Cryptocurrency is a topic that can easily divide opinion. Some are fearful of it; others are getting rich from it and a fair few of us are waiting for the crypto big bang before signing up for a Luno bitcoin wallet and getting involved. To increase involvement in crypto will require it to live up to its full potential and start making its way in more areas of society.
With every day that passes, it is more like that somebody joins the crypto movement than leaves it. Although some cryptos may be volatile, their value today supersedes their value when it was first developed and when it was whispered about in quiet financial circles. So, is crypto living up to its full potential? And where could cryptocurrency take us?
Where Could Crypto Go?
One of the beauties of cryptocurrency is that it could go anywhere. The world runs on finances and where there is financial transactions to be made there is a strong chance that crypto can make it safer, quicker and cheaper. Three words that will be welcome to any person that has to make regular peer-to-peer payments or business owner that has to accept them.
We have already seen Canadians paying property tax with crypto and travellers heading to Expedia to swap their digital coins for sun and margaritas on the beach. The uses of crypto could not just surge with the right attitudes and a spread of education on it, but the application of crypto to a plethora of industries is possible. Even more than it occupies today.
What’s in the Way?
The current problem that crypto is facing is regulation. Waiting for centralised institutions and governments to make decisions on crypto may be the least romantic view of an invention that was made to remove the shackles of such organisations. However, local businesses are not able to embrace crypto as much as they would like to due to lacking regulation, and thus crypto doesn’t live up to its full potential in some areas as it should.
In a Nutshell
Rome wasn’t built in a day but those who built it, are still celebrated today. The same could be argued for crypto. Changing the way that the whole world makes payments and does business was never going to be an easy feat and one that cannot be executed overnight.
The fact that diplomats and officials are now seeking ways to regulate it is a sign that crypto is a success and will be here for the long haul. It could be argued that crypto is living up to its full potential at this moment in time. As soon as regulations are finalised – and providing those regulations open doors rather than close them – there will be so much more that crypto can do.
And so many more people it can attract!