What the Future Holds for Cryptocurrency

Cryptocurrency seems to be all over the news lately, but what does the future hold for this innovative new currency? While cryptocurrency will certainly keep gaining in popularity as it becomes easier to use and more people realize its potential, there are still some barriers to entry that will hinder its widespread use. Read on to learn about the future of cryptocurrency, including where it might be headed and how we can support its growth.

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How regulatory bodies view cryptocurrency
The future of cryptocurrency depends greatly on regulatory bodies’ treatment of digital currencies. The U.S. has been moving to regulate digital currencies as legitimate financial products, which is great news for those who want to see cryptocurrencies like Bitcoin (BTC) continue to thrive. But it’s also true that regulators could decide to crack down and make it much more difficult—if not impossible—for anyone but traditional banks and other financial institutions to enter into or profit from cryptocurrency.

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Trusting in Blockchain Technology
Although cryptocurrencies may seem to be volatile, blockchain technology offers a number of unique benefits. The decentralized nature of blockchains can be used to create secure networks that eliminate third-party interference or risk. Additionally, blockchains are cost-effective as they do not require intermediaries to act as clearinghouses. As such, you no longer need trust in any one central authority. Instead, you can rely on smart contracts and cryptographic algorithms to enforce agreements and maintain security.

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Are We There Yet?
Experts are bullish about crypto in 2018, with some experts going so far as to predict that bitcoin will rise to $50,000 and beyond. But bear in mind: Many of these experts were just as positive—and wrong—at just about every previous major milestone on bitcoin’s path to stardom. That said, an uptick is afoot: Bitcoin is up 50 percent since mid-May.

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The Future of Cryptocurrency Regulation
Though cryptocurrency is a digital currency that’s not tied to any bank or government, it still has a few regulations. Most countries support their own cryptocurrency, and many have their own taxes and guidelines on how to handle crypto transactions. For example, Norway requires you to pay income tax on all virtual currency transactions over $924 USD, while Canada allows its citizens to trade up to $10,000 worth of cryptocurrencies each year without paying any tax.

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How Will Banks Deal With This?
Most banks don’t have a good answer for how they will deal with cryptocurrency, or virtual currency. If banks choose to ignore it, cryptocurrency may eventually become so widespread that it becomes difficult to ignore. Banks must therefore find ways to securely leverage cryptocurrencies and make them work for them. The bottom line is that as cryptocurrency becomes more and more commonplace banks will have no choice but to adapt their services or risk becoming obsolete.

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Where do you see this going in five years?
In five years, cryptocurrency could revolutionize our world. Or it could be dead on arrival. The truth is that no one knows what will happen in half a decade, but we can all make educated guesses as to how and where it will go from here—and that’s what we’re going to do now.

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