We are living in a dynamic
world where everything is changing fast, a fact that we have no option but to
deal with. Particularly, money has now completely changed its form as
historically it used to be in medieval coins, then changed to its recent history
of being bank notes and now that we are in a tech world we have crypto
currencies. This drastic change to Crypto currencies is mainly attributed to
reasons such as safety, privacy, and decentralization of the means of exchange.
Contrary to conventional currency, an important facet of this new currency is
that it is deregulated in that no authority has power over it making and
distribution. Crypto currencies is driven by the markets supply and demand. It
is also basically impossible to counterfeit given its complex coding system
whose encryption is rigorous whereby each and every transaction is recorded
increasing the level of safety. They are also convenient to use for high risk
high reward investments which a financial advisor would advice against.
Therefore, regardless of the highs takes involved together with no involvement
of government agencies, crypto currencies thrive and expand.
The moment key measures are put in place, it is only a matter of time before
crypto currency completely takes the place of the other conventional forms of
money. In his prediction of its future, Chalmers Brown stated, “I am personally
excited for the future of crypto currencies and blockchain technology in
general. Current innovations such as Bitcoin, Ethereum, and others are just the
beginning for this technology that can help revamp many industries. There is
plenty of opportunity in this space.”-Forbes
With this statement we see there being a possibility that crypto currencies can
replace money currency and become the most preferable mode of transaction among
emerging industries as well as economies in the world. One crucial fact that
should be remembered is that with Crypto currencies, there is a better
adaptation to the prevalent challenges witnessed in funding and the emergent
digital economy. A fact that was backed by Humaniq CEO DinisGuarda.
These arguments on whether crypto currencies should be the most preferable mode
of currency begs the question, is Crypto currencies the future of money as we
know it? Based on the prevailing situation, most states are yet to formally
recognize crypto currencies as a form of currency. This has rendered the future
of crypto currencies bleak and to remain unstable. This smoky future was
exemplified by the Fortune Magazine where a month ago they pointed out that
about, Bit coin’s price range underwent 35% fluctuation following a proposal of
an exchange-trade funded by the Winkle Voss Bit coin Trust did not get an
approval by the U.S. SEC. The move by the Securities and Exchange Commission was
attributed to concerns that this mode of currency is highly prone to being used
for illegal transactions like black market trading. They also cited that crypto
currencies are also vulnerable to exploitations for accessing personal data.
However, these loopholes mentioned above have remedies such as increasing
security measures as well as some form of government regulations to guide its
usages. It’s important to note that the usage of crypto currencies most notably
Bit coins are though slowly but surely permeating into the sector of education,
an example being the University of Ohio which offers courses on crypto
currencies and even going to the extent of accepting tuition fees in crypto
currencies. These are just a glimpse of how big and far the strides crypto
currencies have made in industries and learning institutions going main stream.
Therefore, in conclusion it goes without saying that given its wide appeal
especially with tech-savvy population across the world, it’s only a matter of
time before the government and others recognize and accept crypto currencies!