Cryptocurrency continues to amaze our world with its versatility, flexibility and ever-evolving applications. Whether it’s traditional banking, daily transactions, bill payments or even investments, crypto is here to stay. However, have you ever considered what the future holds for it? Do you reckon that crypto will ever rule the world? Bitcoin mining costs hundreds to thousands of dollars defending your investment.
What makes crypto special?
Crypto is a decentralized digital asset currency that runs on a secure and encrypted blockchain. This enables fast fund transfers and payments whilst upholding the anonymity of both parties – i.e. the payee and beneficiary. It is still regulated in the sense that miners who process the transaction validate its authenticity and charge a gas fee for the same.
Transitioning from the Proof of Stake to Work protocol has reinforced the aforesaid attributes and made the process quicker plus more convenient. The efficiency improvements since Bitcoin’s inception over the past decade has yielded even higher user volumes. The market share capital has also boosted this, along with newer formats of crypto, such as Eth2 in the Ethereum domain. Upcoming schemes encourage its continual growth.
Constant cyber security threats dominate our online world, particular sensitive arenas including financial and personal data. This information is often subject to hacking, distortion and ransomware. Crypto has now introduced a time difficulty bomb feature for Ether. What is the ETH difficulty bomb? This mechanism activates at a specific block number, increasing the difficulty of puzzles in the new proof-of-work mining algorithm, hence extending block times and reducing ETH rewards for miners. This is great, as it incentivizes quicker processing at a lesser cost. Now one can pay for something quicker, more cheaply and securely.
Being middleman agnostic, crypto saves on other costs including commission and associated exchange or transfer fees. This makes it an ideal candidate for international payments and Forex too. Irreversible payments ensure that every payment is honoured too.
The Future of Crypto
With the introduction of NFTs over DeFi, it’s no wonder that crypto’s ergonomic approach to financing our daily lives has garnered unprecedented growth and popularity. Digital artwork by creators can be sold, auctioned and safely authenticated. Storage of information in exchange for Bitcoins or Dodge, for instance, has never been easier. Video game fanatics can now purchase their weapon, character or design upgrades with and earn in crypto. The immersive experience enables media outlets to include paid graphics, such as GIFs using crypto too. The settings for this are infinite. Now even employment sectors have begun paying their workers worldwide in crypto for utter ease and speed. Crypto has become an indispensable part of our essential digital world.
Will crypto ever dominate the world? Well hasn’t it already – and we just haven’t realised? You see, with a focus on virtual liquidity markets, instantaneous banking and asset linking, we’re already encompassed within such an ecosystem. Now, it’s merely a matter of time for our globe to fully adopt this method of handling our money. The day that physical cash no longer exists doesn’t appear that far away. Take the UK’s London bus network for instance. They ceased accepting cash for fare payments almost a decade ago too. Now commuters either need to use the smart Oyster prepaid card or a compatible contactless credit/debit card to pay. Even NFC enabled smartphones have been around for a while. Payment wallets are rampant and will only be further fuelled by crypto.
Crypto is a continually developing phenomenon. More importantly, its increased uptake and acceptance across many democracies means that it’s just a matter of time before what we consider an alternative payment system becomes the mainstay of our economies. Be it daily banking, online purchases or trading, currencies such as Bitcoin over Ether will continue to serve and innovate how we pay for products or services. Pioneering intelligent processing systems, becoming greener with less hardware and energy-intensive equipment, is our sustainable economic future. Gas fees are falling, new methods to transact keep emerging and well…crypto continues to grow. Have you ever tried using crypto? If not, then why not give it a go! You may just be surprised how much time and money you end up saving. Visit Bitcoin Era to be enlightened further!