Klever
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap
No Result
View All Result
  • Login
  • Register
Klever News
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap
No Result
View All Result
Klever News
Home Global
crypto future

Is crypto the future?

With crypto making inroads in many countries, it is now believed that crypto will be the future of money.

by Jagdish Kumar
September 8, 2022
in Global, Opinions
Reading Time: 5 mins read
2.9k
A A
0
Share on FacebookShare on Twitter

Money has been with us for hundreds of years and is still going strong as nothing moves without money.

However, before paper money became popular, metal was the first form of money, which dates to over 5000 BC. 

You might also like

K5: a bright future ahead with the community being the biggest inspiration 

K5: a bright future ahead with the community being the biggest inspiration 

February 3, 2023
7.3k
Klever is your go-to DeFi solution 

Klever is your go-to DeFi solution 

February 1, 2023
7.3k

A currency known as a punch marked Karshapana was made in the lower Ganges region in eastern India sometime around 600 BC, as per the Reserve Bank of India (RBI) website.

The beginning of Indian coinage, according to Hardaker, T.R., can be dated to 575 BCE and P.L. Gupta suggests that they first appeared in the seventh century BCE, between 1000 and 500 BCE.

During the same period, it has been recorded by the Greek poet Xenophanes who cited the historian Herodotus that during the 600 BC, a metal coin called Lydian stater was minted as legal tender by King Alyattes of Lydia. 

But paper money was first launched in Chain in the year 960 AD, where it was issued and became very popular. 

Since then, now all the nations across the world have their own currency or use other paper currency as their legal tender.

As all currency is state or in central banks control, it can be manipulated, and economies can crash.

After the launch of Bitcoin in 2009 by anonymous developer, Satoshi Nakamoto, people got an alternative to Fiat and other traditional financial instruments.

There were many challenges in paper money, as it can lose its value, fake paper money, unlimited supply, whereas crypto is decentralized, not faked and with limited supply.

Use cases

Many of the crypto projects that have been launched are solving major problems in the world today.

Let’s take an example of Bitcoin, which was launched as a peer-to-peer payment system, where User A can send Bitcoin to User B without any third party verification instantly.

Today, trillions of dollars are moved across the globe and billions are spent only on remitting their money by using SWIFT, which is a global payment gateway, but this takes around three to one month to complete a payment cycle.

To solve this problem, BTC was seen as a game changer idea, not only that there are other crypto projects like Ripple (XRP), Stellar Lumen (XLM) and others doing the same work.

Using crypto, cross border payments can be made instantly and the transactions can be verified by anyone without the involvement of a third party. This reduces commission losses by billions of dollars.

These are still exceedingly early days, as banks across the world are resisting crypto for mass adoption, citing illicit money charges, which is not 100% true.

Like cross-border payment systems, there are many use cases that are driving the crypto sector.

With the market capitalization of close to $1 trillion, the crypto market touched an all-time high of over $290 trillion in November 2021.

As more people are driving towards crypto, in the coming decade, the adoption of crypto will increase exponentially.

Crypto adoption to touch 1 billion by 2022 end

Of the 8 billion global population, today only 300 million are holding some cryptocurrency, which is increasing, as more and more companies and institutional investors are buying it.

According to a report titled ‘Crypto Market Sizing Report 2021 and 2022 Forecast’ by Crypto.com in 2021, the number of crypto users climbed by +178%, from 106 million in January to 295 million in December. By the end of 2022, we predict that there will be 1 billion crypto owners worldwide.

Of that 300 million, more than 83 million people as of July 2022 hold Bitcoin, the world’s no 1 cryptocurrency with over $383 billion market capitalization.

Cryptocurrency is already being utilized as money, albeit on a small scale, despite the obvious difficulties. PayPal, a payment processor, has updated its app with cryptocurrency features. 

Bitcoin and Ethereum are among the currencies that PayPal users can utilize. 

El Salvador became the first nation to recognize Bitcoin as legal tender earlier this year, giving cryptocurrency a boost. Malta is attempting to make use of cryptocurrency more commonplace. 

The Rug Republic, a business that sells home furnishings, has added cryptocurrency as a payment method as well. 

All these examples demonstrate how cryptocurrencies are slowly permeating regular transactions.

Deutsche Bank claims that the current monetary system is unstable and according to its ‘Imagine 2030’ report, as demand for anonymity and a more decentralized form of payment increases, digital money may someday take the place of cash.

Regulations soon

Regulation of cryptocurrencies might be approaching soon. Cryptocurrencies may replace fiat money in a lawful way as regulatory obstacles are overcome. Many governments will battle tooth and nail to maintain control over the money supply. In the end, Libra and other stablecoins might offer a roadmap for broader acceptance with tighter regulatory control.

Death to plastic cards

Plastic cards may be the true victims of cryptocurrency rather than money. We have been gradually phasing away cash for many years. As cryptocurrency adoption grows cash, credit cards, and debit cards may continue to be rendered obsolete. 

Consider how our society has evolved from using coins and paper money to using debit/credit cards and online transactions. Plastic cards are already obsolete due to the proliferation of mobile payments such as Unified Payment Interface (UPI), Paytm, PhonePe, Paypal, and others.

The main distinction between blockchain and plastic cards is that all payments and transfers are carried out with the user’s complete agreement. Blockchain has many advantages over plastic cards. 

According to Deutsche Bank, plastic cards may become obsolete. It only seems logical to think that credit cards will become obsolete as the popularity of cryptocurrencies rises.

Cryptocurrency provides a special solution that makes fiat money obsolete. People can become their own bank and payment mechanism thanks to cryptocurrency. 

Technical and regulatory issues are the main difficulties. User adoption will determine whether cryptocurrencies take the role of cash. 

When crypto is fully operational and incorporated into our lives, the world will change and crypto will become the future of money.

Tags: crypto
Previous Post

GameStop Partners With FTX US to Bring Gaming and Crypto Communities Together

Next Post

Nereus Finance and New Free DAO Faced Flash Loan Exploit

Jagdish Kumar

Jagdish Kumar

Reporting & writing on crypto & blockchain for the past few years. A content eagle, journalist & writer with a passion to explore new technologies that can change human lives. Joined Klever to make Crypto simple. Follow me on Twitter @TokenBharat or email me at jagdish@klever.io

Related Stories

K5: a bright future ahead with the community being the biggest inspiration 

K5: a bright future ahead with the community being the biggest inspiration 

by Maluh Bastos
February 3, 2023
0
7.3k

Klever K5 Wallet’s launch has been the buzz in the last few days. The new and improved Klever Wallet app...

Klever is your go-to DeFi solution 

Klever is your go-to DeFi solution 

by Maluh Bastos
February 1, 2023
0
7.3k

The DeFi world is growing fast. Therefore, having a trustable and effective platform to navigate this universe can help users...

Time to start using K5: learn how to migrate to the new Klever wallet app version

Time to start using K5: learn how to migrate to the new Klever wallet app version

by Maluh Bastos
January 31, 2023
0
7.3k

KleverChain’s launch in 2022 was one of the biggest accomplishments for the Klever Ecosystem.  Klever’s very own blockchain is bringing...

Use cryptocurrency and blockchain for transparent and secure voting

Use cryptocurrency and blockchain for transparent and secure voting

by Warren Manuel
January 30, 2023
0
7.3k

The integrity of democratic voting systems is crucial for the functioning of a healthy democracy. In recent years, there has...

Next Post
Nereus Finance and New Free DAO Faced Flash Loan Exploit

Nereus Finance and New Free DAO Faced Flash Loan Exploit

What is the best crypto wallet?

What is the best crypto wallet?

Please login to join discussion
Download Klever Wallet Download Klever Wallet Download Klever Wallet
ADVERTISEMENT

Recommended

Ethereum

Coin of the Week: Ethereum (ETH)

November 14, 2021
7.5k
Tron (TRX)

Coin of the Week: Tron (TRX)

May 19, 2022
7.5k

Popular Story

  • Stand a chance to win your share of 10,000 KLV

    Stand a chance to win your share of 10,000 KLV

    8335 shares
    Share 3334 Tweet 2084
  • Test drive Klever Wallet, K5 and Win 1000 KLV & 1 KFI

    7021 shares
    Share 2808 Tweet 1755
  • Bitcoin battles back from record losses to $21,000

    5914 shares
    Share 2366 Tweet 1479
  • Klever showcases its blockchain ecosystem on a Time Square billboard

    5358 shares
    Share 2143 Tweet 1340
  • K5 adds new blockchain and KleverSafe support in the latest Android version

    5070 shares
    Share 2028 Tweet 1268

Follow us on Twitter

Klever News

Join the Klever community
Growing together we are stronger.
Be sure to follow us on social media to stay up to date.

Categories

  • Announcements
  • Coin of the Week
  • Education
  • Exchange
  • Games
  • Global
  • Hardware Wallet
  • Market Updates
  • NFTs
  • Opinions
  • Sponsored
  • Wallet
Download Klever Wallet Download Klever Wallet Download Klever Wallet
ADVERTISEMENT

Recent News

K5: a bright future ahead with the community being the biggest inspiration 

K5: a bright future ahead with the community being the biggest inspiration 

February 3, 2023
Klever is your go-to DeFi solution 

Klever is your go-to DeFi solution 

February 1, 2023
  • Sponsored Content
  • Advertise
  • Contact Us
  • RSS Feed

© 2022 Klever News - Premium Crypto news & insights by Klever Finance.

  • Login
  • Sign Up
No Result
View All Result
  • Home
  • Global
  • Exchange
  • Wallet
  • Education
  • NFTs
  • Announcements
  • Opinions
  • Marketcap

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version