What is cryptocurrency?
A cryptocurrency is a digital currency which is created out of the use of advanced techniques known as cryptography. Cryptocurrency in recent years has made a huge stretch from being an academic concept to virtual reality with the advent of Bitcoin in 2009. Bitcoin on its release has ignited a market value of $2 billion at its peak, but a 50% plunge shortly thereafter incited a raging debate on its future usage and application.
The future of Cryptocurrency.
Various economic analysts predict a big and positive change in the domain of cryptocurrency when the monetary allies of various institutions enter the market. Moreover, there is a huge possibility of crypto floating on Nasdaq, which would further add credibility to block chain and its uses as an alternative to conventional currencies. Many also predict that the crypto needs Verified Exchange Traded Fund (ETF) which makes it easier for people to invest in Bitcoin. But there still is the need to demand and invest in crypto, which might not automatically be generated with a fund.
Future outlook of Bitcoin.
The future outlook of Bitcoin is the subject of much debate. While the financial media rests upon the so-called ‘crypto-evangelist’, economic experts reveal that “market capitalisation of crypto currencies could explode over the next five years, rising to $5-10 trillion. Well known financial analyst Rogoff argues that unlike physical gold, Bitcoin’s use is limited to transactions, which makes it more vulnerable to a bubble-like collapse. In addition, the cryptocurrency’s energy-intensive verification process is vastly “less efficient” than systems that rely on a “trusted central authority like a central bank”.
