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The changes brought by digital currency technology has completely disrupted the payment market. The method of payment preferred by the new generations (especially millennials) when they shop in physical outlets is the bank card. And today, it is becoming increasingly rare to see cash payments in retail.

Bitcoin to replace cash and restore the balance

Bitcoin is a cryptocurrency that is not controlled by governments and banks. Its technology allows a total decentralization of money transfer from a private individual to a private individual. Bitcoin could, therefore, replace cash and become the “digital cash.”

Indeed, there are some similarities between Bitcoin and cash:

  • Bitcoin is difficult to track, and transactions can be anonymous through decentralized exchanges. The same applies to money, where payments are made manually.
  • Bitcoin very often escapes taxation because earnings are not reported and control bodies are not at the level. Cash also often escapes taxation and allows traders not to report all their income.
  • Bitcoin is exchanged from one person to another without going through a third party (Bank). Cash is also transferred from one person to another, and payments are made by hand.

Small businesses are short of cash

A few years ago, retailers used not to report all the money they received. It allowed them to have a part that was exempt from taxation and left them a little bit of fat. This cash was reinjected into the economy and supported other businesses that in turn spent on local businesses.

This scenario no longer exists today because most of the payments are digital and are therefore declared. Local commerce has also suffered from competition from pure digital players that have disrupted entire markets (Amazon example). In short, small businesses lack cash.

Tomorrow the cash will disappear

We are moving towards a “zero cash” society. In some countries, such as Sweden, less than 15% of payments are made in cash. And politicians believe that a “zero cash” society would reduce tax evasion.

Bitcoin will continue to grow

If the theory demonstrated in this article tends to be realized and Bitcoin replaces cash, then cash could be used by billions of people around the world. And its value is also likely to increase sharply in the coming years.

Imagine a world where Bitcoin payments will be accepted everywhere; you can pay for your holidays in Bitcoin, pay for the work in your house in Bitcoin, etc. And these transactions will not necessarily be declared!

Yes, but then the state will have less control? Isn’t that dangerous?

What is dangerous is the limitless control and the reduction of freedoms. Bitcoin and species help to restore the balance. I don’t think Bitcoin will replace traditional currencies, but it will be used as a complement to give power back to the little people!

Cryptocurrency has always commanded a large audience and has also shown us ways in which we can use the underlying blockchain functionality, which will improve the current systems. Cryptocurrency booming and revolution has been referenced a lot of times, but the question is what can be expected from cryptocurrency in the next few years. Since it has changed a lot over the last couple of years, we should see if it will affect our lives in ways that we don’t know yet.

Some people predict that the next couple of years will see considerable changes in cryptocurrency as institutional money continues to enter the market. This would mean that big investments would take an intense revolutionary step forward. The number of daily cryptocurrency interactions is going up per year, every year, this clearly indicates growth and in a positive way. Moreover, there is also a big possibility that cryptocurrency may get floated on the NASDAQ, which can potentially add further credibility to the blockchain and its uses. Some even cite that in the year 2019, we would see a shift in a leading force behind cryptocurrency. If Bitcoin opens a vault and lets the mainstream to understand the complexities of cryptocurrency, it will see cataclysmic changes in the near future.

Cryptocurrency

Just like for everything, there are critics of cryptocurrency and also its uses in the future, and some of these critics cite that the volatility of Bitcoin especially may actually render the coin boom to be worthless. It is undoubtedly possible that Bitcoin may actually lose its value as other alternatives may gain immense value and end up taking the market share, which would have been reserved for Bitcoin. This possibility actually combines with the idea that cryptocurrency is actually just the start of what blockchain functionality actually offers.

There have also been many people that have predicted that the U.S economy’s Bull Run may end and that crypto could soar. In today’s world, the American is actually enjoying its longest bull run in their history. But nothing actually lasts forever and the good times may actually have to come to an end, and when this happens blockchain will successfully be there to attract many investors who are looking for the next big and great project or product. Cryptocurrencies will surely provide some appealing alternatives to currencies if the inevitability of market correction becomes real. Because of it not being tethered, crypto coins can surely their value a lot easier in the face of any economic strife. When any other currencies falter, people can turn to blockchain to adequately safeguard their savings and also have some money across the borders. This can strengthen the footprint of technology; in the meantime, the economy surely struggles.

With modernisation world is witnessing many changes with time. It is no amusement with how advanced the things have grown into. If you need to purchase any product, you do not have to go out looking for it in hundreds of shops and instead you prefer getting it online. With exciting offers and discount, it also becomes exciting and feasible for you to shop. We are walking through the digital world today already and are waiting for such advancements in advance. Such digitalization has improved the growth of the counties not just fundamentally but also economically. Cryptocurrency is also a great example of digital world. Cryptocurrency is nothing but a digital currency which made a jump through educational platform when the encryption technology cryptography did not just remain a virtual format of knowledge but entered the real world and introduced Bitcoin. Just when this currency was introduced it started getting investors and started growing with pace. Soon, it got huge investments from big brands like Microsoft and the value of bitcoin raised to about 233$ per coin, which in no way is a small amount and this became a day to remember in the history of cryptocurrency.

cryptocurrency

Though it is still facing many challenges in the markets and almost is stuck in between the debates of what are the future scope of this currency and specially the bitcoin. This debate caught an urge and currency was banned in many countries including India although the growth did not stop. Even today, the bitcoin value is rising with time and has got many leading competitors too trying to raise their bars in order to stand right by the shoulders to bitcoin.

crypto
Such currencies are like Ripple: Founded in 2012, this system is not just a currency but also a mode of payment in which people may perform the transaction in any currency format to another ripple account holder. This technology is catching the improvement pace very rapidly and is predicted to become the leading competitor of Bitcoin in future. Similar to this, Litecoin is also catching the fame very quickly. It is also considered as a leading rival to Bitcoin in the present scenario and is designed in order to provide people with a way through which they can perform the small transactions quicker. The maximum limit of transaction is also four times compared to the Bitcoin, eighty-four million dollar at once which would take mere 2.5 seconds to finish the transaction, which is also one-fourth the transaction time in Bitcoin currency system and hence with beating the major drawbacks of Bitcoin, Litecoin is making its position in the market with high values.

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