These days, nothing seems like a sure thing anymore. When it comes to finances, everything we thought we knew about the stock market is being upended seemingly every week with new emerging “meme stocks” and trending “Reddit” suggestions. While the market volatility may be disconcerting, there’s good reason to be optimistic about the future of crypto.
Emerging Coin Markets
Accompanying the rise of new and different types of cryptocurrencies has been an explosion of crypto-based exchanges like Gemini, Coinbase, and Binance. The exchanges themselves take a per-transaction fee for the buying and selling of cryptocurrencies and are thus motivated to provide a wide range of cryptocurrency options to their investors. Add to this that not all cryptocurrencies are available across all platforms and exchanges, and now you’ve introduced a scarcity principle to how certain cryptocurrencies can even be accessed and traded. The fact that the different exchanges continue to grow and thrive should be a strong indicator that the global crypto market is ready and willing to meet the ever-expanding needs of investors and traders.
Adoption By Traditional Financial Institutions
Another good omen that bodes well for the long-term value of crypto is how it’s being adopted by traditional institutions like banks and brokerage firms. You can now purchase two of the most recognizable cryptocurrencies—Bitcoin and Ethereum—on traditional stock market trading platforms like Robinhood and E*Trade, signaling a shift in perception about cryptocurrencies which were initially met with much more skepticism by these traditional entities. The more cryptocurrencies are accepted by financial markets and platforms, the more they become a normalized form of payment for goods and services, which in turn helps further the perception and acceptance of crypto as a viable investment and investment tool.
The cryptocurrency boom is not just happening in the United States, it’s happening on a global scale. Because cryptocurrencies are decentralized, they aren’t beholden to any specific geographic region and can be accessed from anywhere with an Internet connection. Adding to cryptocurrency’s allure is the anonymity of the blockchain technology, a way to both track and verify transactions, but without revealing anything about the transaction itself or the parties involved.
Globally, cryptocurrencies can easily provide common denominations of monetary value between people and organizations that otherwise would have had to deal with bureaucratic exchange rates and other fees when conducting business. While the fees associated with cryptocurrency transactions aren’t cheap, the fact the buying and selling of goods using cryptocurrencies is happening on a worldwide scale provides an extremely positive outlook for the currency’s future.
Future Uses For Crypto
Now more than ever before, major corporations like Visa and MasterCard are accepting certain cryptocurrencies as payments for goods and services across their networks, further cementing digital currency as a major payment player in the world of commerce. Some companies, like Venmo, are allowing users’ balances to be invested into cryptocurrency, while other companies—large and small—are adding cryptocurrency as a payment option on their websites. The more major corporations continue to accept digital currencies as payments, the more we’re opening up the realm of possibilities for what digital currency can do. Remember, once upon a time, Elon Musk made it so you could purchase a Tesla using Bitcoin.
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