As of October 2017, we know that the future has arrived and it is digital. The day when we all wake up to a real cyber-attack of our financial institutions and our way of life is fast approaching us. We face a big fear because of this reality, and on top of that, we never thought possible; the use of digital currency in everyday life.
So is Bitcoin still a household word in 2022? Or can we say that the future is now and there’s no going back to the pre-digital days of paper money, credit cards, and cash? Let us try to find out what will happen by looking at what has happened so far.
The virtual currency as we know it today came in the form of Bitcoin with its release in 2009. The process of mining and using bitcoins for transactions is known as cryptocurrency. Many currencies followed suit with their own releases after bitcoin managed to find its mark in the financial world.
Most cryptocurrencies are digital tokens that are not tied or pegged to any fiat currency or any sovereign nation. They are free-flowing and traded around the world as decentralized objects. They provide anonymity to those using them unless those transactions are linked back to a person via exchange records.
The digital currency market is flooded but only a few of them will survive and find their place in everyday life. For that to happen, we need to look at how people use these currencies and what they want from them. Do people prefer a currency that has its value pegged to the US dollar or would they rather use bitcoin as their main currency?
In 2017, we see that more and more people are starting to use cryptocurrency for all kinds of transactions. They make savings out of them and pay their bills with cryptocurrencies too. But it is whether they will be able to do the same in 2022 that is yet to be seen.
“People still don’t understand how it works, and you hear outrageous claims about cryptocurrencies – that they’re facilitating the next billion-dollar drug ring, or enabling terrorism by allowing rogue states to transfer money anonymously (which is ironic, as most cryptocurrencies are actually public)” – Clare Chambers, a senior lecturer in the Department of Politics and International Relations at the University of Surrey told The Independent.
“It’s still not really practical to use Bitcoin to buy stuff or send money internationally, you’ve got to convert it into real currency first – which will take time“. – Tom Robinson, co-founder of the UK Digital Currency Association
“Bitcoin took ten years to get where it is today. By 2022 it will have undoubtedly become more user friendly and easier for people, therefore making cryptocurrency more mainstream“. – Ethan Cuthbert, Co-Founder of Cryptomover.
So what does this mean? Is it really possible that in 2022 bitcoin will be the main currency used worldwide or are we looking at some other form of digital currency coming along to replace bitcoin? Well, I would say that bitcoin will definitely be around but not necessarily as the world’s main currency by then. Yes, it has its flaws; price volatility is one of them but overall I think its technology is here to stay.
Another thing that bitcoin has going for it is the fact that its supply is limited to 21 million bitcoins, so there’s a certain limit on how much can be bought or sold at any given time. The question now is which other cryptocurrency will take its place? Will it be Ethereum or Monero? I think if people are looking for digital currencies with low costs and good transactions then they might decide on something like Litecoin instead of bitcoin. The only problem is that the future has not been written yet and many surprises await us down the road.
