Today cryptocurrencies have become a global debatable phenomenon. Many people think that it is just a bubble it will blow in some years while many others believe that it is the greatest invention since the Internet. Either way this issue will be one of our main concerns for the next years.
These days is hard to make a transaction in another currency and it usually takes many days to be completed. With cryptocurrencies you can complete this transaction in a few minutes without a bank interference. The payments are completed from one person to another. These transactions are 100% transparent because of the blockchain technology which is used to design these virtual coins. The new economic system is based on the ownership and this means that no one can censor it, no one can cease it and no one can freeze it.
Proponents support cryptos passionately, believing that this economic miracle will save the world from an economic collapse like the one in 2008 when Lehman Brothers spread a financial ruin all over the world. They believe that this peer-to-peer monetary system is absolutely decentralized and that is crucial for people because their money will not be controlled by a third person when they want to make a money transaction.
On the other hand, ardent opponents claim that this system will never work and this bubble will blow all of a sudden . Many people, also, support that virtual currencies are a powerful tool that criminals will use in their illegal activity, making them to transfer money without anyone’s supervision.
These are only speculations and we should be patient to see where things are going. The truth is that this radical system is real and it is going viral all over the globe rapidly. As more people start to use virtual currencies, their price will go higher and it is said that one Bitcoin (BTC) will be valued for thousands of dollars, even a million.
At this time, the market is very unstable. Hence, instability gives a great chance to earn some money through the fluctuations of the cryptocurrencies prices. If you want to take part at this, you should be rational and think that virtual currencies are not an investing sector but a market that it has a considerable potential.
To sum up, crypto is going to change money not only by challenging monetary policy of governments, but also by challenging the structure of society as we know it.