Cryptocurrency has been around the corner for quite some time. It started its journey from being an unknown concept to being a well-known one in just a few years. Now, it is quite a famous form of investment, and this digital asset has become the favorite thing to research for millennials. The investment journey has had quite some highs and lows for the investors. They have benefited quite a lot at times, while other times, they saw huge dips, leading to heartbreaking losses. Though it is an asset class that comes with numerous issues in terms of its structural working, it still has broader acceptance in today's time.
The past, present, and future of cryptocurrency are pretty vibrant. Even if it had some lows in the past and a pretty steady present, it doesn’t have a dark lot. It has a long-term utility, ensuring a clear purpose and positive diversification.
The future also holds an innovation of crypto gaming. It is a trend that is going to support NFT. This way, the ecosystem of NFT would spread furthermore, making the digital currency a new-age need and necessity.
The Past; how it was really perceived?
The concept of digital currency started with a lot of skepticism. Being a novel concept, it was not easy to trust finances. However, owing to it being a non-intrusive mode with super-fast transactions that are irreversible, it became an accepted payment method for the merchants.
The Present; what it holds now?
If the research and surveys are to be believed, the concept of crypto is getting accepted worldwide. However, it is much more prevalent, especially in the United States of America. Around 20% of adults in America hold cryptocurrency and trust its working mode. The age segment of the crypto holders is pretty diverse. For instance, those aged 18 to 25 years own crypto for around 34%. At the same time, only 10% of crypto owners are in the age class from 45 to 50 years old. However, 1% of people own currency and are within the age range of above 60 years.
In recent times, crypto has gained a lot of growth. The capitalization of crypto augmented to a total of 3 trillion dollars. This is a pretty high amount because it is still a novel concept somehow. This growth has been drastic. This proves that in last year only, the market was worth merely some hundred billion dollars.
The crypto space, at the moment, is filled with a certain category of users. They include either the millennials who love taking risks, investment companies who have seen potential in the crypto assets, or merchants finding ways to be a part of the crypto world slowly.
The Future; will it be accepted?
The future of crypto is pretty bright! Even though it has seen a huge dip in the last month, it still can be trusted with all the heart and soul. You ask why? There are three reasons why you can rely on crypto is the future of investment and payments, including;
1. Innovation in technology
Though crypto was started as a speculative investment, blockchain and advanced technology have increasingly made it pretty secure. The non-fungible tokens are a prime example of how people have started accepting them as a preferred mode of payment now. This technology-based on the blockchain is currently having a broader outreach, which is being considered to enhance in the coming year furthermore.
2. Enhanced legitimacy
Through added regulation, governments are making cryptos a lot more legitimate. These regulations ensure no discrepancy and fraud when it comes to making payments through cryptos. By governments accepting its presence and deciding to make it a secure form of payment, it is sure to become a permanent feature in the world of finance quite soon.
3. Central bank digital currencies by government
Though crypto works in a decentralized world, governments have now developed their digital currencies to make crypto a widespread concept. The UK, Singapore, and UAW governments have already started working on it to aid the consumer market at a wider level.
I am a UK tech blogger and have been in the industry for over 10 years now, running Mighty Gadget and its sister sites and contributing to other sites around the web. I am passionate about all tech, including mobile, wearables, and home automation. I am also a fitness fanatic, so I cover as much fitness tech as possible.