The last decade has seen the unprecedented rise of cryptocurrencies
The last decade has seen the unprecedented rise of cryptocurrencies as a viable form of economy around the world.
Cryptocurrencies are a revolutionary system of value and payment that the world has never seen.
Arguments and counter arguments have ensued since the emergence of Bitcoin as a popular e-cash, about whether or not it should be legitimized and accepted by businesses around the world.
We have two prominent camps in the industry, one is the pro-crypto camp and the other is the anti-crypto camp. Both have made their points for and against the acceptance of cryptocurrency as a legitimate form of currency.
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Why Should Cryptocurrency Be Widely Accepted?
Cryptocurrency is a revolutionary concept that effectively eliminates the need of a middleman and thereby promotes direct peer to peer transactions. A very minimal fees is levied on this transactions and everything you need to know about transaction fee is already here for you.
Cryptocurrencies are transacted on blockchain technology, the use of which, guarantees complete decentralization and promotes a more transparent and fair system of transactions. When the system is this open, it is difficult for people to conduct any faudulent transactions on the blockchain network.
It is the currency of the future. A cashless economy will benefit the current generation who have grown up on the internet and can thus visualize a more tchnologically oriented system of mainstream economy. Digital currencies can challenge the monopoly of any centralized regulatory body.
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Will It Find Its Use Amongst The Masses?
Although bitcoin and other cryptocurrencies are becoming increasingly popular, it is still quite doubtful that they will become a widely accepted form of payment. There are some practical problems to its widespread implementation.
A large section of the world detests change. Traditionalists at heart, they want to hold on to their conventional economy that runs on fiat currency. It is quite difficult to get this section to acceept and adapt to the change that cryptocurrencies will bring to the mainstream economy.
Cryptocurrencies poses a threat to the traditional industries. Due to its highly disruptive nature, it could change the traditional bank economy and hence, banks will be the first to resist the acceptance and legitimization of cryptocurrencies.
This trend is however changing gradually. More and more countries and central banks are adapting a lukewarm approach towards the acceptance of cryptocurrencies.
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To conclude, I feel it is still going to take some major grind on the crypto industry’s part to make the digital asset acceptable on a much larger scale. However, it is not an impossible task.
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