The landscape of crypto-currency is going to change in the foreseeable future due to its ever-growing popularity. Bitcoin and other crypto-currencies are going to face added amount of scrutiny due to the sheer lack of regulations that are in place, those against crypto-currency state that a decentralised system is a safe haven for criminal activities and what not. This claim isn’t entirely fruitless, as bitcoin is notorious for being the base mode of transaction for money launderers, drug dealers and other criminals. Bitcoin has been a rage in the dark web for quite some time but hasn’t faced this level of scrutiny till its expansion on the public stock exchange. Crypto-currency is sure to face greater hurdles, with more and more government and regulatory bodies entering into the picture. With the growth in popularity, crypto-currency might not be the same as what it is right now.
For crypto-currency to grow and become more mainstream, it has to innovate and build an extremely secure algorithm that is also extremely easy for the average consumer to use. The algorithm needs to greatly tighten its safeguards for the average technologically inept customer to be able to use it. Another key factor that needs to be taken into account is that crypto-currency is still looked at as a taboo and that most normal consumer will still prefer physical structures governing their cash. The digital economy is going to stay, but the fear is that it will never reach the same heights as tradition banking structures due to the technological nuances that go into running a decentralised network.
So where does the future lie for crypto-currency, most experts believe that the future lies somewhere between traditional banking structures and decentralised cryptographic virtual exchange units? Some experts even go on to say that for the normal consumer anonymity is as important as a central safeguarding network, but the basic premise of the current structure is that anonymity comes along with the lack of a central safeguarding network. This conundrum doesn’t seem to be an easy hurdle to overcome since different crypto-currency units are boisterous about the need for a blockchain powered decentralised network, but explaining all this to an average technologically inept consumer is easier said than done. The obstacle ahead for crypto-currency structures is how they are going to convince normal consumers who have for decades utilised banks for all their transactions to shift to a virtual anonymous network that publically displays the bank record of every individual.