What Does the Future Hold for Cryptocurrency?

Oct 6, 2022

Some estimates suggest that only 5-10% of the human race truly understands what cryptocurrencies are, how they work, and how to use them.

It's pretty certain at this point that cryptocurrencies are here to stay. But not all of them... Many utility tokens, or other tokens that are created for the benefit of the business creating them, will not last because they are not tied to real-world utility or economics that bring value to the owners of the tokens.

But, major cryptocurrencies that are used for commerce (such as Bitcoin) or utility (such as Ethereum for NFTs) are almost certain to see increased adoption far into the future.

Adoption will drastically increase as major companies such as Tesla begin accepting cryptocurrencies as payment. And, with the astronomical growth rate of NFTs, permeating every business, cryptocurrencies such as Ethereum will increase in their adoption as well.

Cryptocurrencies were initially popular because many people believed they were a way to transact and do commerce without government oversight or intervention. This was particularly attractive to people who were trying to do illegal transactions, or avoid taxes. However, I think those days are over... Or, at least they will be in the near future. Technologies are already in place that track massive amounts of data and transactions across blockchains and are able to reverse-engineer identifying who is doing what on-chain. So, the hoped-for anonymity and privacy is something that I just don't think will ever exist. And, that is not a bad thing.

Cryptocurrencies provide a lot of value in making transactions easier and seamless, and peer-to-peer. These are all extremely valuable in the world of money movement. And as we improve the tools and technologies for utilizing cryptocurrencies, and make them easier to use, the adoption will continue to grow - cryptocurrencies will become ubiquitous. I do not necessarily think that they will overtake government-issued fiat currencies, but rather that they will find a way to coexist and work together.

https://www.gisreportsonline.com/r/cryptocurrency-future-scenarios/