Cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and even Bitcoin Cash are here to stay, coming in as some leading examples of what will make for the currency of the future, cryptocurrencies. Many may justifiably argue that the future is now and the future is here, since the likes of Bitcoin are already used regularly as a medium of exchange by many people.
Naturally a de-centralised medium of exchange poses some kind of threat to the major players who benefit the most from the centralised financial institutions, so it’s inevitable that there’d be some kind of push-back form these gatekeepers of the financial industry. There’s definitely a push-back, but in spite of that, how do cryptocurrencies continue to survive?
Not taking Bitcoin Cash into consideration, we mentioned four cryptocurrencies which appear to be leading the pack as popular choices among believers in the need for crypto. Bitcoin, Ethereum, and Litecoin are becoming synonymous with cryptoccurencies to not only invest in, but facilitate trade using them. An outsider in the form of Ripple appears to be there or there abouts as well, with Bitcoin undeniably leading the entire movement.
So what it comes down to is normalisation. It’s fast becoming just another normal way of exchanging value to use cryptocurencies and that’s one of the ways through which these cryptocurrencies continue to survive in spite of the established financial industry’s push-back.
Critical mass adoption
This critical mass adoption which has long since been achieved may be driven in part by people’s desire to cash in on what they deem to be an investment opportunity not to be missed out on, but either way, they still contribute to the critical mass required to legitimise crypto as a currency. The fact that many people believe in crypto as a store and exchange of value renders the efforts of the protectors of the established financial sector futile if they act against this legitimisation of crypto.
Look, if you can have a punt on a range of online slots platforms having funded your account with cryptocurrency, you know that crypto has long since reached critical mass adoption!
Control, freedom and independence
Cryptocurrencies allow the masses to handle the value contained in the likes of Bitcoin independently of institutions that might seek to control the way they handle their money, sometimes based on factors such as politics. Cryptocurrencies grant people that freedom from the major banks and from the likes of exchange controls bodies like SWIFT.
Control, freedom and independence are very powerful forces for even the entire financial sector to try to fight against, despite its colossal collective power
A much more convenient way to trade
At the most basic of levels, cryptocurrencies will continue to survive and thrive because they offer a much more convenient way to exchange value. If you want to pay someone, in an exchange of value, who is on the other side of the world, with crypto there are not banks involved to charge you something like a transaction fee, or to freeze your payment pending some kind of politically shaped, regulatory framework.