How Bitcoin and Blockchain Can Revolutionize the Financial Scenario in Future?
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While Bitcoin is still finding its foothold in the competitive currency market, having a paycheck in Bitcoin in the future is not such an unimaginable scenario either. Although it sounds like a good idea, the fall in the price of the liquid assets at any given time can force you to convert your cryptocurrency to dollars and this will be useful to buy day to day items from supermarkets, at a coffee shop, and more.
Despite the popularity of Bitcoin and its rival digital currencies, the price surge in their value still does not affect the everyday activity. However, the downside was the slow payment process and the high fees due to which payment processor Stripe discontinued Bitcoin support in January.
Although Bitcoin and other digital currencies are nowhere close to the high point and cannot match the usefulness of the banks and payment processing companies that deal in huge sums over unlimited merchant locations, the fact is, today we don’t depend on landlines. Hence, there are good chances that there will be bank accounts to deal with in the future, but only peer-to-peer cryptocurrency transactions.
The various cryptocurrency resources and the Blockchain technology have made way for 4 cryptocurrency futures that could revolutionize the financial system.
The Future State of Affairs
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According to experts, soon the virtual currencies can give the existing form of currencies and monetary regulations a run for their money. There are high chances that the Federal Reserve will be launching its own digital currency, and companies like Amazon, Starbucks and Walmart will issue their own digital currencies enforcing trust and encouraging acceptance. The retails can also start accepting payments in form of digital currencies like Bitcoin or Ethereum.
The Transformation of Bitcoin and Cryptocurrency Slump
The future of cryptocurrency entirely depends on the government which means that it will be even with policies and managing it with a routine administrative touch. The value of Bitcoin has gone through a lot of ups and downs since February 2018. It was at its peak in the first half of December at a value of $19,000.
The Expanding Methodical Risks
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According to projections by Warner the cryptocurrency market could go upto $20 trillion by 2017 like the growth possibilities, while he criticized the CFTC for embracing Bitcoin options. Financial institutions like the JP Morgan Chase, Citigroup, or the Bank of America has already stopped accepting credit cards for purchases of cryptocurrencies and SEC. While other foreign governments have banned coin offering, well-known social media sites like Facebook, Twitter, and Google have also stopped taking ad postings for the cryptocurrency.
Cryptocurrency Powerbroker - Amazon or Central Bank
According to speculations made by experienced cryptocurrency investors, Amazon or Central may soon start accepting Bitcoin or other digital currencies. This move can be considered as a credible store of value and a profitable medium of exchange. Amazon has already registered domain names under AmazonEthereum.com, AmazonCryptocurrency.com, and AmazonCryptocurrencies. By introducing their own cryptocurrencies, companies like Amazon or Walmart will save their transaction expenses.
The Future of Cryptocurrency
Although the Central Bank is controlled by the Fed, the bank is losing its hold and any dip in the value of dollar or Fed bodies now will be a gain for the cryptocurrency in future. the end-to-end electronic payment method has hit the market in 2018 via decentralized public blockchain thus, helping the idea of denationalization (by Friedrich Hayek) of money to be fulfilled. The Fed will now face a shortage of $1 trillion by 2019 which will rise to a figure of $2 trillion by 2027. It’s also speculated that the Fiat currency system may also be tested in the near future.