I think no one in this world or crypto community has a clear vision of the future of cryptocurrencies. We can only make assumptions based on history and present events of crypto. The virtual currency based on cryptography was introduced to the world so that it can overcome the flaws of the centralized transaction system. But this so-called decentralized system even has some limitations. If you misplace/forget the private Key, all your cryptocurrency possessions are lost. Secret Key is proof that you hold the coins.
It’s a virtual currency, generated by machines, transferred via mechanisms and used by humans (!!!). Threat from hackers scares the majority of the people to take a step forward. Although its popularity is increasing its acceptability is hugely less compared to that of fiat currency. Bitcoin is a legal tender in some of the countries whereas banned in some. With different rules and regulations of every nation, it is a bit challenging to fit the cryptocurrencies or at least the one most popular bitcoin as a mode of payment.
For major adequacy, crypto should be regulated, and this will curb its decentralized nature. But excluding this, it has been embraced by a minority. Most of this is from a technological background who understand the working of crypto. The complex structure petrifies layman from trying his hands on crypto. The omnipresence of crypto will become a reality when it has diverse acceptance. Explanation of crypto in a simplified language, protection from hackers, and security for not being used by unethical resources, decentralization and anonymity in its real sense will expedite the adoption of cryptocurrencies in day-to-day life.
There is undoubtedly a challenging path for crypto, but it has managed to stay active till amongst all the hurdles faced. What if it is not accepted as the mode of payment for which it was invented? The cryptos have received the highest position in investment options. Forex and stocks are left behind in the race. Suppose you had bought 1 BTC when the price was $1k, and you have held it till the price reached highest, i.e. $20k — flattered by the profit? And this too in a period of one year! Which another trading asset gives such fascinating returns?
I agree it’s a bearish market right now. A few traders have lost their funds like hell. It takes an ample amount of research to form foolproof trading strategies with predefined entry and exit points. Keep your hopes high and positive. Let cryptocurrency stay for the betterment of the world!