Where does everyone see this being in the next 5-10 years? Will this ever replace regular currency?
I would like to understand more about cryptocurrency please elaborate.
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I wish I knew.
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I'm sure if anywhere has an answer it would be on steemit.
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Nobody can know for certain, but yes, the idea is to replace currency.
Why?
Bitcoin initially came out in 2008 following the economic collapse in America. The idea being that it would be a solution to the broken financial system that was a product of greed.
Cryptocurrency is created in a way to eliminate greed because it is decentralized. With Ethereum's smart contracts, we are moving even further away from the old model we've been functioning under.
Smart contracts remove the need for expensive lawyers, 100's of pages in small print, etc.
Cryptocurrency and blockchain technology is designed with efficiency and fairness in mind.
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Be warned though, many of the coins you see today will most likely not be around in 5-10 years.
Technology will only get more efficient and some will be left behind.
On top of that, cryptocurrency is currently not regulated. That means everyone and their mother can make their own cryptocoin. That doesn't mean it'll become huge.
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I believe it is obvious that there is a financial and technological revolution taking place called blockchain. The cool thing is 90%+ of the people on this planet still know nothing about it. That creates a situation that is likely to be at least 5 years or more of bull market for cryptos. I feel we are in the mid nineties for the Internet like 94 or 95 when things were just starting to heat up. I believe $1trillion+ market cap for total cryptos is a GIVEN and will happen soon.
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