DO YOU THINK CRYPTOCURRENCY IS THE FUTURE OF FINANCIAL WORLD?

We use money everyday but rarely appreciate the power and it's flaws.Cryptocurrency is going to be a democratizing force for the world because it allows anyone with a computer and an internet connection to get access to financial services.
Despite the economy failure due to covid-19,crypto currency are still going high in the market and also making the traders get richer and wealthier with less time, money and less effort to get something done.it will transform how we think about the real global economy.

The rapid development of the cryptocurrency market has raised questions about whether cryptocurrencies will challengethe traditional financial institution.Some have expressed concern over the association between cryptocurrencies and the serious crimes, resemblance to Ponzi-schemes and the increasing incidence to crypto-scams while others are of the opinion that they offer a revolutionary system of payment,an alternative investment method or an alternative means of raising funds.The legal treatment of cryptocurrencies is , however, one of the most decisive factors that will determine the future.

Currently,there is no governmental consensus on how, or if crypto should be regulated.some of them are issuing the outright bans on specific crypto currency activity others are taking positive steps by introducing a legislation to legitimize their use.

Crypto currency is currently a growing system and during the past few years the users of bitcoins as well as it's transaction have been growing.Both private and public investors have also exoanded their commitment to cryptocurrencies such as Ripple,Ethereum and many other cryptocurrencies across the industry.It has now become a $200 billion industry.
In 2009,Satoshi Nakamoto mined the first Bitcoin,He mined it on a decentralized network ad Litecoin was launched in 2011.After a year Ripple was founded.Then in 2013,but Bitcoin became popular and the price of one Bitcoin reached $1000.In 2015, Ethereum was launched as also smart contracts were launched in the crypto ecosystem.
In 2017,there were more than a thousand cryptocurrencies listed in that same year which made the price of Bitcoin to cross $10000 for the first time in history.The price of a singled Bitcoin reached $20000 in 2017 and almost $60000 in 2021.
Crypto currency is now becoming a global currency as Bitcoin,Ripple are used for buying products like Tesla and there is no need for third party in these.cryptocurrencies like Bitcoin can enable individual who do not have access to a bank to enter the financial system.Bitcoin also has similar attributes to money as it can be used as a medium of exchange or unit account.

The real value of cryptocurrencies is that it is an investment in tomorrow's financial system because if the world use a global currency like Bitcoin for exchange it will enhance imoort and export of countries and also make it easy for both parties to make transaction without worrying.
In the world today, crypto offers cutting edges advantages that are diverse and transformative like:

1. Payment:Bitcoin, Stellar and Ripple are used for purchasing goods without the need of a third-party.
   2)Value Storage:As the total supply of many cryptocurrencies are limited,The scarcity influences their value that's if they are scare price will be higher.
   3)Privacy: cryptography,the technology behind crypto can enable the animosity of it's owners.
   4)Digital gold:Bitcoin shares similar attributes with gold as a medium of exchange and store of value.
   5)Digital ownership:It can be empower those without access to the bank to enter financial system.
   Though the cryptocurrencies is volatile which means it varies and the vary percentage of Bitcoin is 3.31% while that of Ethereum is 9.41% which is more than Gold which is 1.2%.Also it is easy for hacker to hack it.Nevertheless, it has more advantages than that of the disadvantage,the disadvantages can be resolved for it to be more protected.

Some economic analysts predict a big change in crypto is forthcoming as an institutional money enters the market.Moreover,there is possibility that crypto will be floated which would further add credibility to block chain and it uses as an alternative to conventional currencies.some predict that all that crypto need is a verified exchange traded fund(ETF).An ETF would definitely make it easier for people to invest in Bitcoin, but there is still needs bro the demand to want to invest in crypto,which might not automatically be generated with a fund.
The future outlook for bitcoin is the subject of much debate. While the financial media is proliferated by so-called crypto-evangelists, Harvard University Professor of Economics and Public Policy Kenneth Rogoff suggests that the “overwhelming sentiment” among crypto advocates is that the total “market capitalisation of cryptocurrencies could explode over the next five years, rising to $5-10 [trillion].”

According to Deutsche Bank the current money system is fragile. Deutsche Bank sees that by 2030 digital currencies will rise to over 200 million users. In the “Imagine 2030” report, Deutsche Bank suggests that digital currency could eventually replace cash one day, as demand for anonymity and a more decentralized means of payment grows.
Deutsche Bank predicts that the number of cryptocurrency users will grow 4x in the next ten years, reaching 200 million. This growth is almost same as that of Internet in its first 20 years.

But, for all this to happen, there is one big uncertain x-factor. How will governments approach cryptocurrencies? For Deutsche Bank’s prediction to come true, we need enlightened policymakers that will legitimize cryptocurrencies. The report states: “First, they must become legitimate in the eyes of governments and regulators”. Very, true!
Crypto regulation could be just around the corner. As regulatory hurdles are surmounted, cryptocurrencies may become legitimate substitutes for fiat currency. Many governments will not sit by and lose control of the money supply without a vicious fight. Libra and other stablecoins may ultimately provide the road map to more widespread adoption, with stronger oversight by government regulators.

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The real victim of crypto may not be fiat, but plastic cards. For decades now, we’ve been slowly phasing out cash. Cash, credit and debit cards are slowly becoming obsolete and may continue on this course, as crypto acceptance increases. When you think about the evolution, we moved from paper money and coins to online transactions and debit/credit cards. The rise of mobile payments through WeChat Pay, AliPay and Paypal already makes plastic cards redundant. Blockchain offers plenty pf advantages over plastic cards, but the basic difference between the two, is that all payments and transfers are done with the user’s full consent. Deutsche Bank believes that plastic cards could die. As cryptocurrency adoption increases, it’s only logical to assume that credit cards will disappear. We simply won’t need them anymore.