The Future of Money – Where are Cryptocurrencies and Blockchain Taking Us Next? – EconoTimes

NBA’s Atlanta Hawks to give away NFT to fans in April
South Korea’s Hankook Tire launches new EV tire brand
NFL now allows teams to sign blockchain sponsorships
Paris Baguette opens more stores in Indonesia
FxWirePro- Top altcoins for the day (Strength index)(AAVEUSD and ALGOUSD)
FanCraze raises US$100 million in funding round involving soccer star Cristiano Ronaldo
FxWirePro- Top altcoins for the day (Strength index)(CHZUSD and ZILUSD)
Liverpool’s NFTs expected to earn over US$11.1 million
Legoland Korea to open on May 5
Naomi Osaka gets equity stake, payments in digital currency as part of FTX ambassador deal
NFT of Mandela’s arrest warrant auctioned for $130,000
FxWirePro- Bull and bear case
Blockchain: Volvo owner Geely Holding, Concordium establish blockchain joint venture HQ in China
The Best Defensive Gadgets on the Battlefield
HDC Hyundai Development facing license revocation over Gwanju building collapse accident
Shopee discontinues operations in India just months after launch
Cryptocurrency: Rio de Janeiro to allow crypto tax payments for real estate

The Future of Money – Where are Cryptocurrencies and Blockchain Taking Us Next?

It’s a fact that technology is evolving and there are dozens of innovations and advancements each year. What is more, there is the dramatic evolution of digital currencies and they are certainly transforming the way we use money. However, how it will all evolve and where it will take us is anyone’s guess.
Our society is on the verge of a new form of finance that will utilize a range of different technologies and change the way we use and manage our money. The days of taking out cash from ATMs are almost gone, people pay for things online or use cards. There is no more applying for a mortgage by going to the bank’s branch and fewer people shop in department stores. In today’s digital age, conducting financial transactions of any kind is mostly an online experience for a lot of people. This all additionally escalated over the past two years due to the pandemic. And with each year that passes, money seems to be spending more and more time in the Ether, via phones and laptops.
However, money holds a much bigger future, and we seem to be at the early stages of what is yet to come. Cryptocurrencies and faster and more powerful financial technologies are slowly but steadily changing our concept of money and are really challenging the institutions that are currently managing it. The year 2021 was already a very transformative year for finance, and this year, 2022, is bringing more change.
Digital Currency and Blockchain
Today, everyone is familiar with what cryptocurrencies are and that they are secured and transferred with blockchain technology. Bitcoin is the first decentralized cryptocurrency and it was launched in 2009. Today, it is the biggest and most popular cryptocurrency and its market cap is valued at $786 billion as of early 2022. And even though almost every person in this world knows what Bitcoin is, very few actually know how it functions.
The first and most important thing to remember is that Bicton and blockchain are not the same things. Bitcoin is a currency that operates on its own blockchain network, while blockchain is a shared ledger that links blocks of encrypted data transactions in a network and it is a medium for recording and storing Bitcoin transactions.
Currently, there are more than 16,000 cryptocurrencies and Bitcoin is the biggest, followed by Ether. It is even estimated that the total value of all cryptocurrencies is approximately $2 trillion.
However, there are certain controversies around cryptos, since critics point out that they are not regulated by any central bank or institution, and that makes them even harder, if not impossible to regulate. In respect to that Bitcoin, and other currencies, have already been tied to those who want to use them for money laundering, circumventing capital controls, and buying illegal goods.
Despite all those controversies and market risks, cryptocurrencies never stop being popular and are still growing rapidly. They have become so popular and gained more users that they have reached the point where they may significantly disrupt the world’s economy in the next few years. As a result, countless corporations, investors, and financial institutions have started to calculate the potential financial rewards if they get involved with crypto.
What is more, there are now more and more ways to get involved in cryptocurrencies. There are dozens of trading platforms that people use to buy, trade, and sell their Bitcoins and other cryptos. Some of the most popular platforms are Binance, Hotcoin Global, Mandala Exchange, CoinFLEX, and many others. However, besides these, today there are fully-automated trading platforms that can do the trading for you. One such example is Bitcode AI which is safe, secured, and super easy to use, plus registration is completely free.
Currently, about 300 million people today are using cryptos in some form. Some experts from the industry hope and believe that this number could easily increase by the end of the decade. According to Gartner, by 2024, “at least 20% of large enterprises will use digital currencies for payment, store of value or collateral”. Experts believe that this will disrupt current financial networks and various business models.
The Upcoming Trends
Many experts believe that cryptocurrencies will be used for retail payments in about three to five years. Also, in the next couple of years, there is going to be an increase in interest in the adoption of cryptos by investors and they will use them as investment tools, namely as a hedge against inflation. Also, cryptocurrencies may even become an alternative to gold.
However, this market still remains extremely volatile. Bitcoin is currently valued at around $31,187 which is well below its all-time high ($68,223 on November 10, 2021).
Despite this, there is no evidence or sign of investors and companies backing down from the potential reward that cryptocurrencies can offer. And the prices of cryptos are not the only reason why investors are interested in them. They are also interested in getting into decentralized finance (DeFi). Banks have to serve those companies and are becoming the digital asset custodians, and this is not just a thing in the US, but it’s a global phenomenon.
Governments across the globe are also starting to be more open to blockchain and crypto. Up to 83 countries are now experimenting with this or are implementing the so-called Central Bank Digital Currencies (CBDCs), which represent 90% of global GDP, according to some studies.
Another trend that must not be forgotten is the appearance of NFTs. These are probably the most financially lucrative and technically innovative blockchain-based crypto assets and NFTs can be anything. From a tweet to a video clip to actual physical property in real estate, it all comes down to tokenizing the asset in a digital landscape. This digital landscape can be anything from an algorithm, code for a video orJPEG to the digitized paperwork of the deed of a piece of land.
NFTs are probably one of the most creative waves of the future of money and what it can become. Even though most people see little value in NFTs for now, many predict that by 2026, NFT gamification (GameFi) will be able to propel an enterprise into the top 10 highest-valued companies. Plus, NFTs are expected to become even more powerful in regards to digital marketing and its tools in the next few years.
Just like centuries ago when we switched from traditional trading to actual physical money, today it is changing again. In the digital age we live in, it is only expected for money to become more digitized, too. Cryptocurrencies so far look promising when it comes to changing the future of money, and who knows what can happen in the next decade.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes
Is it possible to listen to too much music each day?
Show me the money: Employees not only want better pay, they want status
Why Vladimir Putin is so confident in his Ukraine strategy – he has a trump card in China
Climate crisis and the dangers of tech-obsessed ‘longtermism’
How the pandemic has affected periods
What is the best mask for COVID-19? A mechanical engineer explains.
Plant-based doesn’t always mean healthy
When should you go to hospital for a headache?
Liverpool’s NFTs expected to earn over US$11.1 million
Walmart ends sale of cigarettes in its stores
FedEx replaces CEO post, Raj Subramaniam named new chief
Official Teenage Mutant Ninja Turtles NFTs set to launch soon
Jacob & Co. launches the Astronomica Metaverso: The world’s First Metaverse Watch
Bulgari to release NFTs of its exclusive timepieces
FxWirePro:GBP/NZD set for bigger drop, but close below key fibo needed
South China Sea: US, Philippines begin largest joint military exercises
Fifa signs QatarEnergy as final global partner for 2022 World Cup
Heineken, Carlsberg beer companies are leaving Russia
Back to Top ▲
©Elmin Media . All Rights Reserved. By using this site, you agree to the Terms of Service, Privacy Policy, and Cookie Policy.
Disclaimer: EconoTimes provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect’s individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and EconoTimes specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Brokerage. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. EconoTimes expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.
EconoTimes. Elmin Media LLC. All Rights Reserved. | 17 Seonyu-ro 49-gil, Yeongdeungpo-gu, Seoul, South Korea
Newspaper Registration No. Seoul A04906 | Registration Date. 2018.01.02
Publisher/Editor. Sungmin Kwon | Juvenile Protection Manager. Seokjin Yoon
Tel. +82.2.6332.2245
Sign up for daily updates for the most important
stories unfolding in the global economy.