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Why Crypto Is Arguably Going to Be the Currency of The Future

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This article looks at why it is becoming clearer that crypto is actually going to be the most viable currency of the future. It may have been a bumpy ride, but as the metaverse becomes a reality, it is clear that crypto still has a major role. Here are some insights as to why crypto is going to be the currency of the future.

What is crypto

Crypto is a digital currency that is a peer-to-peer system with no central or national banking authority governing or controlling these transactions. It is a currency or system of transactions that is based on Blockchain technology. As such, it is said to be incorruptible as all transactions are recorded and distributed across the blockchain, so they cannot be changed or deleted, preventing fraud.

The rise of cryptocurrencies has not been a smooth journey, and the truth is that many issues have raised doubts about crypto as a viable, sustainable currency. The main disadvantages of the currency performing as a sustainable and widespread currency were the fact that it was incredibly volatile and that there was an over-proliferation of crypto.

How is crypto currently being used

There are now so many more things that you can do with crypto:-

Online casinos There has been a dramatic rise in the number of online casinos that now accept and use cryptocurrency to pay and play with. Although it may not yet be accepted at all the AU casinos online, it is spreading throughout the online casino sector while also proving to be one of the safest ways to pay and access the casino games that people all love to play. The use of crypto in these spaces makes the most sense based on the safety improvements and anonymity that crypto brings with it—elements that those playing in online casinos generally want.

Investments – Many view crypto itself as an investment and will simply buy a specific cryptocurrency or speculate on its appreciation and the increase in its value. Once crypto increases in value, it is sold, and the cycle can be continued with further crypto being purchased low and sold high. Crypto is a highly volatile currency, and as such, it is a risky form of investment, but keep in mind that it is inherent in such risk that you will find the best opportunities to make a substantial profit. Based on this volatility, you will have to have done your due diligence, and it is advised not to put all your eggs in the crypto basket.

Then there are those who will use crypto to buy tech and or invest in tech start-ups and other related online investments. The latter is somewhat more secure in that as crypto prices are always in flux, buying tech or stocks in a tech firm that will hold and appreciate is a great way to use the crypto that you have.

Luxury goodsThe main cryptos such as Bitcoin and Ethereum have especially been used to buy high-value luxury goods. It was a trend that started with Tesla accepting Bitcoin and then the proliferation of online sites that sprung up that welcomed the use of Bitcoin. High-end watches and clothing have been the main sectors where crypto has been welcomed and is now used to buy these goods and start collections.

Virtual assets Virtual assets that exist in the metaverse/NFTs and artwork can now all be bought and are regarded as an investment by many. It is an entirely new asset class and is one that is growing all the time.

Why and how it is growing and how it will become the currency of the metaverse

Crypto is currently being used extensively in virtual worlds, and there has been the rise of the cryptocurrency sub-class. Metaverse crypto tokens are now all the rage and will be used specifically in the metaverse. Early iterations of virtual worlds such as Sandbox and Decentraland now use cryptocurrencies for everything in these environments, and it is a trend that is spreading throughout the games and entertainment that is widely available on the metaverse. Metaverse crypto can now be used to buy virtual land, real estate,  and even items for your avatar to be used in games.

As the metaverse becomes more established, it has been argued that this ability to buy and trade virtual assets and items will become more widespread and normal. Nike has already begun to experiment with the sale of their shoes in the metaverse. Want your avatar in the latest Jordans? Then you’ll likely need some crypto to purchase these.

There are currently too many cryptos that will try to become the currency of choice in the metaverse. It is somewhat of a distraction or disadvantage in that as long as there is this variety of crypto and the ability for anyone who has the inclination and the skills to make their own currency, then there will be too many options and too many variants of a meta cryptocurrency.

Conclusions

The main argument presented by many in the know is that crypto will indeed become the preferred and trusted currency in the metaverse. However, there are various provisos for this:

  • There will need to be one crypto selected for predominant use or for specific user functions.
  • There will need to be further stability brought to the currency for it to become a steady and reliable means of transaction in the metaverse.
  • The lack of regulation and a central bank to control and monitor crypto/metaverse transactions will need to remain as is. Any further attempt to restrict and control crypto will prevent it from becoming the true currency of the metaverse.

Should these aspects of the currency development be met and achieved, then there is no reason that we all won’t be using crypto, and the same one at that to pay for online gaming, buy a virtual drink in a virtual casino and pay for a pair of sneakers for your avatar.

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