With how popular cryptocurrency has become over the last decade, many people are wondering if Bitcoin and similar digital coins are eventually going to replace the US dollar. There’s no doubt that these tokens have become far more mainstream than they were ever expected to be, not to mention the financial success that many individuals have seen when investing and trading, but is the concept of crypto replacing the traditional dollar realistic?
Let’s take a closer look into some of the facts to get a better idea of whether cryptocurrency is really the way forward for the future of finance.
Is there any chance of Bitcoin replacing the US dollar?
While it’s difficult to say for sure what the future of crypto and fiat currency is, countless people firmly believe that Bitcoin will eventually replace the dollar. On the other hand, there are also plenty of individuals who don’t put any weight into cryptocurrency becoming the primary tender. Considering the history of crypto and how far it has come in such a short period of time, it’s certainly a viable question.
This is especially important to think about when you understand the beginnings of cryptocurrency. Bitcoin wasn’t worth much at first. Back in 2009 it actually had no value, and only increased slightly in 2010, to $0.08 to be exact. When you factor in that just one of these digital coins is currently worth more than $35,000, the growth of crypto is undeniable. Seeing this level of success in such a short time makes investors and sceptics alike wonder where it will be in the space of just a few more years.
It’s hard to say whether cryptocurrency will ever overtake the US dollar (and other fiat currencies), but one thing’s for sure; Bitcoin, Ether and several other digital coins are here to stay.
How to take advantage of crypto today
If you want to get a slice of the pie now, you’ll be glad to hear that there are a wide variety of opportunities available to you. You could, for example, buy a few coins and hold them for the future, or be more active in the market and trade your tokens in space of a few days (if and when their value increases).
For anybody looking to make a profit on their endeavours, it can often be worth taking the time to determine which crypto strategy will be most effective for their unique needs. With a range of different strategies, you’ll often find that there will be something that works for you, whether you want to be more involved in the crypto community now or wait for high returns in the future.