Data & Research

Cryptocurrency: Where Do We Stand and Where Are We Going?

The power of cryptocurrency is growing, regardless of risks and disputes. All forms and aspects of transactions have their hurdles until they are developed to a standard of usefulness and safety that overpower their flaws. Bitcoin is enjoying such attention as its worldwide circulation has steadily increased since 2009 to 17.12 million in the 2nd quarter of 2018. The technological advances being made reflect the industry’s understanding that digital currency is our future. It is therefore never too early to explore its possibilities.

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“Bitcoin, bitcoin coin, physical bitcoin, bitcoin photo” by Antana (CC BY-SA 2.0)

Technologies

Services already exist that allow making payments through mobile providers. Boku is a popular one among online casinos that link customers to thousands of dollars’ worth of promotions and prizes to accompany their deposit-based games, which can now be accessed via smartphone. The downside in relation to cryptocurrency is that Boku does not accept it yet. In fact, only a handful of mobile payment services have begun to accommodate Bitcoin, Litecoin, and others of their kind.

Wirex, an existing provider of crypto and traditional currency accounts, can connect them to mobile wallets, offering an even easier way to spend Bitcoins. Chinese tech company Huawei has included BTC.com in its app store. Not only that but every purchased smartphone from the P20 series or greater that downloads the BTC.com bitcoin wallet will be gifted with cryptocurrency to get them started in this great yet restricted market. Square, another payment processing company, has now become a platform for buying and selling cryptocurrency, Bitcoin.com reports, while urging its customers to make ‘wise financial decisions’ considering the currency’s unpredictability.

Opportunities

The convenience of cryptocurrency lies in its anonymous freedom, due to its lack of centralized control and regulation. Cross-border transactions are faster and cheaper than other methods that must contend with a number of factors, such as exchange rates. The Blockchain ecosystem is safe and makes it easy to track transactions. There are many reasons why cryptocurrency is worthy of attention, especially when it comes to employment. Despite the lingering difficulties in acquiring Bitcoins, technological development with them as the focus is an intriguing and potentially profitable path to follow.

The future of cryptocurrency is also believed to be more inclusive. As a new technology, it is still discovering its place and form in the world, something which female entrepreneurs have not ignored. At the Consensus 2018 conference in New York, the slogan ‘Satoshi is female’ resonated with the overall sentiment that the Blockchain is a space for change. Women like Perianne Boring, founder, and president of the Chamber of Digital Commerce, and Sheri Kaiserman, who published the first Wall Street analysis of Bitcoin’s value and then took over Maco.LA, highlight the career-orientated potential.

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“Bitcoin Chain IMG_9152” by BTC Keychain (CC BY 2.0)

Little by little, cryptocurrency is building its foundations as an irreplaceable feature of modern society, while the need for physical cash and wallets is decreasing. To lighten the load and enrich the world is the aim of embracing this technology and helping it develop further. Economic and societal shifts are predicted, hoped for even. The value of Bitcoin is higher than we think.

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.