Cryptocurrency is a word that has been thrown around quite often in the past few years. There are many different coins, all with their unique features and benefits. One of the most popular ones is Bitcoin, which was created by Satoshi Nakamoto back in 2009. As cryptocurrency becomes more mainstream, it will become even more critical for people to understand what it is and how they can use it.
As many mainstream coins and altcoins have exploded in popularity in the past two years, crypto is undoubtedly not going anywhere. From NFTs to crypto wallets going public, it is a massive business. But what might this mean for the future of cryptocurrencies and the technology behind them?
It is now more critical than ever that you get started with learning about cryptocurrencies and blockchain technology. There is a chance that crypto will take over as the main currency for many countries within this century. You’ll want to familiarize yourself with it and hold your own before the price skyrockets further. You’ll be glad that you did when those coins become worth millions.
In the next five years, we can expect many changes in Bitcoin and other altcoins. Blockchain technology will improve further as more people adopt it. There is a good chance that crypto becomes much easier to use than fiat currency, making adoption rates skyrocket even higher.
It’s also possible that cryptocurrency goes mainstream because there could be regulations coming from governments soon. This will allow cryptocurrencies to become officially recognized by banks and exchanges so they can safely offer them on their platforms without fear of legal action against them. When this happens, blockchain technology has truly made an impact around the world. One thing to note is that if people start using cryptos regularly, then transaction times will increase. This means that technology will have to improve.
Something else to note is the sheer inefficiency in terms of mining technology and the energy it consumes. According to the University of Cambridge Bitcoin Electricity Consumption Index, the worldwide bitcoin network presently consumes approximately 80 terawatt-hours of electricity each year, roughly equal to the annual output of 23 coal-fired power plants or about what is consumed by Finland.
If this is not improved, it could mean that the miners will have to consume more energy for bitcoin mining to become profitable. This would be detrimental to the environment, so blockchain technology might start being used in decentralized apps instead. As time goes on, there will probably be many changes in cryptocurrency because people are starting to get into these coins now more than ever before. The future looks very promising but only if cryptocurrencies can remain safe from malicious attacks or government interference.