Cryptocurrencies have long divided opinions in the general population. While some recognize their value to society and their potential to make payments quicker, cheaper, and even safer, others don’t see the hype and believe they will fail in the long run.
But who is correct? Will cryptocurrencies have a place in society, or will they eventually fade away?
Not All Cryptos Are Equal
The best way to answer this question is to recognize that not all altcoins are equal. There are cryptocurrencies with a huge following, such as Bitcoin and Ethereum, and there are much fewer valuable cryptocurrencies around.
There are already even cryptocurrencies that never made it.
Because not all crypto is equal, either in monetary value or societal value, there is no single answer to this question. In general, some cryptos will probably have a place in society and reshape the financial landscape. Others may drop off or continue to be around with no real impact on the way consumers shop online, buy coffee on the commute to work, or play video games.
Bitcoin Is Here to Stay
Bitcoin is the most successful to date, rocketing in value to over £40,000 today, and some experts predicting it will be worth over £100,000 by the end of the year.
But it’s not just its value that makes it successful. The real success of Bitcoin is its wide acceptance ins society and how it can already be used in plenty of places, including some of the biggest retailers.
Bitcoin is already accepted in fast food chains like Subway and KFC, and tech giant Microsoft. It can be used exclusively to purchase holidays online. You can usually find “Bitcoin is accepted here” signs on plenty of independent business windows, including cafes, restaurants, and video game stores.
The number of businesses accepting Bitcoin is growing, which has stepped Bitcoin out of the shadows as a largely unknown payment option to become more of a mainstream currency for the masses. This trend is set to continue.
Other Ways Crypto Influences Society
The above examples point to ways that some altcoins, most notably Bitcoin, influence society and suggest they’re here to stay. But crypto is influencing culture in other aspects of the finance industry. Bitcoin was originally created to outmuscle the need for fiat currencies and centralized banks to process payment for a fee. And these banks have reacted.
Countries are considering, or are in the process of creating, a blockchain version of their national currency. Projects like these have already been in motion in China and Italy. In addition, the Bank of England has been exploring the potential for a digital pound sterling.
It’s hard to deny that crypto is not here to stay, even if some cryptos won’t make it and will, in fact, fade away.
Disclaimer: This is a paid post and should not be treated as news/advice