Cryptocurrency remains a relatively new electronic version of money. As time goes on, experts are shining new light on cryptocurrency, such as bitcoin, and how it will positively affect the future of finance. Jeff Brown argues in his near future report that “digital currencies are on pace to take over the market” and that the U.S. dollar will lose relevance.
The Near Future Report is a monthly service that provides subscribers with up-to-date information on technological advancements and the opportunities they create for stock traders. It provides “recommended stock picks, a steady stream of comprehensive market data, and analysis” to traders while emphasising the importance of the future of cryptocurrency. Having an impact on stock trading and investment decisions is just one of many ways that electronic currency is shaping our future.
What exactly is in store for the future of electronic currencies? Will they eventually override the U.S. dollar, not to mention other global currencies? As we’ve noted, stock trading is one factor that will be impacted by evolving cryptocurrency, and Nasdaq also notes various ways cryptocurrency will change the future, for the better.
When cryptocurrency becomes more dominant, fraud could become less of a risk for credit card holders, or anyone transferring funds electronically by means of a mobile banking app. Nasdaq notes that this is because cryptocurrency is not linked directly to your bank account or personal, sensitive information. They credit cryptocurrency’s “blockchain” and its way of “securely recording all transactions” for this possibility of a decrease in financial fraud in the future.
Another way electronic currencies can positively alter our future is by strengthening e-commerce. This ties in with fraud and how some shoppers hesitate to buy products online. Cryptocurrency provides the opportunity for these shoppers to feel safe purchasing items online, by reducing risk, as purchases made with electronic currencies allow for less opportunity for fraudsters to invade a transaction.
Furthermore, inflation and the ever-evolving world makes many global currencies unstable. Likewise, cryptocurrency has the potential to affect the future for the better by providing stability. Nasdaq’s article argues that “while not all countries have currencies that are subject to outrageous rates of inflation, others could seriously benefit from switching to use cryptocurrency.”
Wall-Street.com provides even more evidence that we should have faith in electronic currency. They argue that cryptocurrency transfers are instant, getting from point A to point B even faster than your standard e-transfer from your bank, which can sometimes take up to 24 hours. Furthermore, they note how cryptocurrency can “ease cross-border transactions” by providing low transaction costs, simplifying the process of cross-border transfers.
Jeff Brown claims that Amazon and Facebook are already developing their own electronic currency, so can there really be any more questions about the future of cryptocurrency? These companies have always been pioneers, having their fingers on the pulse of what the future holds, all the while never losing momentum. It goes without saying, but Brown is really onto something when he declares “any company that isn’t preparing to get ahead of this trend will ultimately be left out in the cold.”
Despite what the future holds, it’s always best to proceed with caution when it comes to investments. We’ve confidently assessed how cryptocurrency can positively shift the world of finance, but while you watch that unfold, you should invest wisely and “buy a select portfolio of under-the-radar blockchain stocks with massive upside potential.” This will minimize risk, while still maintaining a confident stance that cryptocurrency is here to stay.