Future of Crypto Currencies

Hello friends,

As all know about cryptocurrency. It is a virtual currency that is based on blockchain technology. Cryptocurrencies are of different types some of them are BITCOIN, DOGECOIN, ENTHEREUM etc.

In 2009, Cryptocurrency came into the market. This is digit currency we can buy or sell in the national as well as international market. Is a convenient way to invest.

Thank you.

Hello, I'm happy to initiate this discussion.

Crypto-currencies were once known by very fewer people but today most of the young minds like us are involved directly in investment. In future, this knowledge will be spread to even the young fellow who possibly to complete their schooling.

In an increasingly digitalised world where the Internet is the place to be and digitalised environments like Facebook's Metaverse are fast taking precedence over normal lives, cryptocurrencies are "the" currency mainly used for most transactions.

Cryptocurrencies are on the rise due to its inherent security and ease of use. While the prices fluctuate and some authorities remain reluctant, cryptocurrencies definitely represent the future.

Every new technology has its own advantages and disadvantages for the world.

At first, I will discuss the advantages of Cryptocurrencies:

I) It is a decentralised system which means it eliminates intermediary people like banks, financial institutions that charge for transactions and who keeps track of each and every transaction done by us.

Now let's talk about disadvantages:

I) Lot of people don't have prior knowledge about crypto.
II) It can be used by terrorists for reinforcements.

It will have a future if it is regulated by laws.

Crypto currencies are the future of payments because of the transaction speed and security it provides and that is the biggest advantage and we don't need the banks of we base our transactions on cryptos and recently we heard the a South American country named El Salvador has accepted cryptos as official currencies it has benefited the people of that country cause there will be very less transaction cost for transferring money which will help the people to save more and spend more which would see the economy flourish.

Introduction:

Cryptocurrency is the virtual currency that enables us to make money transactions without a governing body (eg: RBI in India).

Advantages:

1. Helps in better economical development in a country like India.
2. No need of seeking permission from a governing institute to make transactions.
3. Faster money transfer.

Cons;

1. It is not under any governed body so chances are that there might be illegal activities that can cause us risk.
2. Employment opportunities of the bank sector decreases.
3. Lack of awareness about cryptocurrencies among the public.

What can be done:

1. Educating the public about cryptocurrency.
2. Enhancing technological accessibility so as to practise usage of cryptocurrency.
3. Ensure to have a strong set of rules which prevents fraud activities.

Conclusion.

In a nutshell, chances are that cryptocurrency can be a future revolution. It can become widely used flexible currency in future by overcoming the few setbacks mentioned above.

Everything has 2 aspects positive and negative if look to the positive side;

Cryptocurrency is very good for countries like India because there is less value of rupees in the international market by using cryptocurrency this can be eliminated.

Interfere of the third party may stop not need to take the permission to a transaction.

The need of currency exchange can be stopped so that we can buy and sell everything all over the world.

Negative:

Due to this, jobs in the banking sector will drastically reduce.

There is no one to take responsibility if any fraud happens.

It will not be easy to start in developing counties like India because of a lack of knowledge of a common person.

Crypto currencies will only remain a purchasable asset and of limited utility until there's sustainable solutions to the energy demands it carries. Without reasonable regulations on the matter of energy usage, this emerging technology could only cause more and more environmental damage.

Cryptocurrencies have made an important role in the current trend, in this Covid crisis many of them do not go to the bank they made an easy payment online and it will remove the black money or corruption, in my point of view cryptocurrencies are good for the better future.

Cryptocurrency is based on blockchain technology which is good for not only the banking sector but also for other sectors also so in future there is chance that cryptocurrency compete with the other financial institutions and also contribute in the growth of economy of India.