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Will Cryptocurrency Surpass Cash In The
Future?
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Amid many doubts about
cryptocurrency on being a
platform to carry illegal
activities, the tremendous
growth of cryptocurrency,
in the beginning, has
made Bitcoin, the
undisputed king of the
crypto world. This ruling
cryptocurrency is credited
for Bitcoin millionaire
stories, where the lives of
many people got changed
when they invested in this
popular crypto coin.
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● There seems to be no question about its leadership among the other
cryptocurrencies. Bitcoin gained much wide appreciation in the crypto
industry market cap. Amid many doubts and criticism, there has been not
much affecting Bitcoin’s popularity, who grew to fame more and more.
● But competition is inevitable, and it can be seen with the growth of other
crypto coins like Ripple, Ethereum, and other digital currencies. No matter
Bitcoin is still the leading crypto coin. The rapid rise of these digital
currencies has triggered analysts with a question that says ‘’ will
cryptocurrency surpass cash in the future?’’
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Expected Possible Outcome In The Future
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● After observing the rapid growth and acceptance of cryptocurrency among
people around the world, analysts are expecting a possibility which says
cryptocurrency surpass cash in the coming future. Well, there is a valid
reason for this, there are lesser or impossible chances of manipulation in
cryptocurrency in comparison to fiat currencies like cash.
● It is all because of cryptocurrency decentralized nature and being free from
regulations. If we go beyond, then we will find that the concept of universal
basic income could be well supported by cryptocurrencies, contrary to fiat
currencies. There have been programs that have tested crypto use regarding
this concept.
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Challenges For Cryptocurrency In Replacing Cash
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● However, replacing a long old currency with a newbie digital currency might
not be so easy as it seems. Since being a newbie technology, it has to work
hard to prove the worth among the choice of people, worldwide. This is all
because of some challenges that can appear as a barrier in between. If the
concern regarding cryptocurrency surpass cash becomes possible, then it
will lead to the loss of value of traditional currencies. But to take over cash
completely by cryptocurrency, the development of new infrastructure is
needed for worldwide adoption.
● There could be inevitable problems related to transition, as cash would
become contradictory soon, which would lead to lost assets by some people.
Prominent financial institutions have to struggle to bring changes in their
methods.
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● The cryptocurrency impact on financial institutions and individual consumers
would spawn problems for the government. As you know central currencies
are monitored by the government is the reason for regulation in several
ways, and digital currencies function with the absence or limited control of
the government.
● Due to internal and external pressure, it would become impossible for the
government to decide the amount of currency to print. Instead, the
dependency of newly created tokens and coins will be on mining operations
working independently.
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● No matter how individual investors would make up their mind to accept
cryptocurrencies from the regular cash which they have been using so far,
the question on will cryptocurrency surpass cash in the future is not in the
control of anyone’s hand.
● There might be a possibility that the future of cryptocurrency in the
upcoming future is blown out of proportion, as much estimation is done
about this newly bubbled financial industry. Investors would find it difficult if
everything goes related to crypto, as there might be frequent changes. and
predicting anything about the cryptocurrency is not so easy.
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Conclusion
The question regarding will cryptocurrency surpass cash in the future
seems to be a valid question. Now there can be differences in the
opinion among people and financial experts. Some would agree to it by
observing the rising graph and acceptance of cryptocurrencies by major
financial institutions and businesses. Bitcoin is the key factor in the
bitcoin millionaires list that has made cryptocurrency what it is today.
Sources
https://www.cryptoknowmics.com/news/list-of-famous-bitcoininvestors
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