Nowadays, over 8,000 cryptocurrencies are circulating throughout the global digital infrastructure, and their future is a subject for debate among a vast number of investors and analysts. Despite this, there are still a lot of doubts and fears around the phenomenon of cryptocurrency, a new kind of digital money. In this article, we will give you an explanation of what is cryptocurrency and possible ways of its further development.
Cryptocurrencies have recently come into many areas of human activity, with many scholars noting that it is the money of the future. For example, the Cambridge Center for Alternative Finance (CCAF), which is part of the University of Cambridge, published a report “Global Cryptocurrency Benchmarking Study”. The study explores several sectors of the global cryptocurrency industry, including exchange platforms, stock exchanges, wallets, payment service providers, mining pools, etc.
According to the research held by Dr. Garrick Heilman, cryptocurrency is becoming an increasingly important part of the economic sector and has all chances to gain popularity as a means of payment worldwide. Besides, in order to gain widespread acceptance among consumers, the developers should do their best to resolve scalability problems in the currency blockchains and improve the speed and amount of transactions per second. However, the financial potential of cryptocurrencies is enormous despite the possible weak points.
Based on the study, the number of people using cryptocurrency has grown for the last decade and most are residents of North America and Europe. At the same time, most bitcoin miners are from China, according to the statistics. In addition, a study of the British consulting company Magister Advisors showed that the top 100 financial companies will spend over $1 billion over the next two years on cryptography projects, which will have a huge impact on the cryptocurrency industry. Based on the results, we can conclude that bitcoin could become the world’s sixth-largest reserve currency over the next 15 years.
Finally, the place of cryptocurrencies in the modern economy is still being debated, but in practice, digital money is becoming the currency of the global economy and its financial markets. As you know, the process of transforming the types of money is facilitated by technological and scientific progress. On the one hand, the availability of cryptocurrency requires developing electronic commerce such as marketplaces and many related spheres on the Internet. The experience of previous years makes us believe that the digital currency will keep following the growing tendency despite the market correction and minor fluctuations. The financial crisis in 2008 affected everyone. It provoked interest in cryptocurrency as people have lost confidence in the current financial infrastructure. Based on the above, cryptocurrency is believed to be a new stage in the development and globalization of the world economy.
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Valentina BEREZA, Team bit4you