Skip to main content
7 answers
Asked Viewed 734 times Translate

Will cryptocurrency become the main currency of the future?

I am beginning to invest into the stock market as an 18 year old. I am a beginner and would love some tips and tricks. Thanks!

crypto
cryptocurrency
tips
stocks
stocks-investing
stock-trading
technology

+25 Karma if successful
From: You
To: Friend
Subject: Career question for you

5
100% of 5 Pros

7 answers


Updated Translate

Richard’s Answer

It's great you're thinking about your financial future now. I doubt crypto currency will become the main currency of the future primarily because governments cannot control it. The underlying blockchain technology will most likely become mainstream though but they need to address the computing/electricity challenges it creates.


Crypto currency investing is very speculative at best because it's not based on any real underlying asset and doesn't generate cash flow like companies do making it hard to value.


Richard - Thank you for your answer. We need more advice like this, now more than ever! There are more than 1k unanswered questions on CV right now. Hoping you'll answer a few more this week! Jordan Rivera, CareerVillage.org Team COACH

1
100% of 1 Pros
Updated Translate

Joseph’s Answer

Cryptocurrency is the future of global finance, gaming, art, insurance, and almost anything you want to place a value on - both physical and virtual. There are many skeptics, less now than a few years ago, but blockchain enable asset tokenization is the future. What that means is that anything of value can be represented by a unique identifier that is verifiable on a distributed ledger. This is extremely powerful and most don't really understand this yet. Yes, some of these cryptocurrencies will compete against fiat currencies like the Euro/Dollar/Yen. Skeptical? At the time of this post, 83 countries around the world have started a CBDC (Central Bank Digital Currency) so they can compete against this. What will be interesting to observe is how this will impact nations around the world. It is early days, but to your question, keep an eye on CoinMarketCap.com as a site that lists all of the current tokens available. Know that many of these will fail, but certainly a few will be the next Google/Apple - only decentralized.
1
100% of 1 Pros
Updated Translate

Srinath’s Answer

Hey! I am going to give an Asian perspective here from India in the times of Coronavirus.

I doubt it because a lot of the countries are currently in Lockdown and the situation seems grave seeing that there is no cure for Covid19 at the moment. People are preferring to have the liquidity with them at the moment rather than invest it in uncertain areas. Plus there are a lot of countries that have banned Cryptocurrency. So I would suggest you to exercise Caution before proceeding here. Try and invest only in traditional avenues at the moment as they are more dependable. Preferably in Government held bonds etc. Support your economy.
0
Updated Translate

Liuv’s Answer

No Crypto will never reach its full potential because of Governments. World Governments don't like this very much. What country wants to give up their currency for a digital worldwide currency, this would decentralize things! What you do is day trade? Swing trade? Investing? Stocks and crypto so you become independent, then head to real estate. $10k to $100k is the first goal. Be disciplined. YouTube Zed Monopoly or Zip Trader, they are good guys saw them grow a lot throughout the years.
0
Updated Translate

Bhargav’s Answer

Not private crypto currencies for sure. Every country will bring their own crypto in future which will have central backing
0
Updated Translate

Luis’s Answer

Hi Sean,

Bitcoin is the only cryptocurrency that has the potential to have a meaningful impact on the world in the future. As such, this answer will only focus on bitcoin.

Arguments against bitcoin tend to miss the point.

You'll hear statements such as "not backed by anything", "speculative", "used by criminals on the dark web", "government will ban it", "governments don't control it, so that's bad" "the underlying blockchain technology is good, bitcoin is not", etc.

NOTE: saying "blockchain is good, but bitcoin is not" is misguided, to say the least. Imagine someone told you "aerodynamic [sic] is good, but not airplanes", or "H2O technology is good, but not water". It's silly, incorrect, and it's just grammatically wrong to use "blockchain" as an abstract noun.

We could spend hours discussing why the above is all wrong. Perhaps more easily, however, let's ask ourselves this:

How long has the US dollar existed? Do you know what backs the dollar (gold? military? faith? nothing?) What is money? Why is the US dollar the world reserve currency? What were the previous world reserve currencies? What happens to fiat (government-dictated) currencies over time? What is inflation? What is deflation? What is the Federal Reserve, and how does it influence monetary policy?

The more you learn about government-led (fiat) currencies, the more you'll learn about a particular pattern they all follow (hint: it does not end well). Then, you'll be able to learn why a groundbreaking asset like bitcoin holds so much promise for the future in ways that traditional fiat currencies simply cannot.

Hope that helps, and all the best to you.
0
Updated Translate

Jack’s Answer

Hey Sean, Unfortunately it's literally impossible to See into the future, So i apologize in advance for that answer. I think it really breaks down to your speculation of the future. Here in America, we use Credit/Debit Cards to handle transactions. In Asian Countries like China/ Korea. They simply don't use Credit Cards like we do. The majority of their transactions are done through QR codes transactions through their mobile phones. (Wechat, Alipay, Tenpay) This is their cultural norm, Asia Definitely still has Credit cards services. However it is simply not the norm.


Therefore if you thinking about the future of Crypto It is extremely important to look at it in a broader Context, Even understand the worlds view. Nobody knows if Crypto will replace Traditional Fiat money. That is something we need to observe and simply watch how it plays out. But I do believe in the Underlying technology, which is Blockchain. Which Core value is simply "Trust". I look forward to the future, As a 25 year old man in Information technology. I believe It's up to us. The next generation of leaders to build the 5th industrial revolution.


I first heard about Bitcoin as a freshman in High school, My friends and I traded and used these coins for video games. such as Runescape, Maple story, even counter strike. Back then, a single bitcoin was around $5. Today it's significantly higher, almost $4,000 per coin. I also invest in multiple Crypto Currency

0