Cryptocurrency is a digital currency that is created and managed through an encryption technique known as cryptography. It can be traded with several other cryptocurrencies as well as fiat currencies for buying BTC in India. Before bitcoin came into existence in 2009 cryptocurrency was just a theory, but since then cryptocurrency has gained popularity. Moreover, many of them are now in the market which can be traded with the use of cryptocurrency exchange platforms. These platforms charge you a nominal trade fee for the complete procedure.
In 2013 Bitcoin recorded a boom when it captured significant media coverage and a 10 fold increase in its value. At its peak Bitcoin was valued over $2 Billion in the market. Soon, the sudden 50% plunge in its value sparked a debate over the future of Bitcoin and cryptocurrencies as a whole.
So the question is whether these alternative currencies will replace conventional currencies like USD, Euro, Yen, INR, etc? Will it become as ubiquitous as dollars and euros someday? The answer lies with Bitcoin.
Some economic analysts predict a big change in cryptocurrency can come as institutional currencies enter this market. They also predict that in the future they could be listed on NASDAQ which will add credibility to its use and blockchain. Some say all that crypto needs is a verified exchange-traded fund (ETF). An ETF can increase the number of people to invest in Bitcoin and further up its market value.
There are reasons which make people question the predictability of Bitcoin as it is a decentralized system. Moreover, unlike fiat currencies which are monitored by a centralized authority on their issuance. In centralized authority like the government and banks, there is insurance on the money invested which can be gained back. However, Bitcoin leaves you with no option in hand once your money sinks into it.
For those who want to see cryptocurrencies to enter mainstream transactions, it has to be mathematically more complex. However, it should be easy to understand by its consumers. With the advancing technology, many security issues have been overcome within 5 to 10 years. This could give it a good uphold in the ‘system’.
Bitcoin has been very unpredictable due to its volatility and dependence on clients willing to pay a certain amount for it. However, from the year 2020 to 2025 Bitcoin can value as high in the range of $48,000 to $1,000,000.
On the other hand, as low as $6,800 to $35,000. The most popular BTC to INR transaction can see some big ups and downs in the future. The larger part of the community remains positive on that.
With the weakening of current fiat currencies, we can expect them to unravel in the 2020s. Thus, a more fragile system can force people to look for alternatives and cryptocurrency. This will fills all the gaps which could lead to a surge in demand for Bitcoin and other cryptocurrencies in the coming years of the 2020s.
Bitcoin has gained a lot of reputation over time and has gained mixed responses for its future. Cryptocurrency remains a big question for major players in the economy and with the advancement in our research and tech can lead to a bright future of Bitcoin.