Crypto in 2021: Your Essential Guide To the Future of Cryptocurrencies
Once the preserve of tech experts and finance hotshots, cryptocurrencies have taken great strides into the mainstream over the last few years. A recent report revealed that the overall value of cryptocurrencies in the world today stands at over $1 trillion. The future of cryptocurrencies looks bright.
Bitcoin and other cryptocurrencies are popular for a number of reasons. One of their main drivers is speculation; a lot of the people who buy cryptos do so in the hope that their price will increase and leave them with a profit. Such cryptocurrency users make no practical use of the coins they buy.
However, there are plenty of ways in which they can be put to such use. Read on to learn more about the potential of cryptos, both for investors and ordinary consumers.
The Future of Cryptocurrencies for Investors
If you’ve been following Bitcoin since the start, you’ll know just how real its potential is for investors. There are countless tales of people who have made millions from the cryptocurrency having invested just a few thousand dollars, euro, or pounds.
Even newer cryptos have made price gains of thousands of percent, often in the space of weeks. Every time this happens, thousands of people get rich.
This type of explosive growth is only possible when assets (such as cryptos) are relatively unknown. Considering the amount of publicity they have attracted over the last few years, the more established cryptocurrencies (especially Bitcoin) will probably never enjoy huge price spikes again the way they did in late 2018.
However, that’s not to say newer coins couldn’t make that kind of splash in the future.
The Future of Cryptocurrencies for Consumers
Investors aren’t the only ones who have a stake in the future of cryptocurrencies. No matter who you are, you could one day end up relying on cryptocurrencies for a variety of things.
Online shopping, for example, is simple with cryptocurrencies. This is especially true if you’re shopping on a website from a different country; cryptocurrencies are the same regardless of where they’re used, so you can avoid the hassle and expense of transferring money from one currency to another.
This applies equally if you want to send money to someone overseas. Right now, cryptocurrencies can be the cheapest way to send money overseas.
There are also advantages in relation to privacy and data security. Blockchain technology allows you to pay for items online without revealing your location or your personal details, if you’d prefer to keep these to yourself.
Making the Most of Cryptocurrencies in 2021
The future of cryptocurrencies is not set in stone, but their potential is undeniable. Whether for investment or practical use, cryptocurrencies have something to offer just about everyone.