5 Essential Ideas For The Future Of Cryptocurrency

    The rise of cryptocurrency predates war in Ukraine, Chinese human rights abuses, and the continued impoverishment of the global South. But crypto markets may indeed be touched by these events in ways difficult to predict. 

    For instance: The value of bitcoin, for one, is up slightly.

    5 ideas to consider

    Does this say anything at all about the future of cryptocurrency? Let’s take a look at 5 ideas for the future of crypto and find out.  

     1. Trustlessness

    Traditionally, cryptocurrency has been trustless, and it isn’t beholden to any particular corporation, market, or nation. Some argue that absent true trustlessness, cryptocurrency, and the deregulated financial industry are meaningless.

    Some think that recent crypto market regulations — such as that recently passed in the United States or that cryptocurrency is banned entirely in China, among other nations — are taking the soul out of crypto.

    So what’s to be done? Crypto may have to stay one step ahead of national interests. Certain crypto companies may opt for a certain trustlessness-at-all-costs, which would involve moving operations from country to country based on the advent of regulations in one place or another.    

    2. The Metaverse 

    The metaverse — and, consequently, metaverse crypto — is either a new, exciting way to connect with other people across the globe or a hyped-up bit of futurist nonsense, depending on your politics. 

    Of course, the same could be said of cryptocurrency. The two pair together well, and many metaverse cryptos have popped up lately.  

    Decentraland is just one example. Decentraland is a large-scale virtual world. Its native crypto, MANA, can be traded for virtual land, goods, and services or parlayed onto the larger crypto market. Its financial dimension runs on smart contracts written onto Ethereum blockchain, an arrangement familiar to established crypto traders. And its fully immersive virtual world offers next-generation innovations based on the values of the deregulated financial industry. 

    3. Stablecoins

    Those who are more pessimistic about crypto’s outlook may find comfort in stablecoins.

    Stablecoins might be called quasi-crypto cryptocurrencies. Where cryptocurrency is trustless and not representative of any nationally-recognized legal tender, stablecoins are pegged 1:1 (or as close as they can get to it) to an asset — USD, for instance, or gold in the case of PAXG.

    The world’s largest stablecoin, Tether, is pegged 1:1 to the U.S. dollar: One Tether coin — USDT — is worth one U.S. dollar. Amid international conflict, fiat assets represent a comfortable, familiar investment, especially those new to crypto. 

    4. Globalism

    Cryptocurrency is banned altogether in Egypt, Iraq, Qatar, Oman, Morocco, Algeria, Tunisia, Bangladesh, and China.

    El Salvador has recognized bitcoin as a legal tender. This has been controversial, especially in El Salvador: The nation is already poor, and some think that a government-mandated move to the DeFi industry isn’t capable of solving that. However, that arrangement offers everyday Salvadorans investment opportunities.

    The global spread of cryptocurrency is exciting, particularly in developing nations. 

     5. Fine-art NFTs

    NFTs have taken off in the last few years. Many of them have value out of sheer rarity or association with celebrities. It was attempted to turn fine art into NFTs or turn NFTs into fine art. Some NFTs have sold for millions at Sotheby’s. 

    Artworks have been tokenized, meaning digital copies have been made and sold. But more can be done with that.

    It’s not impossible that we could see a large-scale art patronage movement shift from traditional collecting and hold to an NFT-based system. The implications here are fascinating: Imagine a democratized, internationalized art market that digs into the authenticity of NFTs. A major museological shift could happen. The digital representation of renowned art provides an international audience with a thrilling museum experience at a severely reduced cost — or even for free.

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