Where Cryptocurrency Stands Right Now

Cryptocurrency has only been around for the last decade, but in that time it has become a real force in the financial world, with some more popular currencies like Bitcoin skyrocketing in value, much to the distress of anyone who accidentally lost their old Bitcoin.

But with recent changes, such as Google blocking certain currencies from being used by the average user, we’ve seen the values of many currencies plummet while others have quickly filled in the void where Bitcoin once reigned supreme.

But does cryptocurrency have a real future, and will it take over from the national currencies that we use today?

Why Cryptocurrency Remains Popular

One of the main attractions of cryptocurrency is the anonymity that is part and parcel of using any digital format. The way cryptocurrency is set up; it’s next to impossible to match a digital transaction with a real person, making it perfect for those wanting to spend money in a more secure environment.

Although cryptocurrency can be spent at certain places like any other currency, there’s been a hard push from both corporations and governments to try and stem the tide of popularity that cryptocurrency has received in recent years.

One of the reasons for this is because it’s impossible to set tax on a currency within the virtual world, meaning there are many that view it as a tax haven from the tax that a government would usually add on to any transaction, and there is currently some real effort for governments to try and start adding tax to cryptocurrency.

It’s also become popular as more store-fronts and digital services, such as NZ betting have begun to accept cryptocurrencies like Bitcoin as a legitimate means of paying for a product or service, making it attract way for those wishing to remain anonymous to pay for legitimate and perfectly legal goods without having to worry about being exploited by any online criminals.

The Future of cryptocurrency

Now, there are an estimated few hundred cryptocurrencies in the world, while only a couple of these have any real world, practical usage.

Bitcoin is by far the most popular, but we’re starting to see others breaking into the scene, such as Litecoin. Others, such as OneCoin and YoCoin, which all use similar but altered technology and methodologies are also seeing increased popularity.

We’re also starting to get a sense of just how much it costs to create and distribute virtual currency in amounts enough to make any real impact on the market.

Most of the cryptocurrency floating around online is produced by massive mining farms that see thousands of graphics cards linked together in chains, where they spend countless hours racking up single coins at a time.

This type of farming is the only known way of producing cryptocurrency in bulk, but the time and electricity requirements are enough that many farms can’t continue functioning. But for the foreseeable future, cryptocurrency is here to stay, and will only improve with time.