Cryptocurrency was introduced in the world in 2008. It had many ups and downs in its journey. Bitcoin has almost reached $51000 in February 2021. Despite all the skepticism, cryptos have held their own.
Acceptance is the key parameter for any currency. Acceptance is a product of trust. Cryptos have attracted almost 100 plus million users in 2020. Still, it is a complex concept. Common masses view it with caution.
What is in store for the cryptos in near future? Would it be possible to buy cinema tickets using cryptos? And what about the groceries? We are inching towards this reality, and still it requires a lot of work. Cryptos have established firmly in many countries, and one can buy from trivial products to real estate with it. Thus payment by digital currency in the world is not too distant future.
Crypto adoption depends on its mass adoption. Global players have jumped on the crypto bandwagon. There are payment gateways. Soon banks and wallets would adapt to cryptos. Still trust that is seen among the computer savvy people must reach the common masses. Regulation and compliance will help build this trust. Cryptos must be made user-friendly. There should be easy conversion into other form. Cryptos in the pandemic emerged as the failsafe to park the surplus funds. Cryptos are an innovation, the adoption graph of which is going to be interesting.