The new cryptocurrencies can be seen from different points of view. The opinions about the new digital currencies differ a lot. Many people have raised concerns about Bitcoin and the other cryptos claiming they would be nothing more than just highly speculative investment options for players. This point was underlined by the latest drops in the value of Bitcoin which has many investors left concerned about their savings.
On the other hand, many young people see a revolutionary invention in the new currencies. The cryptos may be the key to a new monetary system that operates faster and easier on a global scale to replace all fiat currencies in the near future.
Since the cryptos have come up many companies started to adopt digital coins in their system. Elon Musk and his car brand Tesla, which is known to be an eager and innovative project offering new technologies to push forward the shift towards electric cars, were one of the first ones to accept Bitcoin as a payment method which resulted in an increase of value and popularity of the digital coin.
Other branches have quickly followed and offered the same. Especially in the gaming and gambling industry, where fast payments are often extremely important, cryptocurrencies have started to play a bigger role. There have been more and more online crypto casinos popping up on the market in recent years. The amount of new providers of online gambling is overwhelming which is why many customers should inform themselves by reading the Bitcoin Casino Guide before choosing their gambling platform.
Both sides have good arguments and no one can foresee the future of the cryptos. But as the new currencies recently appeared to be less sustainable and stable than ordinary currencies, the question arises if the currencies have a future and what must happen for cryptos to be really offering a new solution to our monetary system. We have brought together the most important facts you need to know about the challenges the new currencies are facing and about what must happen for them to sustain.
Governments and cryptocurrencies
One big difference between cryptocurrencies and ordinary fiat currencies is that cryptos operate in a decentralized way. That means that they do not originate or rely on only one source. While fiat currencies like Euro, US-Dollar or Turkish Lira are regulated, monitored and introduced to the market by the central bank of the country, cryptocurrencies are not in one place only.
The entire currency is basically relying on all participants at the same time. This is the reason why the cryptos operate so fast and secure, as they are not that easy to track down or manipulate.
If cryptos really want to take over the market and replace the fiat currencies, they would need to find a way to get bigger acceptance in the international community.
That means that all the international governments or at least some of them must accept the currency as a valid payment method. For that, of course, new systems would need to be introduced for governments to regulate and monitor the value and cash flow of those currencies. Furthermore, governments would need to find ways to track and tax international and domestic transactions.
While all of this may be possible, the governments are actually not doing much in this direction. One reason for this is that cryptocurrencies compromise the current banking system our market is relying on for the last few hundred years. These monetary institutions are crucial to the system and have a huge influence on the policy of the governments, which makes it hard to get rid of them.
Furthermore many governments have been inspired by the idea of blockchain-based currencies but do not really seem to aim to adapt them. On the contrary, some governments of the European Union and other countries have already made efforts to create their own digital currencies. This may look like a step in the right direction, though it would not support the current independent cryptos at all.
A bigger market for more opportunities
Another thing that must happen for cryptos to maintain is that they generally take over a bigger part of the market. The concept of introducing some new idea to the world successfully is simple. The more merchants are accepting and working with the new digital currencies like Bitcoin, the more influence and market capacity the currencies gain. It is like a spiral. More popularity and acceptance amplifies the value and importance of the coins.
Tesla is so far one of the only major companies that supported the new coins in a serious way. But due to concerns about the sustainability of the creation process of those coins, Tesla has recently dropped out of the whole thing, saying it will wait until new more efficient ways will be found. Also, the gambling and gaming industry has placed quite a big faith in the new currencies. As mentioned before, a huge number of online crypto casinos has been springing up on the market. The cryptos have become very popular in the gambling industry and more and more games are being introduced to the market.
Still, this is not enough to really make a difference. If Bitcoin and the other cryptocurrencies really want to make sense, on a global and significant scale, they need to find more merchants and players accepting them as a payment method.
Cryptos as a pioneer for future technologies
Besides all of the challenges the cryptos are facing at the moment, the concept of blockchain-based currencies is a revolutionary one and may very well lead to new innovations and big changes in the global market.
Like with any new groundbreaking technology or idea, the start of the concept is always a hard one. One thing is clear though. Governments and international companies are already very interested in the new technology and started to get inspired by it. That shows that even if Bitcoin and the others may not be able to sustain their idea will live on and the blockchain-based concept of a digital global, decentralized monetary system may very well be the future of the market anyways.