Almost everyone knows what cryptocurrency is. This alternative currency allows making fast, secure, and commission-free payments without any borders. More and more retailers, online stores, and even land-based venues start accepting Bitcoin and other digital coins. Even despite its high volatility, crypto has firmly entered the market and it seems that it’s not going anywhere.
According to Deutsche Bank research, by 2030 cryptocurrency may completely replace cash because of the current monetary system problems. However, there are quite many sceptics who believe that crypto is nothing more than a bubble and sooner or later it will explode.
So many people prefer using cryptocurrencies when playing in online casinos. That’s a very easy and safe payment option. You can find numerous trustworthy casino on NZCasinoHex.com. We have to mention that Casino HEX guarantees quick withdrawals and secure payments.
In this article, we will research what experts think about the current situation and will evaluate opposing points of view to try and make predictions for the future.
Why crypto will eventually replace cash
At the moment it’s not difficult to find users, even among friends and relatives, who own a part of a Bitcoin or know how to mine crypto. They regularly play in online casinos or make purchases on the Internet. All that is needed is to choose a certified or to add an item that you like to a shopping cart.
According to the Futurism, one of the main reasons why crypto will eventually overcome fiat currencies is the fact that it’s not regulated. Due to decentralization, it is much harder to manipulate crypto whether by individual consumers or governments. In addition, crypto helps to avoid intermediaries when conducting transactions. This significantly reduces the costs of consumers and businesses.
Such companies as Facebook and Sony have already shown interest in cryptocurrency which helped to fuel the interest of the audience towards this alternative payment option. However, according to Marion Laboure, the Harvard University lecturer in Economics and Finance, crypto will replace cash only when it will be legitimate in the eyes of regulators and governments. And this, in turn, can be reached only when the price will become more or less stable.
Finally, there are no costs for governments to switch to crypto or maintain it because it has a decentralized nature. Paper and physical money require printing and detecting worn bills and coins which is quite costly. Replacing cash with crypto is not only cheaper but is more environmentally friendly.
The negative side of the coin
The thought that crypto will replace cash has been discussed for quite a while but considering how slowly digital currencies are adopted, the idea is rather doubtful.
Unfortunately, Bitcoin’s anonymity has played a bad joke with it. Multiple users and private websites use it for illegal activities like selling weapons and drugs. Governments, in turn, started closing these websites. Another concern is money laundering which roots from the fact that the crypto market is decentralized and travels worldwide without any borders.
People also have fears about hacking and viruses and feel more relaxed when holding cash in their hands. Finally, if cryptocurrencies eventually replace cash, traditional currencies won’t have value and millions of people will lose money. And considering how slow and complex governmental and banking institutions are, the transition period may be long and resource-consuming.
Another way how governments may suffer is by losing control. Control over national currencies is the key to power and crypto can jeopardize the whole system. Governments won’t be able to define how much currency to print under different external and internal situations. Instead, the number of coins will depend on individual mining operations.
And let us not forget that mining is a rather doubtful procedure which takes huge resources and time. If you follow the news, you probably know that from time to time illegal mining farms are shut down which causes lots of legal and financial troubles.
The answer remains unclear
We may love cryptocurrency and want it to replace cash but it’s impossible to predict how the market will act. While crypto has numerous advantages and may be beneficial both for users and regulators, many experts call it a bubble that will eventually pop.
The crypto market is changing rapidly and it is difficult for investors and experts to adjust to them or predict what is going to happen. The only thing we can do is to follow the news, analyze, and try not to put all eggs in one basket.