Adoption of Cryptocurrency: Is it a Fad?

It’s not far when you will be asked your preference in paying a bill— Bank Notes or Crypto? How'd you feel at that time? We, who have seen the rise of crypto from ashes will surely enjoy every bit of it while our offspring might not be surprised to make transactions with crypto— say, Bitcoin, Ethereum, or even Hive— who knows?

Photo by Art Rachen on Unsplash

But the current hype in crypto— will it sustain or this is just a fad?

There’s no straight answer but based on the current scenario and considering the technological innovation, especially in the blockchain sector, we can say crypto is here to stay. Maybe we will see a rise of different things, more sophisticated than web3.0— yet, this won’t vanish— instead, this may work as the base for other innovations.

And it’d be of no surprise if we see banknotes go extinct in the near future— or in the museum, perhaps. The same idea is now raising a question every now and then—

“Is this the best time to invest in crypto?” “Which one should I invest in?”

Well, do not expect an answer from me. I am no crypto analyst, nor a crypto maniac. I’d like to introduce myself as a writer of things; mostly stray things and collecting the bounty from here and there.

Okay, whatever— the adoption of crypto as the mainstream currency of transaction and trade may not seem a fantasy to many countries at this age.

After that Ukraine incident and most prominently, El Salvador’s official move to cryptocurrency is a clear signal to non-willing countries to review their decision in terms of crypto adoption.

Again, in Venezuela, people use crypto to trade internally because of the inflation rate and the underrated value of their banknotes. And it’s going fine— serving the purpose and inspiring others to join the revolution. In the near future, when crypto will be available in every country (finger-crossed), these “unpopular” countries will be examples to our offspring.

Again, joining the force with Venezuela, other countries including Kenya, Vietnam and Nigeria are using cryptos as a financial means of transaction. They are the true beneficiaries of this decentralised currency that is earning them foreign currencies without even being exposed directly.

As these countries have issues with foreign investments and barely can manage to earn profitable foreign currency, crypto is bringing the bounty to the table. This is also inviting foreign investors and many others who are interested in cryptocurrency and willing to explore the local Real Estate market and other booming sectors while keeping the transaction system solely centred on the cryptos.

However, amidst the mass adoption of cryptocurrency, some countries are still unwilling to embrace it with open arms. Even countries like Russia are not in favour of this digital currency— where, this country is known to be a heaven for cyber fanatics.

Some other countries including China, a tech and business giant is yet to adopt the currency. It cannot be said they are never to move to this digital currency but, one this is clear— it’s not so fast.

If these countries somehow are convinced to use crypto for international trading purposes, just imagine the height it will reach— given that, I can say,

now is the best time to invest in it— and never bother about it being a “Fad” as it isn’t.

[All content is mine unless otherwise stated]