Ever have the feeling that you could see what the future would hold? What daily life would consist of? What currency would be in place to buy your everyday goods? What would cryptocurrency entail in 50 years? Well, some experts have put their thoughts into what could be the future of this ever-changing monetary option.
In short, the future of cryptocurrency is very bright. If you have not quite yet warmed up to the idea of cryptocurrency, you should be looking to the future. Regardless of your stance, there is a strong possibility that cryptocurrency will be impacting you and business transactions in years to come.
Cryptocurrency will have its foot in traditional finance as it is having a growing ability to efficiently transfer payment across borders with little to no cost to those receiving or sending without delay or foreign currency fluctuations.
Cryptocurrency Replaces Credit Cards
The real victim of crypto may also be plastic cards, which have been slowly phasing out cash. Cash, credit, and debit cards are slowly becoming extraordinarily little-used items and may continue as crypto acceptance increases.
We moved from paper money and coins to online transactions and debit/credit cards. Blockchain offers plenty of 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. As cryptocurrency adoption increases, it is only logical to assume that credit cards will disappear. We simply will not need them anymore.
Central bank authorities are busy developing regulations on cryptocurrency as they are starting to recognize that digital currencies are native to the digital economy and are on their way to becoming mainstream in the next 10 years.
International Payments
For international companies, this will make handling payroll for a team of employees who live in many different parts of the globe a big challenge as delays or foreign currency fluctuations can be a massive hassle. Imagine having to convert your dollars into dozens of international currencies to pay your employees. Cryptocurrency will create an easier and smooth sailing payroll for any company.
Cryptocurrency has a very eventful future ahead of it, it will be interesting to continue monitoring the future of cryptocurrency unfold. Cryptocurrency empowers people to be their own bank and payment method. The main deciding factor will be whether crypto will replace cash is user adoption. But, once fully booted and integrated in our lives, cryptocurrency will make the world will look completely different, in ways we can only begin to understand.