What next for Cryptocurrency?

Digital currency has been slowly taking the world by storm for over a decade now, since the inception of the first cryptocurrency, Bitcoin, in 2009. Many other coins have followed in the footsteps of Bitcoin, and fast forward to the present day, there are over 18,000 different cryptocurrencies in circulation around the world. The impact of these currencies is certainly growing, as people begin to learn more about them, the blockchain technology that drives it, and more about the increasing uses of digital currency.

The future is certainly bright for cryptocurrency, especially the more reputable ones such as Ethereum, Dogecoin, Litecoin, and of course, Bitcoin. Coupled with social media and ever faster means of communication, cryptocurrency has the ability to trend even more positively and grow even quicker in years to come. And companies and investors cannot ignore the consistent hype, in particularly when a respected figure like Elon Musk comes out and endorses Dogecoin.

There are already many companies accepting cryptocurrency as a payment method, mainly in the retail and e-commerce sectors, but it almost seems inevitable that more and more companies and industries will begin recognizing and accepting cryptocurrency. Even the online casino world is taking notice of this crypto craze and you can make deposits and withdrawals at sites listed at casinocrypto.com for example. This means betting on crypto sites and markets that are widely available. But despite the popularity cryptocurrency already enjoys, there is still a level of uncertainty that surrounds the operation of it. And for digital currency to take the next step in society, a few things could be done to make it even more marketable and present in the world.

Regulation, or more specifically the absence of it, is an advantage of using cryptocurrency. Since mining and authentication is carried out by nodes (individual users or computers), there is no need for a third-party regulator. However, while this is an advantage, especially with regards to speed of transactions, many people are deterred by the fact there is no central authority to regulate the crypto activity. This opens the door for hackers and cyber thieves, as well as potential illegal uses of the currency, such as terrorism and money laundering.

Introducing a centralised body would defy the point and nature of cryptocurrency, but it would be a good way to get more people on board. The confidence it would give users would be greater, and regulation could also help stabilise volatility in value. Money is always important to individuals, so having the trust in the security, value, and housing of it is paramount. The next regulatory step could be a huge one for cryptocurrencies around the world and any improvement in the understanding and trust in the currency could perhaps see it establish itself in everyday use, alongside, or in place of fiat currency.