Why the future of bitcoin and other cryptocurrencies seem promising

The world is fast changing and more dynamic. Today, money is no longer in the form of bank notes alone, but in the form of digital currencies or cryptocurrencies. Since the world is also high-tech, there is an increased use of digital currencies, especially bitcoin. This increased use of bitcoin and other cryptocurrencies is as a result of the digital currencies being safe, anonymous and fully decentralized. As a decentralized currency, there is no exchange involved, and this has seen the bitcoin price increase in value over the years. One point worth noting is that unlike traditional currencies, digital currency is not regulated or controlled by any authority.

In addition, the flow of all digital currencies is determined by the forces of supply and demand or the market in general. Many bitcoin news websites also suggest that digital currencies cannot be counterfeited due to the complex code systems, which encrypt all transfers hence ensuring that there are full anonymity and safety to all users. In essence, the future of cryptocurrencies seems promising. There are many important measures that are being put in place that will see the possibility of digital currencies replacing the traditional use of different forms of money.

In the example of bitcoin, this cryptocurrency only cost $0.0001 in June 2009 (price of a bitcoin is measured against any flat currency such as the dollar, BTCUSD). The price has been increasing slowly over the years, and by the end of 2017, it is projected that bitcoin price against the dollar will be around $6,000. This increase in value only shows that there is high demand for the digital currency and people are accepting it. If there is mainstream adoption of this cryptocurrency where people prefer it as a mode of payment and finance, then it will be true to suggest that the currency will likely replace other forms of money.

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About the Author: Samantha Flores