Cryptocurrencies like Bitcoins are already part of the financial world, but they are still far from being firmly anchored in it. Basically, today’s world would function without cryptocurrencies and the globe would keep turning. The numerous advantages that Bitcoin and Co. bring with them are simply not yet too well known and therefore many people hesitate to use these currencies. The advantages are indeed certain and this is certainly the reason why these cryptocurrencies are spreading rapidly all over the world. So it’s no wonder that over time, these currencies will have the chance to establish themselves in people’s everyday lives. Of course, we all know that the spread of cryptocurrencies is still expandable in 2021, But today we want to ask ourselves a really interesting question: Where will Bitcoin and Co. stand in about 10 years and how will the handling of these cryptocurrencies have changed when a whole decade has passed from today? We get to the bottom of this question and begin a little journey back in time to the year 2031. To a world that may look very different from what we imagine today.
Cryptocurrencies in 2031
The year is 2031. The new decade is already 1 year old, but grey hair is not yet showing. The financial world on planet earth has been turned completely upside down in the last 10 years or more. Cryptocurrencies were booming and becoming a bigger part of our everyday lives. These currencies became more and more important in our everyday life, above all the pioneering currency in this field Bitcoin. It paved the way for many other types of currency and made people trust this method of payment more.
Therefore, Bitcoin is seen as a kind of a given and is highly valued worldwide. So the cryptocurrencies could drop their anchors and establish themselves on the sandbanks of the financial world. In 2031, cryptocurrencies will be a legitimate means of payment in everyday life and will also be welcomed. Hardly anyone pays with cash anymore, this has almost been abolished because people no longer have any pleasure in carrying material money with them. In everyday life, people now pay with cryptocurrencies and this fact is of great importance for these financial resources.
Whether at the hairdresser’s or at the checkout in the supermarket, cryptocurrencies like Bitcoin are always welcome. After 10 years, people are better informed and appreciate the advantages of these currencies. This better education on the subject has also ensured that people put more trust in cryptocurrencies. In this way, the cryptocurrencies were able to establish themselves step by step. The information has mostly spread through the World Wide Web and has educated people. In addition, most cryptocurrencies have indeed become more constant. People trust the security of the payment method and therefore cryptocurrencies are now a popular means of payment.
How likely is this scenario?
Of course, this scenario is primarily just a mind game of ours and nobody likes to predict how the development of cryptocurrencies will actually look like. Nobody knows what the future will bring. One and a half years ago no one would have believed that the world’s economies would be completely disrupted by a virus pandemic. 10 years is a long period of time and a lot can happen in a decade, for good or bad. Nobody can set fixed scenarios in this regard for a period of 10 years, as there are many uncertainties at play.
As the corona pandemic showed, such events can also completely change people’s payment behaviour. Even before the pandemic, many people refused to pay with the EC card and relied on paying with cash. This has visibly changed in the last few months. Most stores want card payments, as the government wanted it to be. So significantly more people pay with the EC card and since humans are creatures of habit, many people will continue this payment behaviour even after the corona pandemic because they have meanwhile got used to foregoing cash. Corona can certainly contribute to the fact that cash disappears from our world as the number one means of payment faster than expected.
So who knows whether in 10 years’ time cryptocurrencies will not also have a big chance and will be able to push other means of payment backwards. Our example can therefore certainly come true. It is likely that cryptocurrencies such as bitcoins will gradually spread. How long this will actually take, no one can predict, but it is likely that a lot will happen in this regard in the next 10 years and cryptocurrencies will play an increasingly important role in our everyday lives.