Cryptocurrency Reaching Unprecedented New Heights
Few technologies are as capable of reshaping an entire industry as cryptocurrency has done for the world of finance. Fewer still could have made such strides in what is currently less than a decade of circulation.
Despite this explosive growth, there are still many unfamiliar with what cryptocurrency can do, so let’s take a look at the key areas of what this new finance system can accomplish.
As a Means of Trade
As with any form of currency, trading in and of itself is one of the most popular actions. Part of the popularity here ties into the fact that cryptocurrencies, when successful, tend to be overwhelmingly successful. Bitcoin, the most well-known example, debuted at less than 10 cents per coin, whereas now the price for a single coin can sit at over $8,000. While this is the most extreme case, it makes sense that this sort of growth would be incredibly exciting for potential investors.
Increasing Purchasing Power
Online marketplaces are no new development, but their integration of cryptocurrencies is now finally reaching a level which can challenge the dominance of the traditional. Cryptocurrencies today can be used on marketplace websites like OpenBazaar to purchase many goods and services, even going so far as to include opportunities to book and rent travel and accommodation.
Entertainment and Real-Life Integration
In terms of entertainment, we see this as an example of infrastructure popping up to support the rapidly growing surrounds cryptocurrency industry. Today there are dedicated gaming and video websites which entirely revolve around specific forms of these currencies. Especially forward thinking is the constantly evolving online casino industry, as currencies like Ethereum even have entire websites catered to them, like Bitstarz. This site has the complete list, and this list is only going to grow bigger alongside the currency as a whole.
Even the best economists have had a difficult time predicting the popularity and spread of cryptocurrencies. It makes sense, given how new and unprecedented the currency is, but it does leave questions as to how far this could eventually go. While it might not be the case for the smaller coins, indications are that the most visible of these new forms of currency will soon reach a place where they are not only viable as a means of everyday payment, but could usurp the less successful fiat currencies, like that of the former Zimbabwean dollar. Whatever the case, this is something to watch, and should not be underestimated.