With the dwindling confidence in the banking sector, Cryptocurrency is the next big thing to happen in the financial sector. Mass adoption of cryptocurrencies would help redistribute wealth through its decentralization than the current status quo of the banking system.
I foresee States and Nations adopting it as their main currency over the fiat which needs banks to secure it.
Cryptocurrencies are intangible money that has value and can only be traded(used) via the internet. In essence, they are digital currencies that operate virtually based on a decentralized system hinged on blockchain technology that cannot be tempered by any third party.
Cryptocurrencies are there to make sure that intermediaries such as banks and central authorities are not there. This makes transactions instant/spontaneous, secure and affordable. Because cryptocurrencies work on a decentralized blockchain, it usually does not operates on a central server, thus asserts of cryptocurrencies can be accessed on any computer or mobile device. One thing that makes cryptos secure is that it operates on a p2p system without third parties. Due to this, a secure key is required for every transaction. The keys are meant to be kept secret and safe because once its lost, all your digital assets would be lost as well.
The mass adoption would not happen spontaneously or overnight but would be triggered by another financial crisis like that of 2008. In my Country where the penetration of mobile money services is high, I hope crypto would be adopted and become a medium and source of transactions before the next financial recession.
