Cryptocurrency is a growing system. This ecosystem has steadily made their position into the financial systems.
- Cryptocurrency has seen shocking and progressive growth in users. This digital currency has rapid growth of 66 million in just four years.
- Now this currency is getting recognition from both public and private sectors for making payments, value storage and also as an investment.
- Cryptocurrency helps to develop the dynamic of encryption networks reliable for different transactions.
- Cryptocurrency is getting bigger phase by phase. Many countries have accepted this payment method. They’re recognizing this digital currency that has a bright future ahead.
There are various positive points that show how cryptocurrency is going to rule transactions, trading or investing in the future.
The essential step to securing the financial system is becoming more manifest. The current financial system is not giving financial freedom to the users. DeFi is offering more security and transparency. DeFi is fast gaining traction in trading, investing, borrowing and spawning in today’s financial sector.
- The rapid growth of demand for cryptocurrency is increasing the recognition of various DeFi systems in the world.
- The DeFi service is becoming a more reliable and secure financial system that is providing more options for the financial system.
Cryptocurrency holds value in different ways.
- Privacy – Users can remain anonymous at the time of transactions. This technology of cryptocurrency is providing safe security to the users.
- Payment-users can buy goods or other services without any involvement of a third party. Stable Coins & Cryptocurrency can be plated into gold or currency.
- Digital access and ownership – Users can work in the financial sector without having access to local banks.
- Digital Gold- crypto currency and gold can be used as a method of exchange as both share attributes in comparison to cash.
The use of cryptocurrency is growing crypto currencies. The factors like acceptability and accessibility remain to be in the headlines. Both cryptography technology and techniques are getting modified, which is creating a better and reliable financial sector for crypto currencies.
Cryptocurrencies are powered by the multiple techniques of cryptography. It allows users to hide transactions. These facilities give lots of data protection. Users’ data remains safe from hackers or third parties.
- The transactions which come out while using cryptocurrency can’t be changed.
- Although financial records could still be used in the future.
Access and efficiency
Banks are limited and require more security and information such as personal identity for account opening. But in cryptocurrency, a user can now use a financial model without any need for bank accounts. A person having no bank account can enter into cryptocurrency from anywhere.
Future of cryptocurrency in India
- Cryptocurrency has become popular in India and people are investing highly in it.
- However, the RBI has passed many rules and regulations for crypto. Earlier, crypto was banned in India. Now it’s starting again.
- It is important to know that crypto currencies are neither recognised by the Indian government nor regulated by the RBI. Still, there are not any laws made that stop crypto trading. It is assumed to be like gold or other commodities.
- According to one survey, 95℅ people believe cryptocurrency is going to have bright future in India. While 5℅ believe cryptocurrency will not survive in this country.
- But looking at the investment and growth of cryptocurrency, it seems that cryptocurrency is holding a stable future in India.
Factors why the cryptocurrency is future-
There are several reasons available to make someone believe why the cryptocurrency is the future. But in this article we have tried to point out the most prominent and reliable ones.
Growth of cryptocurrency
No one can doubt the growing craze for cryptocurrency. One can simply guess how big this digital currency is going to be in the future.
Crypto is trending in the majority of the world. People look at this as an opportunity to earn a good amount.
- Earlier people used to invest their money in plots, houses or gold. Now the trend has changed. Digital currencies have witnessed unbelievable investment in the last ten years.
- Tons of mobile applications have been developed where one can easily buy or trade crypto. Cryptocurrency can give more than double the amounts in return.
Easy to understand
- Cryptocurrency is easy to understand. However, everything needs to be understood properly before entering into it.
- Cryptocurrency is something that anyone can learn in quick time. Many online videos or crypto experts are sharing their experience with users.
- Factors that go against cryptocurrency.
Ban and prohibited
- Every coin has two sides. The same applies to crypto-currencies. Crypto has been banned and prohibited by many countries.
- Their government has made strict rules and regulations if anyone is caught in cryptocurrency activities. This drawback can affect the future of crypto.
Frauds and scams
- It is certain for scammers to be involved in any financially related sector. One can cheat users by scamming them on cryptocurrency.
- This is one of the major reasons behind countries banning crypto-currencies.
Risk of losing money
Cryptocurrency is a volatile market. If you are willing to win big, prepare yourself for the worst also. Many people have lost a large amount in this trading market. Cryptocurrency is complicated and one should enter into this after gaining all the knowledge. People might avoid crypto due to fear of failure.
Cryptocurrency is the fastest growing digital currency in the market. Everyone is trying to enter into this by generating money through trading and investing. However, cryptocurrency has some drawbacks that might affect their future blueprint. Many countries are allowing crypto trading, while many countries have decided to ban this and stay away from this digital transaction sector.