The year of 2017 was the year of the cryptocurrency, as the likes of Bitcoin, Litecoin and Ethereum have exploded in value and are continuing to skyrocket in price. The sudden growth in value of cryptocurrencies has been great for those who had invested in them earlier in 2017 or prior to 2017, as many people have become millionaires overnight. However, even people in and outside of Suncoast who are currently mining, like myself, are making making money as well. As their value rises, more and more people are getting in on this digital gold rush, as online retailers are running out of GPUs, graphics cards, to sell to eager miners wanting to get rich.
However, with this explosive rise, many people still have doubts about this digital gold mine. The most prominent doubters of cryptocurrencies are the heads and executives of major financial institutions, like JP Morgan, as they do not believe that the value of cryptocurrencies aren’t backed by anything tangible. It should also be noted that major financial institutions may not like cryptocurrencies due to the fact that no one major institution controls their value, thus making it hard for financial institutions to control the value of the currencies and make money off of them. Despite what the major banks executives say and think, I still believe that cryptocurrencies will continue to gain value and find a permanent spot in the financial world as many people across the world believe in the power of cryptocurrencies. In fact, cryptocurrency has become so popular that the most valuable cryptocurrency, Bitcoin, can be invested in, through “Chicago Cboe Bitcoin Futures”.
However, if Cryptocurrencies are to become even more valuable and useful, they must be able to be used more like regular currencies, so that average everyday people can go to a store like Target or McDonalds, and buy goods with them. So far, one of the only real-world use for cryptocurrency is buying expensive things like lamborghinis, courtesy of Moonlambos in England. Another is the online game store Steam was one of the only major companies to accept cryptocurrency as payment, but they stopped due to the transaction fee for cryptocurrencies being too high. If more major retailers would accept cryptocurrency payments, then cryptocurrencies could become much more valuable and useful outside of mining and selling them for cash or investinting in them through exchanges like Coinbase. But for now, the future of cryptocurrencies is full of potential and I don’t see them going away anytime soon either.