Cryptocurrency has in the last decade gone from something that was only discussed on obscure web forums for people with a big interest in cryptography, to being something that frequents the front pages of newspapers all over the world. Cryptocurrencies are today a big part of the global financial ecosystem, but the future looks murky.
Cryptocurrencies are not to be confused with other currencies linked to video games and the like. For example, Lost Ark Gold can only be used in a specific video game, whereas crypto currencies such as bitcoin are being used to facilitate transactions all over the world.
Regulation may be coming
Crypto currency has for a long time been enjoying the benefits of no governmental regulations. However, this might be about to change. There are rumblings in the US legislative bodies about cracking down on crypto currencies and making them more like stocks, something that will require more governmental oversight to pull off. This is welcomed by some and vehemently opposed by others, and only the future will tell if it’s something that is to be viewed positively or negatively if governments around the world decide to step in.
Speculative asset or means of payment?
Defining what crypto currency is can be very difficult and depending on who you ask you might get two very different answers. Some people only see crypto currency as a speculative asset that they buy in the hopes of selling it for more money in the future. Others believe that it’s the future of banking and that it’s the absolute best way to handle online transactions. The truth is most likely somewhere in the middle when it comes to this and it can be hard to wade through the massive amount of information that is out there in regards to crypto currencies. If you’re interested in buying some for yourself it’s important to use a number of sources to make sure that you make well informed decisions.
The future for the blockchain
All of this is made possible by the blockchain. Blockchain technology makes it possible to send information digitally without it being able to be altered in any way. This means that one can send information from one source to another without it risking being tampered with on the way to its destination. This is being beta tested in many different fields, but one example is the medical sector where it’s being used to send sensitive patient information from hospital to hospital.