Skip to main content

How Cryptocurrency will Shape the Future of Monetary Systems

As the world undergoes digital revolution, the future of financial engagements will be under the confines of a virtual environment and the internet. The financial sector is on the verge of shifting from traditional approach to the digital one, where the speed of the process is the mantra.
Cryptocurrency is fast gaining traction as top investors embrace the idea of investing in digital currency. The currency exists virtually and doesn’t have a centralized issuing and regulatory authority. It’s brought into the digital platform through a process referred as mining – a procedure that has to be verified in a global ledger called the Blockchain.
Deutsche Bank described the current money system as fragile and speculated that by the year 2030, cryptocurrencies will surge to over 200 million users globally. It suggested that digital currency could, in the future, replace tangible cash.
In 2021, Tesla co-founder decided to invest $1.5 billion in bitcoin and immediately after his investment the value of bitcoin surged to a record high. Digital payment platform, Paypal, has also included features that allow crypto-transactions on its platform.
Challenges Facing Cryptocurrencies
The main challenge in crypto-transactions is that it’s banned in most countries of the globe. For example the Indian government banned all private cryptocurrencies in January. The government of India considered it as a rival to the local currency. 
However, Indian crypto investors and CEOs have formed an association to press the government to introduce a regulatory framework rather than prohibiting private cryptocurrencies.
Its value is volatile and fluctuates hugely against the dollar. Due to its volatility, crypto-investment remains a risky venture.


Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

How Human Brain will replace Smartphones in communication

Elon Musk envisiges a future where smartphones are obsolete and communication happens directly through the brain.  According to Musk, Neuralink the brain-computer interface that his company is developing, could eventually replace phones entirely. Imagine navigating the internet, sending and receiving text messages, or even making calls, all with just your thoughts. This sounds like fictional science. However, Musk believes the integration of humans and artificial intelligence is a necessary mileage for human evolution.  Neuralink’s potential extends far beyond convenience; it could disrupt the field of medicine, communication and the way we interact with technology forever. The future Musk envisions is not just coming, it's already in the pipeline. NEURALINK will make Smartphones completely obsolete. Neuralink is a company that was found by billionaire Elon Musk and develops brain-computer interface technology. Its goal is to connect the human brain to computers so as t...
Post a Comment
Read more

Why Matiang'i comeback threatens Ruto's re-election bid

  Former Interior cabinet secretary Dr. Fred Matiang'i is a great rival to President William Ruto in his 2027 re-election contest. Matiang'i is set to give Ruto a run for his money, owing to his track record as a cabinet secretary in the previous regime.  Former President Uhuru Kenyatta trusted Matiang'i more than any other cabinet secretary due to his workaholic nature and might be forced to finance his presidential quest.  The former Interior CS is reportedly eyeing the presidential seat on a Jubilee ticket, as alluded by the party's secretary general Jeremiah Kioni. Ruto's dalliance with the doyen of opposition politics and ODM party leader Raila Odinga had complicated the opposition's quest to unseat the sitting Head of State. Matiang'i comeback seals the vaccum left by Raila's departure. Why Ruto might lose Kenya's presidential seat in 2027 Ahead of 2022 general elections in Kenya , President William Ruto promised Kenyans heaven on Earth onl...
Post a Comment
Read more

Uproar after armed goons infiltrate women press briefing at KHRC

Armed militia stormed KHRC, causing lots of chaos, confusion and mayhem. Goons disrupted Kenya Human Rights Commission (KHCR) press conference in Nairobi on Sunday, and accused the organizers for planning Saba Saba protests . Mothers had convened at the KHRC offices to address issues related to seeking Justice for victims of police brutality. The attack prompted the conveners to scamper for safety. According to Standard Media, one journalist attached to them lost a phone which was snatched from him by one of the goons. Former Chief Justice David Maraga condemned the Sunday attack.  Maraga voiced his criticism on his social media account and advised the president that such acts might lead to anarchy. “I vehemently condemn the violence against mothers gathered at KHRC to speak up against the use of violence at tomorrow’s Saba Saba commemoration,” Maraga wrote on his X account (formerly Twitter).  He added that President Ruto should cease using armed militias against Kenya...
Post a Comment
Read more