Article

Will cryptocurrencies rise again?

Topic: CryptocurrencyPublished June 17, 2021

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Cryptocurrencies have been a staple of the news. In fact, we have become rather attached to the very notion of digital money. Why should that be? Why the abrupt fall in value recently? Why should cryptos matter so, so much? Will cryptocurrencies rise again? We tackle this question here. Why has virtual money become the darling of the masses?rnThere are a number of cogent reasons accounting for the massive popularity of cryptocurrencies. Let’s take a peep at them, one by one. Low fees It’s been said that services involving cryptos incur less extraneous costs. If you conduct the same transaction with some other medium, there’s always costs that creep in. not so with cryptocurrencies. Online markets bear this out, and digital money apparently was made just for the digital economy. It makes eminent sense that cyber money rules the cyber economy. Freedom from Governments We live in an Age when the individual has become the focus of all things. This is the truest of economic relations. Never had the consumer more autonomy than now. The emergence of cryptocurrencies has taken on the bugbear of Big Brother Governments. It’s the ultimate rebellion, tearing ties to authority completely asunder. If nerd billionaires can jump on rockets and escape the authority that Earth exercises over their human existence, why ought not the land-rooted consumers throughout the blue planet strain after a reliable, affordable, secure exchange medium that’s also largely free of the messes governments make? Real profit potential Even if we avoid the nitty-gritty and the reasons behind crypto ascendence, the truth remains that folk want to join the bandwagon. If the going is to remain good, why not realise its full potential. Prima facie, too, the value of cryptocurrencies is based upon abstruse but approachable common sense. rnBlockchain technology is apparently incorruptible. Cryptocurrencies will not ever suffer from a lack of devoted followers. Improving usability There might have been technophobes reeking of that old Asimov story that said those who cannot get used to the digital world would be left behind. Even these now concede that it has practically become easier to use and manage virtual money. Popular stores have been accepting crypto payments for quite some time now. Cryptocurrency debit cards - wonders don’t ever cease. And so virtual money will virtually take over the role of fiat money, leaving the latter high and dry. Even Gramps will kick up his heels and shout for joy! Easing usability and making the Future of Money accessible to any and all is a laudable goal. And it is one that’s being pursued relentlessly. Security is paramount In spite of the increasing sophistication of cyber criminals and hackers, it has warmed the cockles of our collective heart to see the Blockchain Mavericks at it on the ethereal firing range. Crypto scientists/engineers are always several steps ahead of the bad guys. In fact, they are the legislators of this Cryptosphere millions have chosen to live in. they are amply recompensed for their pains. And we believe -implicitly, and rightly so - that all security measures in the blockchain paraphernalia would completely confound potential wrong-doers. Until now, there’s been nary evidence against this feeling. rnSo the crowds go with their guts. Good gut feeling. No guts, no glory. It’s a Brave New World. And we can still make it even better than Aldous Huxley would have dreamed possible. Ease of access Money does not grow on trees. How many times have we painfully felt that? The whole production and distribution of virtual currency has become relatively streamlined and easier to comprehend. In time, there have appeared vendors who can be trusted to deliver us the real deal. And this currency reinforces the morality that honesty will pay. So folk bless this project, and tag along. Futuristic Virtual money sounds and feels futuristic. Better than Spielberg, Lucas or Cameron/Scott. That we can have it here, and now, titillates us no end. Being able to understand even a fraction of the provenance of cryptocurrencies makes us feel superhuman. Like Steve Jobs said about the time the first Apple computer rolled out,”I feel as if I’ve made a dent in the Universe.”rnThe Stimulus economy Trillions of dollars are trickling down in the US, leading to a higher inflationary environment. Such a situation suits gold prices just right. Central banks’ easy money policy is in swing. But with the ongoing high inflation, that cannot last. And neither can the ascendancy of gold. Equities are supported by central banks’ policies, and the same have a negative correlation to gold. Gold has been the beneficiary of this conundrum. Cryptocurrencies under Green flak Environmental concerns about cryptos contributing to global warming have begun gaining traction. Chins gets the world’s ear, whether we wish to believe it or not. China’s regulatory clampdown on cryptocurrencies has dampened zest for BTC & Co. The way out Don’t lose your shirt. Don’t tear your hair. Leave your investments just as they are. Prices will rise again. Mining cryptos will become environmentally friendly, though it will take a while. rnVisa and Mastercard have adopted Bitcoin. S&P Dow Jones Indices are expected to launch indexing services for 500 cryptocurrencies this year. Blackrock, the world’s numero uno agency for asset management, is looking to become more than a dilettante in its approach to cryptocurrencies. Cryptos are not going away. Bitcoin, envisaged by the Bank of England, has BTC as its template. Cryptocurrencies are still in public discourse, some quarters even advocating an ‘insurance’ status for them. They can, it is felt, act as a hedge against inflation. Conclusion These are volatile times, what with the Pandemic and all. Frothy economic situation confounds the confusion further. BTC & Co.’s fundamentals are ‘good as gold. Environmental concerns assuaged, cryptocurrencies shall rise again.

Will cryptocurrencies rise again?

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