You may have heard about it on the news, across social media and on the TV. Cryptocurrency is already a popular form of digital currency, and judging by how the price for coins like Bitcoin are soaring, it’s set to take over. But will cryptocurrency replace cash?
What is cryptocurrency?
To put it simply, cryptocurrency is a form of digital currency. It is secured by ‘cryptography’, which means it can’t be traced, duplicate, double-spent or counterfeited.
Will cryptocurrency replace cash?
According to some sources, it’s predicted that crypto will take over at least 25% of all national currencies. Many people are investing in the currency, causing prices to increase rapidly. However, despite its rising popularity, most experts are sure that cryptocurrency is unlikely to replace cash in the future, with some even warning banks to proceed with caution if investing in the asset. Mostly, cryptocurrency has been a volatile asset, hence it is highly unlikely for it to grow into an alternative to cash.
So, where will cryptocurrency go?
Although it’s unlikely for cryptocurrency to reach the heights of cash, there is no doubt that it has a future in our society. So, we’ve decided to explore the history behind crypto, discovering where it came from, where it is set to go in the future and try and answer, once and for all, will cryptocurrency replace cash?
Get to grips with all aspects of finance by taking one of our accounting courses.