Most likely you have come across bitcoin and other coins, at least once. Either from Twitter, Facebook, Instagram, LinkedIn, numerous web pages or from your friends or colleagues. They probably told you some of its prospects – how cryptocurrency is going to impact your life in the future. However, we guess you are still confused and wondering what cryptocurrency is.
Before we delve into cryptocurrency and how it might impact your future, let’s briefly talk about the technology on which cryptocurrency functions. Heard of blockchain technology before? Maybe, maybe not. Blockchain is an incorruptible, distributed, a ledger that enables trusted and transparent business transactions with a single source of truth among parties who may not fully trust each other, without the overhead of intermediaries.
We still have not told you what cryptocurrency is. Cryptocurrency is a digital medium of exchange (currency) which makes use of a technique called cryptography to carry out financial transactions. The transparency, decentralization, and immutability of cryptocurrency are based on the blockchain technology it utilizes. Cryptocurrency is similar to fiat (government money) just that it is digital.
There are different types of cryptocurrency but the most popular one, the pioneer better put is bitcoin. There are thousands (still counting) of cryptocurrencies out there, examples are Bitcoin, Litecoin, Ethereum, Dash coin, Monero to mention but a few.
Enough of all these, what’s the importance in the future?
Consciously or unconsciously, everybody will use cryptocurrency.
It’s been 11 years since the first cryptocurrency was invented. It will be an outright lie to claim that everybody is aware of it. People still make use of regular money to carry out their transactions and manage the flow of money. In the future, businesses will adopt cryptocurrency as a means of payment. One of the important and remarkable features of cryptocurrency is the fact that it eradicates middlemen. When middlemen are eradicated, the businesses will save a huge amount of money which in turn will make their services and products easier for their customers. This will happen whether people are aware of cryptocurrency or not.
Bitcoin will hit the $1 Million Mark
The founder of McAfee Software Company, John McAfee predicted boldly that Bitcoin might hit $1 Million by the end of the year 2020. He firmly believes that once cryptocurrency takes over the global economy, the demand for cryptocurrency will skyrocket and fiat money will become rather useless.
Integration of Cryptocurrencies with IoT (Internet of Things)
The days of the internet of things are upon us. The combination of these tech giants will no doubt give us a fabulous future!
The recent reports by IDC that the Blockchain technology will combine with IoT sooner rather than later. The primary goal of the integration is to create a scalable and secure platform that will aid effective communication between the billions of existing IoT devices.
There is a rise in cryptocurrency startups. The more they spread, the higher the adoption. Once they are widely accepted, they will be used in all sectors.