According to Mint, Raghuram Rajan, the former chief economist for the International Monetary Fund told to Reuters Global Markets Forum that a great future is awaiting cryptocurrencies to become an effective means of payment despite having fluctuating values. Although cryptocurrencies are perceived as digital assets, this might take an obvious turn into the payment industry in the future.
To answer the title, we tried to jot down some important predictions, advice, comments, and noteworthy facts. So take time to look at this unbiased document and do let us know your thoughts about the future of cryptocurrencies and the facts we missed noting down in the comment section.
Increase in the number of Investors: Even in India, legislation on cryptocurrency by the cabinet is needed. In India, the cryptocurrency investors have grown to 15 to 20 million. This implies that cross-border payments are going to multiply.
Disrupting Traditional discomfort: Usage of cryptocurrency has increased enormously. It has disrupted the traditional payment system. Businesses dealing with billions face many regulations and high fees in the process of payments. To save money and not enter the tedious regulation process all over the world businesses tend towards cryptocurrencies.
Enhancing Global Economy: At the same time usage of cryptocurrencies and accepting cryptocurrencies make businesses enter into global markets where it is impractical to use credit cards for payments.
Fast Payments: Payment settlements can be faster as cryptocurrency can be sent as fast as an email.
Any kind of Business: Not only B2C transactions have increased but also B2B transactions have involved cryptocurrencies in their payments. But these are not recorded in their books as it is a complex task to analyze for the accountants and analysts.
Crypto pegged to the US dollar: As long as these currencies are pegged to the US dollars, there will be increased demand due to easy payment analysis for individual customers. This makes its adoption very easy.
As there is an increase in the amount invested in cryptocurrencies, payments involving cryptocurrency are likely to be increased. This is where Kryptova enters to create an easy payment gateway atmosphere that is beneficial to both customers and businesses.
According to Forbes, cryptocurrency is transferred truthfully as blockchain cannot be changed or modified. This increases transparency and decreases crime.
Jeffrey wang, head of the Americas at Amber Group, a Canada-based crypto finance firm, told that Regulation is one of the biggest challenges in the global crypto industry. According to Weiss, if large retailers like Amazon, Walmart adopt cryptocurrencies it would result in large masses adopting it in turn improving its credibility.
Kiana Daniel, author of “Cryptocurrency Investing for Dummies” expects the Bitcoin value to go to $75000 rather than $25000.
Considering volatility, many experts advise starting with less than 5%of the portfolio investment in cryptocurrency.
According to an article on NextAdvisor, it is better to be ready even if crypto gets banned all over the world.
Considering high volatility, fluctuations, high risk, less legislation, and little regulation, providers go hesitant for payment gateways.
If you are still apprehensive about the future of cryptocurrency, let us tell you that there are proponents who are expecting the growth and also critics warning it’s a decline. Perfect technology and rightful legislation are the need of the hour. Mindful decisions are required in investing. Even if the investment is as low as 5% of the portfolio, it results in a large sum requiring the right infrastructure, user-friendly payment gateways, and a payment system.
We at Kyptova believe that both technology and legislation go hand in hand to provide the right use-cases for everyday users of crypto. We believe in creating safer, cheaper gateways without time lag making payments trustworthy. You can always trust our company for high-risk and user-friendly gateways. Feel free to reach out to us at firstname.lastname@example.org or call us on +44 0 800 – 832 ( 1373).
One can hate the growth of crypto or one can appreciate enhancement but one cannot ignore its presence and impact in the market as well as the global economy. Do comment and reach out to us if any.