What is the future of crypto in 2021 and beyond?
Cryptocurrency has been enjoying a rising graph since the birth of Bitcoin.
This form of money is a subject of attention worldwide. Candidates ranging from business tycoons to an average person in the economical market are interested.
The same increment in the graph is what we expect in the future as well.
Economists around the globe are predicting that cryptocurrency is about to face a big change. Crypto Industry will evolve like an ocean with multiple cryptocurrency rivers flowing into it.
Cool! how does cryptocurrency work?
A Little About The Cryptocurrency
Cryptocurrency is electronic money. A system of online payment exchange. It is basically in the form of assets of digital nature. You buy these assets with money. Then you use these assets in the internet markets. Cryptocurrency operates using blockchain technology.
Blockchain technology manages databases such that any illegal change in the system is not possible. It is a decentralized system. The database contains the source of any digital asset. Furthermore, the records of transactions are distributed over the entire network. Therefore, every time a new transaction is made, a new record is created for the respective candidate. A number of such transactions constitute a block. If any hindrance in the block occurred, it will be obvious and easily detectable. Thus making the system unmodifiable. This is how the security of this system is ensured. Any sort of cybercrime is possible to be detected.
The beginning of the discussion about cryptocurrency and the laying of its foundation dates back to the 20th century. In the year 1983, the eCash and later the DigiCash were founded. It was then in 1998 that cryptocurrency found its name. In that time period, there were ideas about B-money and Bit Gold but they never got developed. 10 years later Bitcoin was announced before its release in the year 2009.
Bitcoin is the first cryptocurrency that was released. Moreover, it was launched at the rates of $0.008 to $0.8. Today the growth has reached a level of US $60358.50! Since then many other coins have also been launched. A list of these coins is:
• Ethereum (ETH)
• Litecoin (LTC)
• Cardano (ADA)
• Polkadot (DOT)
• Bitcoin Cash (BCH)
• Stellar (XLM)
• Dogecoin (DOGE)
• Binance Coin BNB
• Tether (USDT)
• Monero (XMR)
A lot of companies and countries are now launching their own cryptocurrency.
This rising graph supports future suggestions that the crypto industry will proceed towards further financial and market success.
According to Dave Abner, the head of global development at Gemini, 2021 has been a "breakthrough" and that tremendous amount of attention is being paid to the crypto industry.
Economists argue that apart from finance markets, crypto technology will serve in raising the whole system to a "sky-high" level. This idea is observed in a statement given by Kenneth Rogoff, a Harvard University Professor of Economics and Public Policy. According to him " market capitalization of cryptocurrencies could explode over the next five years, rising to $5-10 [trillion]".
In addition to this, more cryptocurrencies are being developed with time. Observation of trends and research studies shows that cryptocurrency has a long way to go. It is also predicted that cryptocurrency will completely replace paper money and a financial revolution will take place.
However, despite all these factors, complete revolution currently faces some limitations. The majority of the world's population is comprised of common people. In order to make its place and strengthen its roots worldwide cryptocurrency needs to satisfy a diverse population.
Along with maintaining its mathematical complexity and highly secure and efficient network of blockchain it will have to be easily understandable and simple for a common user. This will allow the cryptocurrency to gain the majority of attention. Furthermore, this will require governmental regulation and monitoring.
Last But Not The Very Least
These were the likely factors that may affect the future of cryptocurrency. Nevertheless, the actual answer to the question "What does the future of the crypto industry has in store" is still ahead of today's time. It is a matter of uncertainty whether the growing trends will eventually take over the world's economy or the divergent viewpoints of the majority will dominate the idea of the crypto industry.