Is crypto the future

Is crypto the future?

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This question has been on the mouth of newbies including people in the crypto industries.

With everything happening under the cryptocurrency space, we wouldn’t be shocked if the question is being spilled out now or whenever.

This article will answer this question and give few reasons to backup the answer.

What are Cryptocurrencies?

Cryptocurrencies
Cryptocurrencies

Cryptocurrencies are the digital type of money that are decentralized and built on blockchains.

These currencies have been seen better than fiat money since they are not centralized and they are more secured.

While some countries including Egypt, Iraq, Qatar, Oman, Morocco, Algeria, Tunisia, Bangladesh, and China have banned Crypto currencies, some other countries are still leaving quite on it.

On the 5th of February 2021, the Central Bank of Nigeria (CBN) released a circular to prohibit banks and other financial institutions from any transactions with cryptocurrency exchanges.

The circular also gave go ahead to all banks and other financial institutions to block the accounts of any user  that was found wanting.

Bitcoin
Bitcoin

China’s crypto ban happened in different phases. Firstly it prohibited financial institutions from engaging in any crypto transactions in May. Secondly it stopped all domestic crypto mining in June, and finally banned anything cryptocurrencies  in September 2021.

All these happenings would bring the above question to your lips, WILL CRYPTO SURVIVE THE FUTURE?.

I will say Cryptocurrencies will survive the Future with the following reasons:

  • Hedge for inflation and crisis: Bitcoin has been seen as the digital gold for it’s hedge value over inflation. Bitcoin has been able to withstand inflation even when fiat currencies are depleting. Cryptocurrencies are neutral, and cannot be confiscated when crossing borders unlike other currencies. Secondly, your fiat account can be frozen even without your notice, but cryptocurrencies are not centralized, so you have control and fully own your money.
  • Technology Advancement: Cryptocurrencies are built on a strong technology called blockchain. The world itself is accepting series of technology at the moment and even for the future. As the world keeps moving to the trend of technology, Cryptocurrencies will always find it’s way to be around or inside any new technology that is striving. After the introduction of blockchain, a lot of platforms are trying to utilize the innovation. Since cryptocurrency is one of the core products of blockchain, as blockchain technology continues to enter the mainstream, so will cryptocurrency strive.
  • The use case factor: I will always use BITCOIN as a reference because it is the first cryptocurrency that was created by an anonymous person or group of people name SATOSHI. Since the creation of BITCOIN, the advantages as discussed in our formal article cannot be over emphasized. Where you have every control of your money, decentralized digital money and its store of value factor. Everyone loves what solves problem, so as crypto keeps solving problems it will withstand the storms of time. Bitcoin and it’s use case will be discussed below.
  • Metaverse: The metaverse is a digital world built on advanced technology as disclosed by Facebook’s CEO. The metaverse has been existing but immediately facebook’s CEO dropped an hint on it, the crypto World vibrated heavily. Cryptocurrency is a very important component in the metaverse, as there are rumours that fiat money will not be used in the metaverse but crypto technology. A lot of Big Firms are embracing the metaverse for good. All these should tell you how solid cryptocurrencies are, in the present and in the future. Currently, a lot of a crypto projects are evolving in other to solidify the virtual ecosystem where real people can interact with each other through gaming and other experiences. For example; MANA, SAND, AXS, HERO COIN, are all metaverse cryptocurrencies and are basking strong in value. Since the cryptocurrency and blockchain is part of the upholding factors of the metaverse, the crypto space will continue to  grow stronger as the metaverse transistions into the mainstream.
NFT's
NFT’s
  • NFTs: Non Fungible Tokens have been taking to the next level through the crypto space. NFT represents digital assets being minted on crypto blockchains to give originality. In the cause of proving  how genuine NFTs are, the crypto space will continue to evolve. Samsung has disclosed its interest in NFT and a lot of super stars are backing it up. Non fungible tokens are minted in blockchains, bought and sold with cryptocurrencies. It will be so easy for cryptocurrency to thrive, since it is a big component in great digital sectors. The non fungible token space has gained ground, thanks to blockchain technology.

Conclusion

There are lots of reasons or points that solidly backs the adoption of cryptocurrencies presently and in the future, but we had to discuss the points above.

Remember, the people who know about crypto are still few compared to those who know little  or nothing about it. Therefore if the good news of cryptocurrencies reaches the peak, nothing will stop it anymore. This is why cryptoforpidgin is here and has come to stay.

Disclaimer

Cryptocurrencies are volatile and are not always predictable. You are advised to do your own research(DYOR), and trade at your own risk. However, this article is for informational purposes and not a financial advice.