Thursday, July 29, 2021

Crytocurrencies vs. Bitcoin: The future outlook

The Takeaway:

Cryptocurrencies and Bitcoins are the two most common terms we hear in today's time. They are gaining popularity more than ever because of their scarcity and huge demand in the market. Nevertheless, the value of Bitcoin increased substantially in 2020, making it the best investment so far. But due to its illegalization in most countries, it is not used.

A cryptocurrency is a digital currency that is generated and managed using advanced encryption techniques known as cryptography. Cryptocurrency has made it less of an academic concept to be realistic (visible) with Bitcoin’s development in 2009. Several crypto casinos provide gambling options, but they are online.

While Bitcoin drew a following in recent years, it took the attention of investors and the media in April 2013 when it reached a record $ 266 per bitcoin after a 10-month high two months ago. Bitcoin has played a market value of more than $ 2 billion, but a 50% drop soon after that sparked a heated debate over the future of cryptocurrencies in general and especially Bitcoin. A Bitcoin news aggregator will provide you a better picture of the data and figures mentioned.

 

The future outlook – Bitcoins vs. Cryptocurrency

Some economists predict that there will be a major shift in crypto as the institutional currency enters the market. Besides, there is a possibility that crypto will float on the Nasdaq, which could continue to add credibility to the blockchain and its use as another common currency. There’s a prediction that all that crypto needs is a guaranteed exchange (ETF) fund. The ETF will make it comparatively easier for people to invest in Bitcoin, but there is still a need to seek to invest in crypto, which may not be automated by the fund…

The vision for the future of bitcoin is the subject of much debate. While so-called crypto-evangelists heavily expand financial media outlets, Harvard University Professor of Economics and Public Policy Kenneth Rogoff suggests that a “great feeling” among crypto supporters is that the total “market value of cryptocurrencies could explode in the next five years, rising to – $ 5-10 [trillion].

Some of the limitations currently facing cryptocurrencies – such as the fact that a computer crash can erase a person’s digital assets or that a criminal may attack a virtual vault – can be overcome in time by technological advances. What will be hard to overcome is the basic paradox that bedevils cryptocurrencies – if they are popular, follow the law and government tests they may be attracted to, undermining the very foundation of their existence.

While the number of traders accepting cryptocurrencies has grown steadily, they are still very small. For cryptocurrencies to be widely used, they must first gain widespread acceptance among consumers. However, their relative difficulties compared to conventional finances can deter many people other than those with technical expertise.

 

Conclusion

The emergence of Bitcoin has caused controversy over its future with other cryptocurrencies. Despite the recent problems with Bitcoin, its success since its launch in 2009 has encouraged other cryptocurrencies such as Etherium, Litecoin, and Ripple. A cryptocurrency that wishes to be part of a standard financial system will have to meet very different conditions, which may seem difficult. No doubt determining Bitcoin’s success or failure in addressing its challenges may determine the fortune of other cryptocurrencies in the years to come.

Disclaimer: The article reflects the opinions of the author and is not representative of CloudStory or TimesNext’ views.
The article does not offer any investment advice. User discretion is advised. Extensive and diligent research should be carried out by the reader before making a decision or buying any product or services.

Leave A Reply

Please enter your comment!
Please enter your name here