What Is The Future Of Cryptocurrencies — Should You Invest In Cryptocurrencies?

On February 20, 2021, a parabolic rise in Bitcoin drove its market capitalization to US$ 1 trillion. The event hasn’t faded from the minds of investors, despite an unprecedented rise, most of the market participants have raised serious doubts on the sustainability and longevity of cryptocurrencies as an investment vehicle for the future. In this article, we would shed some light on a few reasons why cryptocurrencies would be the future shaping the financial system.1.Fraud/Fake ProofCryptocurrencies like Bitcoin cannot be created out of thin air like fiat. It is not like a reckless money printing exercise that the Fed is doing in the name of stimulus packages and coronavirus support funding. The event of 2008 is still afresh when Satoshi Nakamoto released the whitepaper after the global meltdown. The world saw how the monetary policy of the government failed, and they wanted to hide their ignominy. There couldn’t be more than 21 million bitcoin in circulation. In this way, these specific protocol level arrangements that bitcoin has managed over the years have driven institutional support in 2020–2021.You can simply understand what a $100 bill used to buy in 1990 compared to what it buys today. Likewise, in 2008, 20,000 bitcoin bought two boxes of pizza, at present, 20,000 bitcoins can simply buy you private jets, mansions, luxury cars, foreign property, and everything that you can think about. On top of this, there couldn’t be a reckless money printing exercise possible, thus making the ecosystem transparent, democratized, and future-proof for disruption.2. Identity TheftAt present, one of the pressing challenges that the world foresees is digital or internet fraud. Anyone can simply access the account of another person and siphon out the money in no time. There are other scopes for frauds where funds are getting transferred without legit accountability. Blockchain and…