How Will Cryptocurrency Change in the Past, Present and Future? In this article we will analyze Bitcoin, Litecoin, Ripple, and XRP. Despite the many differences between them, the basic similarities among all of them will remain the same. Nevertheless, there is one big difference between them – their underlying technology. The blockchain, which is used to store and track transactions, is completely anonymous. Hence, the laws surrounding taxation are likely to change as well.
Bitcoin
How Bitcoin will change in the future is an interesting question, as it focuses on the future of the cryptocurrency. The value of Bitcoin is still relatively low, but this might change in the next decade as institutional investors make a beeline for the virtual currency. It could eventually be accepted as payment for goods and services by governments, sovereign wealth funds, and pension funds. As more people adopt the currency, it will likely continue to grow in value.
For example, the Blockchain has made it possible for new forms of social media to make money. Twitter has added a feature that allows users to tip content creators in Bitcoin, and TikTok has partnered with NFT artists to create artwork based on viral content. Chingari, an Indian short video platform, has launched a marketplace for content creators using the NFT protocol. These developments could make Bitcoin mainstream.
Litecoin
With the popularity of Litecoin rising, the future of the cryptocurrency industry is arguably more bleak than it is bright. The rise of institutional money has significantly changed the power structures in the marketplace and posed risks to the independence of digital currencies. While digital currencies were initially designed to disrupt the exclusive world of finance, they have also weakened that independence. As a result, institutional money is slowly threatening to undermine the very purpose of these currencies – to create a more accessible and widely accepted payment system.
Despite the recent decline, Litecoin sentiment is improving. It is no longer as inflated as it was during the crypto bubble. The increase in social media mentions may be a positive sign. While this currency is currently one of the most volatile assets in the crypto market, it is not worth investing all of your savings into it. It is best to invest only what you can afford to lose.
Ripple
If you’re interested in digital currencies, you should probably pay attention to Ripple, which is facing some high-profile problems. The company has been in a legal battle with the U.S. Securities and Exchange Commission (SEC) since the end of the Obama administration, arguing that the XRP token is a security, and not a cryptocurrency. As a result, Ripple is concerned that the unregulated cryptocurrency market in the U.S. could leave the nation out of the global crypto market.
The currency XRP is used for global transactions, enabling the exchange of different currencies. Currently, settlement systems use US dollars, which incur currency exchange fees and take time to process transactions. However, converting the value of the transfer into XRP can eliminate currency exchange fees and reduce processing time. This ability has led Ripple to be the central hub for international settlements and interbank payments.
XRP
Elon Musk recently responded to a Twitter thread about XRP and the SEC, claiming that he did not start the fight and would try to stop it. XRP is significantly cheaper than most cryptocurrencies, making it a good candidate for mass adoption and informational uses. Elon Musk also noted that XRP is still far from reaching widespread adoption, but he hopes to win over the regulators.
Ripple has also established strategic partnerships. Its recent partnership with the Republic of Palau aims to develop a national digital currency on the XRP ledger. Palau does not have its own fiat currency and relies on the U.S. dollar heavily for their economy. The partnership is expected to create a cross-border payment system for the island nation. In addition to the development of a national stable coin, Ripple has made strides in developing other projects.