JoshCryptocurrency such as Bitcoin has emerged as a truly intriguing concept. Instead of spending real money, those who are tech savvy choose to purchase things with a virtual currency that trades on the internet. Cryptocurrency can be purchased with normal currency. As would be the case with exchanging domestic funds to foreign currency, the value fluctuates. This opens opportunities for trading in cryptocurrency. Some have made a lot of money turning their dollars into virtual currency and then back to dollars.
Cryptocurrency seems wildly futuristic. Tech-savvy people often have a love for science-fiction. Cryptocurrency positively seems like something from a sci-fi film come to life. Those living in the world of Wall Street finance, however, don’t seem to be embracing cryptocurrency. The future of cryptocurrency, truthfully, doesn’t look all that positive.
Cryptocurrency seems to be stuck on the fringes of finance. The days when it becomes the norm are still far off. Becoming the norm might not ever even happen.
The Lack of Regulation
Anyone who looked into Texas title loans knows regulators keep tabs on all sorts of financial transactions. In the cryptocurrency world, the concept of regulation doesn’t exist. The decentralized environment of cryptocurrency takes place amidst great mystery and anonymity.
Clearly, those active with buying and selling cryptocurrency don’t worry about these things. Others do. What happens if all the funds in a cryptocurrency account are hacked and stolen?
Not All that Much of It
While there may be a tremendous amount of news about cryptocurrency, there really isn’t much actual cryptocurrency. A recent news report indicates about $100 billion of cryptocurrency exists in circulation. $100 billion is minute compared to the trillions upon trillions of real global currency out there.
The small amount of circulating cryptocurrency limits its ability to do much. How can cryptocurrency replace the dollar when the total amount of cryptocurrency couldn’t replace a fragment of circulating dollars? To become “the norm,” cryptocurrency has to replace a lot of what currently exists. Again, there just isn’t enough cryptocurrency to do much replacing.
Locked in the Box of Purchasing
Traders of cryptocurrency exist, but it seems a huge segment of users of cryptocurrency simply prefers the funds to make purchases. Paying with cryptocurrency might be preferable for some. Setting up an account isn’t too difficult and scores of merchants now accept cryptocurrency to facilitate purchases. Those choosing to buy with cryptocurrency may wish to keep an account open with just enough funds to make their purchases. Interest in trading cryptocurrency or joining some sort of currency revolution never crosses their minds.
The number of people who wish to make online purchases with credit cards or Paypal remains far greater than the ones interested in using cryptocurrency. These persons won’t be moving funds into a cryptocurrency. They don’t need to nor do they wish to. Cryptocurrency can’t exactly grow when a tremendous segment of people have zero interest in it.
Things may change in the future, but the current landscape doesn’t appear those changes are on the horizon.