• Category
  • >Cryptocurrency

What is the Future of Cryptocurrency?

  • Vanshika Kaushik
  • Aug 12, 2021
What is the Future of Cryptocurrency? title banner



Investing in cryptocurrency is like riding on a roller coaster. The highest point will grant you that “top of the world” feeling; lowest will feel like “getting your head bumped” into the wall with stars circling around, that nervous dizzy state is what every investor dreads. But well crypto is just like that, it will let the investor fathom heights but will also make them get the aftertaste of peaks i.e. falling of course. 


Better known by its acronym “crypto” this digital currency has showered billions on a few investors but also burnt millions of many, so what does the future of cryptocurrency look like? This much anticipated question has always been a topic for debate. 


Let’s dive into the world of cryptocurrency but first, let’s understand what is a cryptocurrency?


What is a Cryptocurrency?


“Decentralized” in terms of cryptocurrency means a network that is free from the regulations of governments and other financial institutions.


Cryptocurrency is a “decentralized” digital currency that is built using a blockchain network. The “decentralized” network is a key reason behind the crypto success. Cryptocurrencies are not regulated by any specific institution; it is “people’s digital currency” that is strengthened by the “collaborative people power”. 


(Must Check: What is Cryptocurrency?)


Bitcoin, Ethereum, Litecoin, Polkadot, Binance Coin, and DogeCoin are some examples of popular cryptocurrencies. First crypto was the biggest evolution, now NFT ( Non- Fungible Tokens) and Bitcoin ETF (Exchange - Traded Fund) are also gaining widespread popularity in some countries. 


(Please Note: Data for countries is taken from Investopedia)



Blockchain (The network for building cryptocurrencies)


Blockchain is a secured database (a personal ledger) that keeps record of monetary transactions. Bitcoin blocks store data related to monetary transactions. Every new block on the blockchain is stored in a linear and chronological manner. New blocks are added at the end of each “chain network”


( Related blog - Blockchain and AI )


These widely distributed chain networks can only be modified when the majority of the users have agreed for the modification. Each distinct block on the blockchain network has a hash code. ( These hash codes are highly secure as they are combinations of previous and new block code). Hash codes are built using a math function that transitions digital information into a string of numbers and letters. 



Crypto Critics V/S Crypto Optimists


This never ending debate on the future of cryptocurrency has segregated the world into two groups on one side, crypto critics are predicting the end of this virtual hype “cryptocurrency world” on the other hand crypto optimists are envisioning a bright future for “cryptocurrencies”. 


Lets take a close look at some statements of Crypto Critics to understand crypto predictions of the future. 


  1. Warren Buffet (American businessman, Philanthropist, Successful Investor, CEO Berkshire Hathway)


"Cryptocurrencies basically have no value and they don't produce anything. They don't reproduce, they can't mail you a check, they can't do anything, and what you hope is that somebody else comes along and pays you more money for them later on, but then that person's got the problem. In terms of value: zero."  


  1. Peter Krugman (Neo Keynesian Economist, Winner of Nobel Prize in Economics, Contributor of International Trade Theory)


‘Cryptocurrencies, by contrast, have no backstop, no tether to reality. Their value depends entirely on self-fulfilling expectations — which means that total collapse is a real possibility.’


  1. Bill Gates (Co-founder Microsoft Corporation, Software Developer, American Businessman)


“Unless you’re the world’s richest person, you shouldn’t be buying bitcoin"


Now it's time to look at the statements of crypto optimists to understand the broader picture. 


(Please note - Below mentioned statements are taken from CNBC)


  1.  Ivory Johnson (Founder Delancey Wealth Management, Certified Financial Planner)


“Cryptocurrencies will disrupt traditional finance because one of their most attractive utilities is the ability to efficiently transfer payment across borders with little or no cost, delay or foreign currency fluctuations.”


  1. Dragan Boscovic (Director Blockchain Research Lab, Arizona State University) 


“Central bank authorities are busy developing regulations on cryptocurrency. They recognize that digital currencies are native to the digital economy and are on their way to becoming mainstream in the next 10 years.”


  1. Frederick Kaufman (Author of best selling financial guide Money Plot)


“Before 2071, the dollar will have more in common with crypto than with silver or gold, so there is no need to doubt the longevity of encrypted algorithms as stores of value and media of exchange.“


Refer to the podcast by FutureScapes that features Ellie Rennie, Research Fellow at Digital Ethnography Research Centre to discover more about the topic. 



Two Sides of the Coin- Acceptance and Rejection of Bitcoin



This banner shows list of countries that accept and reject payments made in bitcoin

Countries that accept and reject payments made in bitcoin


Every country has a different outlook toward the digital currency world. While some countries are heavily leaning on this new age financial investment others are apprehensive about its environmental impact.  


Countries mentioned below have given a nod to bitcoin payment and trading. 


  1. El Salvador 


El Salvador has made bitcoin its second official currency. People can trade in bitcoins. People in El Salvador can make payments in restaurants and shopping outlets via bitcoin. It is legally accepted and recognized in El Salvador. 


  1. Australia


A large number of the population in Australia holds bitcoin. Bitcoin payments in Australia are legal. There are many major companies adopting Bitcoin payments within the Australian territory. 


  1. The European Union 


In the member states of EU countries digital currencies are spared from Value Added Taxes (VAT). European Union Countries have developed their own rules regarding cryptocurrencies, payment made in bitcoin is legal.


  1. The United States 


United States, accepts trading of bitcoin and other cryptocurrencies. Cryptocurrencies are traded on the world’s biggest stock exchanges As all the big software companies are in the USA, this country stays ahead in the advancements of digital currencies. 


(Related blog - Largest Stock Exchanges


  1. Canada


Bitcoin is a legal mode of payment in Canada. It is widely accepted in restaurants, coffee shops and thrift stores. Canada has centralized and decentralized cryptocurrency exchanges to facilitate trade in cryptocurrencies. 


A lot of countries are unwilling to hand over the liberty of bitcoin mining and currency generation to its people. 



Countries mentioned below are suspicious about cryptocurrencies and prohibit participation in crypto trading. 


  1. Russia 


Russian government restricts payment in bitcoin and other cryptocurrencies. Bitcoin trading is illegal in Russia. 


  1. Bolivia


The Central Bank of Bolivia has prohibited trading in bitcoin and other cryptocurrencies. 


  1. Columbia


Ecuador has banned the trading of bitcoin via passing a bill in the legislative assembly. All major cryptocurrencies are also banned in Columbia. 


  1. China


China has banned all the major cryptocurrency exchanges, and mining platforms. Trading in any form of cryptocurrency is illegal in China. 


  1. Vietnam 


The official financial authority of Vietnam i.e. The State Bank prohibits bitcoin payments. 



Crypto- The Non Green Impact


The world of cryptocurrencies might be a magical door to making billions for some, but its non green environmental practices cannot be ignored. Cryptocurrency mining is a major contributor to increased carbon emissions. As the mining process is undertaken on top notch computers that have extremely high consumption rates, these processes extract tons of electrical energy. 


According to an estimate, bitcoin's electrical energy consumption has skyrocketed to reach 1694.83 kWh, which in simple terms is equivalent to the power consumption of a single household in the US for 58.09 days


Bitcoin’s electrical energy consumption has surpassed the consumption rates of smaller countries like Netherlands and Ireland that consumes an average of 6,238 kWh and 4,200 kWh respectively. 


Not only the consumption rates are alarming, the electronic waste of 82.70 grams and carbon footprint of 805.05 Kg CO2  (equivalent to carbon footprint of 1,784,261 visa transactions) are also some key factors that shed light on  how this hyped “decentralized” currency demands exorbitant amounts of energy. 



A Magic Wand for Investors


Cryptocurrency market is highly volatile, it follows a “high risk higher return policy”. Market fluctuations can be the outcome of changes in the supply and  demand cycle. Other factors like trading volume, market beta can also stimulate a change in the cryptocurrency rates. 


This highly volatile market has painted a dreamy picture in the investors mind. Cryptocurrency annual average returns supersede the annual returns that traditional source of investment guarantees. 


Fixed Deposit offers an annual average return of 6.95% per annum. 8.66% is the average annual returns on mutual funds. (U.S. Large Cap Stock). Although different stocks provide different annual returns, the estimated average annual return on stocks is 10%. 


Cryptocurrency average annual returns have been more than 50%. Annual returns for 2017 were 1318.0, 2019 brought the annual return of 87.2 and for 2020 return was 302.8. Ethereum (ETH) , Binance Coin (BNB), Binance Cash (BCH), Polkadot (DOT) are few stable cryptocurrencies that will lead the “future of investments”. Crypto stayed on top and won the trust of many investors in 2020. 



Last Note


“You can’t stop things like Bitcoin, it’s like trying to stop gunpowder. It will be everywhere, and the world will have to readjust. World governments will have to readjust. “ John McAfee, founder of McAfee Inc.



Every coin has two sides. At times “heads” rallies forward, at times “tails” dominate the trail. Cryptocurrency, functions in a similar way, it lures the potential investors through its lucrative returns, but they are always suspicious about the future crash. Though crypto might be a “two day virtual hype” for some but for crypto millionaires it is truly a magic wand. This future investment may lead the investment game only if “sustainable and environment friendly” practices are adopted for its mining process. 

Latest Comments

  • evelynava002

    May 18, 2023

    After several failed attempts to retrieve my stolen bitcoins from online theft schemes I finally found the real deal recovery expert Rottgenraphael AT Gmail C0m who assisted me and recoup my funds without stress and hidden fees. I’m glad I was referred to him by a close friend at work whom he has previously assisted to recover her stolen USDT by a broker. I know someone out there might need to read this so you won’t go down without a fight for your money. Lookup this fund recovery firm now for amazing assistance.

  • tommylatham07

    May 20, 2023

    BTC/CRYPTO STOLEN OR LOST TRACING & RECOVERY MASTERS My wife and I lost $313,000 Btc to a fake cryptocurrency investment platform A few months Ago, We had made an investment with an online broker who pretended to work with an investment Firm that helped traders and he literally promised huge profits who at the end scammed us and wasn't even responding to our messages. This really hit us hard to a point my wife had suicidal thoughts. Fortunately for us,An old family friend who previously worked with my wife Referred us to this Recovery Masters. As they refer to themselves,They checked on our case and assured us our funds were recoverable.Their services and responses were professional and satisfying. They were able to recover $273,500 Btc We really appreciated them for their help, although not all the funds were recovered. Incase you need their services, Email them through (Recoverymasters@email.cz).

  • arnoldhutch6673af30ffd99e49a4

    Jun 06, 2023

    This Lady on instagram contacted me mid April , she told me about this investment offer that will benefit me financially, I declined the offer at first but she never gave up still , later on after a week I guess , she came back again and this time I decided to give her a chance at least , I started off the investment with the least investment plan of $500 and grew my profits from there . My first two withdrawals went through without any problems but the rest got stuck in the website , after the first 2 withdrawals I believed they were legit and I could trust them , and with that mindset I invested more at that time (£92k) but I never withdrew a dime after the investment, they kept on requesting for an extra fees/charges like trading fee , transaction fees etc ,which I ended up paying thinking it was normal because I increased my investment , this went on for weeks and nothing good came out of it all , after then I reached out to a private Recovery Firm on telegram @ VIRTUALHACKNET for help , I provided them with all the required documents that I had about the website and the transactions and it really helped out , my profits which summed up at £262k was recovered back to the wallet I provided them with :) . I’m so glad I had worked with this team to achieve this great success. Here’s the direct contact email : V I R T U A L H A C K N E T @ G M A I L dot com .

  • bergerongauthier743db7b1df6c74dea

    Jun 11, 2023

    The greatest recovery specialist, like Wizard Web Recovery, is what you need to save you from crypto theft scams. Many scammers have entered the cryptocurrency investment market, where people frequently lose money despite their best efforts, all while promising to make enormous returns. No one is more potent than these terrible plans since these people are clever in their approaches. In order to make you feel comfortable investing your hard-earned money, they frequently offer contract deals with you and place you in a community with people who have already made investments. I invested my money according to their advice, just to find out after a short while that 12 BTC had been taken away from my wallet without my permission. I got upset and wished for retribution. Prior to being introduced to the greatest crypto group, Wizard Web Recovery, I had contacted a number of cryptocurrency recovery agents, all of them were unprofessional. Wizard Web Recovery skill and knowledge in dealing with fund theft helped me recover my money. At a reasonable cost, I received a full refund of all the stolen BTC. The fact that this team is quick, dependable, and an affiliate agency of the GOV, which has granted legitimacy to their work, should convince you to hire them for the job. They've handled numerous profitable instances in the past. As a satisfied customer, I highly recommend Wizard Web Recovery to anyone seeking assistance with lost bitcoin troubles contact them via the info below. Email wizardwebrecovery@programmer.net WhatsApp +1-917-725-3296

  • t71l1lt11l17dc8f309ebe244ec

    Jul 19, 2023

    Initially I had a SCORE of 490 with late payments and lingering debts that would not let me qualify for anything. Then I came across an AD on Reddit about Gearheadpanacea.com and I contacted them. After 2 weeks they completed working on my score and it amazingly became 820 with my CC debts cleared. I am So happy right now because i can now finance a new home. if you have a bad credit You can Contact them on Gearheadcyberpanacea AT gmail DOT com.

  • bukemiles00b47ea94d2f7a4d43

    Jul 26, 2023

    When I heard the word "Hacker" I used to think they were evil and manipulative, they just wanted to have access to your personal life and data, not until I met this "Asset Recovery Hacker" I got to know not all hackers are evil and not all heroes are drawn, shown on tv or wear capes. I lost my crypto assets to some shady crypto-asset broker on the internet who promised to earn me millions of dollars within a month or two if only I could invest with his platform. I wanted money, and there was never a way to make money without risk. I sent him a total of $553,000.00 worth of my crypto tokens. It's been 5 months and no word from him. All I wanted was to make him pay for ripping my money and I hired ( CYBERGENIE(@)CYBERSERVICES(.)COM ) for that ethical hacking task of recovering my lost crypto asset. They were graciously helpful, and this asset recovery hacker's process in recovering my lost tokens was swift, smooth, and interesting. After my experience with this hacker, my perspective on hackers changed. Cyber Genie Team Asset recovery team are wonderful.  Cyber Genie offers the best solution to recover your stolen online digital asset efficiently.

  • theresapeter6090447e740f64c4251

    Sep 10, 2023

    My BTC wallet and all the funds I had in it were once hacked by an unidentified person after I disregarded a BTC security code I had received on my phone. The fact that I couldn't access my funds or my BTC wallet during that time was frustrating for me. I needed to get in touch with Pro Wizard Gilbert Recovery for advice, and I followed all of their directions as I had read about their excellent job on Bitcoin recovery. I was able to take control of my wallet and BTC once more after three working days had passed. We are grateful for Pro Wizard Gilbert Recovery's outstanding work. Therefore, everyone should email Pro Wizard Gilbert Recovery for bitcoin users to request reliable remedies: Contact: prowizardgilbertrecovery(@)engineer.com and learn more about them via website https://prowizardgilbertrecovery.xyz

  • thompsonmurray27c611d0ba372f4c4f

    Oct 01, 2023

    After falling victim to a cryptocurrency investment scam, my family and I were left in frustration, after these scumbags stole $847,401 total in USDT and Bitcoins from us. We were so lucky to come across a post about SILVER HACK DIGITAL RECOVERY, ''silverhackaccessories@proton.me'' A cryptocurrency and funds recovery company with plenty of experience in cybersecurity. ''SILVER HACK DIGITAL RECOVERY'' was able to recover all of our funds, and with the information we provided, they were able to track down and report to the appropriate authorities. I highly recommend ''SILVER HACK DIGITAL RECOVERY'' for your cryptocurrency and funds recovery, you can Contact them via: Email: silverhackaccessories@proton.me Telegram: @silverhackdigital Signal: +16145683873

  • l11t1711t11d457000a847c472a

    Oct 08, 2023

    My ETH wallet was compromised and I lost all $46,000 I had invested, I was so devastated and looked for all possible means to getting it back which all proved abortive until I was referred to Riley of Gear Head Cyber Panacea. I was skeptical at first but I gave it a try and he proved his worth when he retrieved $41,680 of what I lost.. it wasn't the complete ETH but I am very grateful for the help they rendered for a reasonable charge. You can visit their website(gearheadpanacea . Com) for list of services they render or email him Gearheadcyberpanacea @ g m a i l dot com.

  • camilamichaelj7d284bb37d8f84de1

    Mar 16, 2024

    Wizard Asset Recovery Service is your trusted partner in recovering stolen cryptocurrency, employing a blend of proven methods and cutting-edge approaches to combat crypto theft. With a track record of success, they've assisted numerous individuals and organizations in reclaiming their digital assets, offering relief to those who thought their investments were lost forever. Through collaboration with law enforcement agencies and exchanges, they strengthen the fight against crypto criminals, while also working alongside other recovery specialists to address complex cases. In a world plagued by cryptocurrency scams, Wizard Asset Recovery Service stands as a beacon of hope, providing innovative solutions and expertise to protect investments and recover stolen funds. If you've fallen victim to a crypto scam, don't hesitate to reach out to them via email at Wizardassetrecovery@gmx.us or WhatsApp at +1 (315) 756-1228.