SAS 70

Sep 8 2019   5:11AM GMT

Are Cryptocurrencies Here to Stay?

Keith Harrell Profile: SAS70ExPERT

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Evolution of currency is taking center stage in the financial world. Recent reports indicate that over 70% of finance professionals are optimistic that cryptocurrencies are not going away any time soon because acceptance of cryptocurrency is gaining substantial ground worldwide. But do people know what bitcoin is? Do they know where to buy bitcoin? Such questions still make it difficult for bitcoin and other cryptocurrencies to gain extensive use in the world.

Several economic superpowers such as China, Canada, and India, among others, are still posing high resistance to this technological move. This opposition, however, has not deterred researchers and developers from continuing their quest to revolutionize the money industry. Users of cryptocurrency are still flooding the scene to search for more investment in the same. 

There is a thin line between deciding whether people would like to move towards crypto use or if they will refuse altogether. Various aspects come into play to support the technology and opposed in equal measure. Here we will look at two significant elements that are still causing ripples on the platforms of discussion about the future of bitcoin investments alongside other emerging cryptocurrencies.

Lack Of Regulation

Central banks in the whole world are not regulating cryptocurrencies. 

Market forces are the only controls to the free flow of cryptos in blockchain channels worldwide. Such a liberal market is viewed to be tricky because it is likely to be manipulated by superior players.

 Due to this, central banks have remained skeptical about the whole idea of buying and selling of bitcoins and other cryptocurrencies.

On the other hand, some users argue that the lack of regulation opens up the world economy and ensures fair competition. 

There is no reserve currency in the crypto-world. Nonetheless, since bitcoin was the first-ever currency of this kind, it gained much significance. To some extent, it is seen as the “virtual reserve crypto” because whenever you would want to purchase any other crypto to be it Ethereum, Ripple, Bitcoin cash, or any other, the reference is always bitcoin or the fiat US dollar. Therefore, for most transactions using cryptocurrency, you must know how to buy bitcoin since it still commands a considerable share of the crypto scene.

International Business

Participants in e-commerce and international business are beginning to accept bitcoins as a mode of exchange. 

The downside of buying bitcoin or selling it is the lack of accountability, and in no small extent, evaders of tax obligations are buying bitcoins and other cryptocurrencies so that they conceal their financial worth. Doing this hurts economies hence the reason banks avoid buying bitcoins.

That said, the cryptocurrency use is increasing day by day, and the possibility of it existing in the future is very high. This positiveness does not stop the principal economic players from engaging in the debate about its viability.

Many cryptocurrencies are coming up. Apart from the largest blockchain commander bitcoin, other smaller entrants like Ripple, Tether and other ones that are just launching their whitepapers are also gaining significant use among crypto-lovers.

In a nutshell, cryptocurrencies are here to stay. The only question we can ponder about is ‘how long, and how?’ Will the world economy sustain runaway inflations and bubble-bursts. 

The assurance is still bleak, but with technological improvements, and globalization, the hope of crypto-future is almost a guarantee. Nevertheless, due to the excessive launch of many other cryptocurrencies apart from bitcoin, the over-reliance on bitcoin will subside, and this will bring sanity and stability in the cryptocurrency arena.

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