Are the cryptocurrencies the future of the money or not?

The history of money is a very long and interesting one. As humans have evolved and grown, so
has the way we pay. We went from exchanging goods, to gold coins to using cash. In the modern
day cash is becoming less and less usable as credit/debit cards and online transactions have
become the main ways of payments. But as the human world continues to evolve, will these tools
also lose their significance in the future and be replaced by easier and more technologically
advanced means of payment? Is cryptocurrency what the future looks like?
Cryptocurrency is a rapidly spreading way of paying online. As the name says they are digital
“coins” that people can use as a mean of currency online. It firstly became famous when Bitcoin
reached the value of almost 20000$ in 2017 and then different other cryptocurrencies surfaced
online, becoming more and more accessible to everybody. But will this new and intriguing way
of payment be able to replace traditional money? It doesn’t seem as likely when we think about
the fact that the governments of the world will have to relish their control over money and leave
it to the fate of the free market. It seems weird to imagine a world without Central Banks there to
print and regulate money. While I do think that we are heading towards the direction of a
digitalized currency, I don’t think it will be that easy to reach a point where it will be the only
and main one, since governments don’t really like to give up power.
In a research done by Deutsche Bank called Imagine 2030 they say: “Governments, banks and
cards are moving towards a cashless society. Governments, banks and card providers share at
least a goal: the elimination of cash. While governments are more concerned with eliminating
larger notes in circulation as they are mostly used for the black economy, banks and card
providers are finding ways to foster smaller payments with cards through technology
innovations, such as contactless and mobile payments” With the inventions of mobile payments
such as Apple pay or PayPal even plastic cards are becoming victims of technology. Deutsche
Bank also said: “The number of cryptocurrency users will grow 4x in the next ten years, reaching
200 million. This growth is almost same as that of Internet in its first 20 years.” One of the
world’s leading banks also admits that cryptocurrency will gain more significance in the future,
becoming part of almost everybody’s life, just as the internet did. The world today depends
heavily on the Internet, and if it suddenly stopped working, it would be absolutely chaos. In that
same way, the importance cryptocurrencies have will grow to that scale and even more in the
near future, impacting everybody’s life.
Even though it will take a lot of time and a lot of changes I do believe that cryptocurrency will,
one day be the main method of payments. Whether the governments and central banks will
evolve and find a way to control this type of currency like they have started by using CBDC or
they will just give up control (which seems less unlikely) I think cryptocurrencies are the way of
the future. The same way it might have seemed impossible for people to imagine a life without
internet, using it only as an addition and not as a substitute to everyday life, so it seems for
people today to only use cryptocurrencies instead of cash, cards or even online transactions.
Humanity is always evolving and finding new ways to make life not just easier, but also making
a world where they can have as much freedom as they can. And I believe these online coins are
the next step towards that freedom. Cryptocurrency will change the world once again, in a way
we cannot begin to imagine.