The traditional currency used by the European Commission is soon to transform over to the digital world according to CryptoNews. Digital currencies are private and secure and can allow for network options that a conventional bank may not. The report goes onto to discuss how cryptocurrencies are highly volatile and highly ‘speculative.’
As the space is currently in its infant years, we do see a landscape whereby users are still required to put more trust and faith into the technology. In a circulatory fashion, the sooner trading cryptocurrency becomes mainstream, the sooner participants will better understand and trust the ecosystem.
The fast nature and hassle-free capacities of crypto are also encouraging small businesses to migrate to the world of digital currencies. Though this is becoming more popular, the trust element for public corporations is still posing to be an issue.
Electric payment systems are not a new concept, which prompts many to question the sense of hesitancy towards cryptocurrencies in the current climate. The transfer of personal data and information is present within most business models and interactions today so why not digital assets?
Blockchain technology is also expected to boost the current infrastructure of today’s financial systems. While users can trust transparent and decentralised blockchain networks, people continue to question banks and traditional institutions. Many hope and expect blockchain technology to make both of these options just as equally transparent. Moving forward, if this same technology is the underlying foundation for banks, users will be able to trust these traditional platforms in the same way.