Will cryptocurrencies ever overtake conventional currencies?

Will cryptocurrencies ever overtake conventional currencies?

There’s no denying the fact that cryptocurrencies have taken the world by storm in recent years. They’ve gathered a significant amount of interest because they use cryptography and decentralized processes as a way to improve the security of financial transactions.

Bitcoin is, of course, the most famous and widely used cryptocurrency. Founded in 2009, it was the first to implement a blockchain-based distributed ledger system, replacing the need for central banking mechanisms. Nearly a decade later, many different digital currencies have emerged around the globe.

Discussion around cryptocurrencies - particularly Bitcoin - is often mixed. Although many people believe that they could result in a more transparent financial system, others say they’re extremely dangerous – for example, the anonymous nature of cryptocurrencies has made them perfect for money laundering. And speaking last month, tech billionaire Bill Gates even suggested that they can be deadly.

Cryptocurrencies are also volatile; in late 2017, the value of Bitcoin alone surpassed $20,000, but it has since declined. Despite this, people are still voicing support for digital cash. Twitter CEO Jack Dorsey recently predicted that Bitcoin will become the world’s main currency within the next decade. But is this really possible, and can cryptocurrencies really be trusted on this scale?


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Nicholas Fearn

Nicholas is a technology journalist from the Welsh valleys. He's written for a plethora of respected media sources, including The Next Web, Techradar, Gizmodo, Lifehacker, TrustedReviews, Alphr, TechWeekEurope and Mail Online, and edits Wales's leading tech publication. When he's not geeking out over Game of Thrones, he's investigating ways tech can change our lives in many different ways.

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