What will scoop Cryptocurrencies in 2023?

Cryptocurrencies will become mainstream

The first wave of cryptocurrencies was released in 2009, and since then, we have seen many different types of digital currencies emerge. However, only a handful of them has been able to gain traction among consumers. Most people don’t even know what cryptocurrency is. But that could remake in the prospective years. According to a recent report by Statista, the number of people who use bitcoin or other cryptocurrencies is expected to increase significantly over the next few years. By 2020, the global market size for cryptocurrencies is projected to reach $400 billion. That’s almost double its current value. And by 2025, the total market size for cryptocurrencies is expected to hit $1 trillion.

In 2023, we will have seen the rise of cryptocurrencies and blockchain technology. We’ve already seen the first wave of companies using these technologies to create their digital currencies. In the future, we’ll see many more businesses adopt them.

It will replace traditional payment methods

As more people adopt cryptocurrencies, they will likely start using them to make purchases online instead of credit cards or debit cards. A study by Juniper Research predicts that by 2021, nearly half of all online transactions will be conducted using cryptocurrencies. Meanwhile, the number of merchants accepting crypto is expected to rise from about 1,000 today to more than 10,000 by 2022.

Cryptocurrencies will be accepted at brick-and-mortar stores

In addition to being used for online shopping, crypto will soon be accepted at physical locations. As early as 2019, some retailers may begin accepting crypto as payments. For example, Walmart, Target, Best Buy, and McDonald�s already accept Bitcoin. Other companies, including Starbucks, Subway, and Whole Foods Market, are testing out ways to accept cryptocurrencies.

A major asset class

 

According to the Bank of International Settlements (BIS), cryptocurrencies are now considered a legitimate asset class. BIS defines an asset class as a group of assets that share similar characteristics. So far, crypto has not been included in any official asset classes, but according to the BIS, they do fit under the broad category of �virtual assets.

Evolvement

Crypto is still relatively young, and its future remains uncertain. However, experts believe that they will continue to develop and improve. One thing is certain: crypto will remain a hot topic in the financial world for years to come.

Widely accepted

The number of people who use cryptocurrencies today is still small compared to traditional payment methods. However, we see a shift towards crypto-friendly countries, and even some governments are starting to accept the digital currency.

More secure

Cryptocurrencies are often criticized for being insecure. But, over time, they will become more secure. As more people start adopting them, hackers will find it harder to steal money.

This will continue to gain popularity

People are becoming more aware of how much power they give away to centralized institutions. And, as more people realize this, they will want to take back control of their finances.

Crypto will replace fiat currency

We may not have reached the point where cryptocurrencies completely replace fiat currency yet. But, we’re getting closer. Today, most major transactions are done in fiat currency. But, in the future, we’ll likely see fewer purchases made in cash. Instead, we’ll make payments via our phones, and those payments will be processed with crypto.

Digital currency will play a role in global trade

Today, most international trade occurs between countries that use fiat currency. But, as more people adopt crypto, we’ll see more cross-border trades.

Help us pay fewer taxes

When you buy something with fiat currency, you end up paying tax on it. When you spend cryptocurrency instead, you don’t have to pay any taxes. That’s because crypto isn’t tied to any country or government. So, if you want to avoid paying taxes, you should invest in coin currency.

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