling these coins to retain profit because after the Bitcoin skyrocketed, we have seen how much people can gain by selling a single piece of Bitcoin.
But Bitcoin is not the only crypto coin with so much value; second to it is Ethereum which also possesses the possibility of reaching a greater value than Bitcoin itself. And the list does not stop here, with more than 4000 cryptocurrencies available. We never know which currency is going to be on top of the list.
A trustless system
According to the Bitcoin experts and supporters of cryptocurrencies, these coins are not under any kind of authority or government influence. These digital coins are not in any way tied to any nation or state. Furthermore, these experts also argue that cryptocurrencies are superior to the standard currencies because of being independent.
Nevertheless, these currencies are dependent on some factors, at least, one of them being the underlying infrastructure of these coins and their mining process. Most of the mining infrastructures are also located in China
Next comes Libra
Libra is Facebook’s contribution to the world of crypto coins. People have also considered Libra to be a solution to all kinds of financial complexities. The main concept behind the creation of this platform was to eliminate or reduce the unnecessary cost that pops up during international payments and successfully facilitate them at the same time.
Stability of Crypto coins?
Stable coins have also gained much popularity with the increasing demand. Especially linking the coins with assets, people have gained much more trust in these coins. But there still remain some loopholes. Also, this is a recreation of an existing system.
Many countries in the world are adopting the digital currency system where people will make online payments and transactions. People are already carrying digital wallets with them instead of using paper money. From this development, we can already predict what kind of future we are heading towards. Therefore we can see a possibility that these cryptocurrencies are going to take over the financial world.
There are two types of opinions regarding crypto coins. Some people think that crypto coins are nothing but financial risk, whereas others think that crypto coins are the future of the financial world with the potential to grow their influence and popularity worldwide.