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October 17, 2020
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Cryptocurrency will have an outstanding role in the future, but it will take more time than generally believed to be. Blockchain reduces digital transaction costs to nearly zero. This is the prime reason why it has a very undeniable role in business. Through smart contracts, the costs incurred for audit, legal, and compliance could be lowered to nearly zero. This boosts business situations and transactions. Cryptocurrency has, no doubt, become very popular among investors and financial institutions. But there would be a lot of changes in the future to make it more acceptable and legit.
The Future of Cryptocurrency
According to some economic analysts, Crypto has a very bright and decisive future. But the shape 
and importance will be changed as institutional money has entered the market. It is expected that crypto will be floated on the Nasdaq. If it happens, the reliability of Crypto will be furthered as a substitute for traditional currencies. To make it a reality Crypto would require a verified exchange-traded fund or ETF to be in place. An ETF would certainly make it convenient for people to invest in Bitcoin.
The futuristic viewpoint for bitcoin is a debatable subject. However, the so-called crypto-evangelists are propagating for a brighter future for Crypto. The experts advocate that the irresistible feeling among crypto-evangelists suggests that the market capitalization of cryptocurrencies could grow to $5-10 trillion over the next five years.
Rising Inspection
The advantages could be a base for many misadventures. The decentralized feature of Bitcoin has also made it susceptible to a range of unwarranted illegal activities that include money laundering smuggling, drug peddling, and weapons procurement. In the USA, these loopholes and misuses have caught the attention of authoritative regulatory and other government agencies. The agencies that are seriously monitoring the state of Crypto are the SEC, the Financial Crimes Enforcement Network (FinCEN), the Department of Homeland Security (DHS), and the FBI.
It is to be noted here that way back in 2013 FinCEN had issued a set of laws that made it clear that the virtual exchanges and administrators should be brought within the purview of government regulation as they are operating as money service businesses. The regulating authorities have displayed their biting teeth in this regard. In 2013 itself the Department of Homeland Security made an account of Mt. Gox (the largest Bitcoin exchange) blocked on the basis of the alleged breaking of anti-money laundering laws. 
Again, in the month of August 2013, 22 emerging payment companies were served with subpoenas by New York’s Department of Financial Services. Most of these companies were handling Bitcoin. The authority questioned regarding their processes and required actions to thwart money laundering, warranty consumer safeguarding, and showcasing the high level of transparency.
The Prospect of Crypto
Irrespective of related discrepancies and misuses of Cryptocurrency, there lies a better future for it. Experts believe that the problems and issues faced by Crypto would be resolved at the right time. Now, it is possible that your digital destiny could be simply wiped out by a computer crash. It is also feasible that hackers could ransack your virtual vault. But it is expected that these issues and problems could be dealt with properly by introducing state-of-the-art technologies.
Although the number of traders who acknowledge cryptocurrencies has progressively augmented, their number is low. Cryptocurrencies need to be accepted by consumers in a large way so that it gains popularity and get used in various ways.
But it is hindered for their apparent complications in comparison to traditional currencies which might discourage a large number of people, excluding those who are skilled with better technological know-how. To become a part and parcel of the mainstream financial system, Cryptocurrency will have to fulfill an array of legalities and criteria.
The bottom line
Cryptocurrency is still evolving and may take a few more years to be in the right shape so that it could be treated as an alternative to conventional currencies. Experts are very optimistic about the bright future but believe that technological intervention is what is required the most now. Through innovative technologies, the problems and issues related to Crypto could be addressed. Finally, one thing is clear, Crypto is going to stay and prosper in the coming years.
