Cryptocurrency since its invention in 2009 as seen extensive growth and acceptance to an extent. Speculations of more recognition by countries and institutions are however on the horizon.
The general opinion of the cryptocurrency community on the volatility of the cryptocurrency market is that the market is still evolving. This means that more features are still expected to be added to the cryptocurrency market before reaching its full status.
Considering what cryptocurrency would be at the attainment of its full status may still be incomprehensible to the understanding of the crypto community presently, however, every thought on what the outcome would be is filled with speculations.
A subject of importance to the crypto enthusiasts is always the decentralized feature of cryptocurrencies from government regulations. But the thought as believed by many enthusiasts as come under the prong of attack recently over the process of cryptocurrency ETF adoption. Equally is the need to bring stability to the volatile market.
The recent development of the Central Bank of countries adopting national cryptocurrency is also another expected future the cryptocurrency community do not know the resultant effect or the mode it would take.
Cryptocurrency Autonomy And Its Erosion
The trend of national cryptocurrency has taken the wave, as Thailand recently plan adoption, Iran plans ongoing and Venezuela already adopted.
The adoption of national cryptocurrency controlled by the Central Bank of such country placed the cryptocurrency under the direct siege of regulations and pegged against a value of exchange. A concept against the original aim of cryptocurrency as a censorship-resistant currency, with a policy that cannot be altered by the policymakers.
Requirements for a Bitcoin ETF by SEC, regulations structure for cryptocurrency in Japan, and also as planned in other countries is set to erode the notion of the untouchable currency, as nursed by most cryptocurrency enthusiasts.
National Cryptocurrency and its Effect on the Future of The Cryptocurrency Market
The resultant effect of countries dabbling into cryptocurrency to salvage its economy, to aid economic transactions in a state among others would lead to a numerous array of cryptocurrencies.
A competition between the Central Bank cryptocurrency and the people or individually developed cryptocurrency is underway.
However, the new development of Lightning Network and Layer 2 solutions would bring cryptocurrencies into high scalability, offering topmost speed in cryptocurrency transactions. The foremost cryptocurrencies would still need to migrate to higher tech to compete with more recent technologies.
Conclusively, the impending competition of the privately developed crypto and the Central Bank developed cryptocurrency would bring the ecosystem into the reach of propaganda to adopt the supposed best cryptocurrency for transactions.