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Insight on the Prediction of Cryptocurrencies

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Vandana Mrigwani Follow

INDIA

Mar, 01 2021

Mar, 01 2021

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Prices of Bitcoin, ETH, XRP, and LTC will be on a frantic course for an extended time. Traders and investors will make and lose fortunes in record time, depending on them. Worldwide governments and enormous banks defending sovereign currencies. 

 

Take the instance of Bitcoin 

 

The "Currency of the people" has given an excellent promise: to become the primary real world currency, free from the control of the central banks that print money and therefore the large banks that make faith. But to try to do this, Bitcoin must gain the trust of the "general public." This means that it must be adopted as a way of exchange (people got to use bitcoin to shop for services and products), as an accounting unit, and safeguard value by replacing national currencies. This is often tough given the various obstacles require to beat Bitcoin. Like lack of data, familiarity, stability, etc., makes some experts pessimistic about the longer term of Bitcoin. 

 

Lars Seier Christensen, president of Concordium, subsequent generation world decentralized computer, is one among them. Unpredictability will make it difficult for Bitcoin to be widely adopted as a way of exchange. And without widespread adoption, Bitcoin will remain a game for speculators and real fans and eventually die alone. But Bitcoin overcome these obstacles and gain widespread adoption by the general public, and manage to exchange the national currencies-that is, become the new currency-what happens next? 

 

The pessimistic argue that the "regime" cannot afford to let that happen. The reasons are enough, and these include " Seigniorage ." In simple terms, the profit that national governments derive from money printing. Then there's the profit for the banks that help to circulate this money and make credits. The scheme will do whatever it takes to guard these profits against Bitcoin, and the other cryptocurrency seeks to exchange them. Recent congressional hearings on Libra confirm the regime's determination to protect the dollar against competing cryptocurrencies. Democrats and Republicans opposed Libra and didn't have many right words to mention about Bitcoin during a rare moment of unity. 

 

Not everyone agrees with this grim assessment. Dave Hodgson, director and co-founder of NEM Ventures, is one among them. While it's still unclear which side is right, one thing is exact: truth followers of Bitcoin (and the ETH, XRP, LTC, etc.) who believe that cryptocurrencies will eventually replace the national currencies need a lesson in money and Banking. 


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Vandana Mrigwani

CBW - External Analyst

INDIA

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