How could crypto usage look like in 10 years?

There is no doubt that cryptos have increased in popularity since the moment they were introduced to society back in 2008, though the main mission of crypto, topping the global financial ecosystem still has not come to reality. But who knows maybe the next decade is decisive for it?

The world has developed and changed a lot towards the crypto direction. Wallets and different payment methods have been introduced and implemented by a number of companies all around the world. The predictions made around 10 years ago, might have come true, and something we might consider to happen in 10 years, might actually come true in less than a decade.

The price and correlation

The biggest benefit of cryptos has always been its decentralized nature. This means that no governmental officials can ever be in charge and in control of the crypto movement or even track the transactions. This gives people a sense of safety and privacy, which is extremely essential in the digital world. Another important aspect is the variety of digital assets and the ability to earn them.

Despite some major benefits, the speculations around the topic never end, and more often than not, the predictions of the investors and traders center on price. But simply musing over the market performance of a specific coin ignores the larger potential of cryptocurrency. This space is about more than price fluctuations - it’s a digital financial revolution that’s poised to transform the world.

Some countries have already pioneered in creating their own digital currencies. Countries like China, Canada, Sweden, UK, and a few more have issued their guidelines regarding the usage of the local digital currency. Sweden runs the pilot version for its e-krona and has high hopes placed on the digital currency CBDC. In Norway, some cities have already claimed digital currency as the official currency.

Scandinavian countries generally manage to leave us speechless with their innovations. Just like Sweden did with the microchip implants, which enable people to make any kind of payment with a simple touch. So basically your credit or debit card is now your own hand. Many people all over the world were against chipping people and injecting the electronic device into the body, yet locals were quite happy about their own decision.

The grocery store, shopping, even casinos, all of it with a simple swipe of the finger. I wonder if we ever get to the point when we can transfer money by a handshake. Just imagine how simple it is to make a deposit or payment for your favorite food or game by simply shaking hands with the croupier or shop assistant.

The whole Scandinavian region is one of the most cashless regions in the world, consequently is very happy about the new cashless and even cardless payment methods. Though, because of the ongoing pandemic, not many physical transfers have been made using the skin integrated chips, though because of the increased popularity of online industries, many transfers have been made with cryptocurrencies. This has especially been popular in the gambling industry, which uses cryptos in order to keep local players anonymous with the transactions, due to the local strict online gambling regulations. Further information can be found on Norsk Casino Online website which has detailed information about the local regulations, restrictions, and payment methods that are eligible with the Norwegian online casinos.

The importance of regulations

Many regulators fear that the governments and the officials will lose the ability to control the flow of wealth which is particularly concerning when it comes to the funding of illegal activities. While the argument was made that it would be a mistake to regulate something simply because it could be used by the criminals and the black marketers, there were also voices calling for strict guidelines on the cryptos.

At this point, some high authority representatives came to a decision that maybe there comes the time when the world has to ban the cryptos, yet instead the countries are one by one switching to online platforms and digital payments. Yet governments are showing an increased interest in cryptocurrencies. Blockchain CEO and founder Peter Smith projected that within 24 months, a major government will issue a sovereign digital currency.

Countries keep announcing one by one that they have come up with the new payment methods, which most usually mean cryptocurrencies and digital currencies. In the case of Sweden the issuing authority should be the central bank, yet not solely. This has raised concerns about the fairness and credibility of the currency. Many people think that the main perk of having a digital asset, which is decentralized in nature, will be lost with any party like a central bank being involved.

What the future prepares for us

Many experts, investors, and enthusiasts think that cryptos have a big future, and maybe by the end of this decade, we should already see them both cohabitate harmonically, without tension and with the choice offered to people.

The biggest problem with the massive implementation of cryptos is that around 2 billion people all around the world, do not have a personal account in banks even, which makes it vivid that those people do not use credit cards, or bank transfers, which will make it very hard for them to switch not to the card but to the completely abstract digital asset. The good side though, is that most of those people have access to electronic devices, which makes us hope for the best.

The increased demand and usage of Google Pay and Apple Pay, strengthen the point of swift and effective integration of crypto payment systems in society. Though, this does not mean the complete switch to crypto and digital currency. More than 10 years have passed since the moment credit cards were introduced to society, yet there still are many people who prefer cash.

Thus, according to the previous experience with the payment revolution methods, the cryptos still need some more time in order to push their roots deeper into society.