A new wave of cryptocurrencies has spread all over the globe. The concept of exchanging goods and services through virtual currency is growing, with Bitcoin in the lead. Other than Bitcoin more cryptocurrencies are gaining popularity including Ethereum, Ripple and many other. While some societies have accepted this new trend, some consider it a passing technology and few have even declared it illegal.
Many experts debate about the future of these cryptocurrencies. Some believe that the cryptocurrencies can totally replace cash in future.
There was a report by Futurism that highlighted what will happen if cryptocurrencies surpass the normal fiat currencies in future. The advantage with cryptocurrencies is that they cannot be easily manipulated as the whole process is decentralized. Moreover, cryptocurrencies can promote a universal based single basis income. Also, there are no intermediaries in cryptocurrencies as seen in normal everyday transactions. The whole process is online that will help the customers and businesses more.
On the flip side, if cryptocurrencies totally replace the cash, there will be mega global adaption. The whole system will have to change and adapt. Many businesses might even get bankrupt because of it. Also, the governments who are reluctant or totally against cryptocurrencies will suffer, if and only if cryptocurrencies entirely replace cash system.
There are countries and companies who are accepting cryptocurrencies. Dubai is planning to launch its own cryptocurrency called emCash and India is also considering the acceptance of cryptocurrency by introducing Lakshmi. From Bank of England to countries like Russia, England, Dubai, India, Malaysia, Israel cryptocurrencies are being accepted for transactions.
In terms of leading apps, Line and Telegram are also launching their own cryptocurrencies.
Read more: Line App is launching its own cryptocurrency
So the acceptability factor is there and with each passing day, it is only growing. This strengthens the notion that cryptocurrencies can and will replace cash entirely in future.
Media coordinator and junior editor at Research Snipers RS-NEWS, I studied mass communication and interested technology business, I have 3 years experience in the media industry.