Crypto is often labeled as a scam in the news. Crypto is often labeled as “backed by nothing”, and definitely not the currency of the future. These headlines often cloud people’s ability to do their own research. I find that crypto does in fact have a future. Think about society from the past, anything can be a currency. Shells, salt, and bread have all been used as currencies, and last time I checked, they were not backed by anything. Hence why I think crypto has a future.
Bitcoin is considered the best crypto currency by many. Transactions can be done in seconds with very low rates depending on the currency and blockchain you prefer. It is often looked at that Bitcoin is the best crypto currency. In my personal opinion this is false, Bitcoin is like the gold of crypto. It is only the highest in value because it was the first. The transaction times are low, and it can take hours to send a very minor amount. This is not practical for being the fast-paced crypto currency used to power the future. But there are other currencies that could actually work. I will use one example in this article, and that is Solana.
Created and founded by Anatoly Yakovenko. Solana is a rapidly growing crypto currency, and has very low transaction costs with lightning fast transaction speeds. Although the price of Solana has fallen over the past few years, its ability to be a currency of the future remains. The currency has one issue, and I believe once that is better refined the ability for it to be a currency of the future is there. The current ongoing issue is the currency having to shut down for maintenance. Everyone keeps their money, but no one can send or complete transactions. Some may argue that Ethereum is a currency of the future, which I do believe Ethereum is a good currency without a doubt. But, it has its own downfalls. The currency has high “gas” rates which depend on the amount of people using the network. It can become ridiculous amounts of money.
I believe that crypto has a future as a currency. But it is going to take time and further block chain development. As of now it is a race with which currency will be on top.