There has been a lot of hype about the use of cryptocurrency for transactions or even to invest in. Since the invention of the digital coins, we have seen Bitcoin do well until recently. Other coins like Ripple and Ethereum have put in so much effort to catch up to the extent of threatening Bitcoin. Apart from these, others are also coming up and promising to do well in the near future. Should this tell you something? Yes, the cryptocurrency takeover is almost here with us. This is what it would look like:
The Total Value of Cryptocurrency is Growing
Currently, financial experts estimate that over $100 billion USD of cryptocurrency is in circulation. This includes the different coins that are available around the world. Bitcoin, Ethereum, and Ripple are still the leading giants, accounting for over 60 percent of the total. Amazingly, the crypto sector is growing by the minute. This high growth rate is expected to be the main contributor to the takeover in the near future. As more people gain trust in using crypto to transact and invest in the sector, we can expect better results.
Consumer Interest is Growing
From the beginning, one of the factors that have accelerated the growth of the crypto industry, particularly the bitcoin is consumer interest. When Bitcoin came into the public with a bang a few years ago, public interest was one of the things that made it famous. Everyone was rushing wildly buying, selling, and mining the coins. Fast forward to today and consumer’s interest is growing in any coin that is doing well. We have seen Ripple and Ethereum work hard to provide a better working environment to win the consumer interest, which they have succeeded in.
Technology is Improving
Blockchain technology is improving at a rapid rate. According to experts from trybe.one, a website that writes about technology and cryptocurrency, the entire globe can now access incredible technology in all sectors, and cryptocurrency is one of the beneficiaries. The innovators are focusing on the use of a secure environment where users can transact or buy crypto without the fear of being hacked or scammed.
Ethereum has been a success in this, though other coins have a good reputation for protecting their customers. Blockchains are now faster and safer. Thus, they can still process numerous transactions per second to accommodate the growing number of users.
Struggle With the Government
Crypto sector is a major threat to the currency regulated by the government of each nation. The US feels that the dollar is under threat if the crypto takeover becomes a reality. Thus, they have been trying to look for regulations that can control their use globally to save the dollar. It is still a struggle, and nothing is clear on what will happen to both. Will there be a successful regulation on cryptocurrency and who will be in charge? We can only wait and see. One thing that people are sure of from this trend is that the crypto takeover might be a reality soon.