Cryptocurrency is becoming more and more popular as there is a huge rise in bitcoin during the past few years. Though there are some bad events as well like a few days ago, the Bitcoin market crashed and billions of dollars were lost in the market.
But even then, people are showing interest in investing in the bitcoin coin and other cryptocurrencies because of the huge profits involved in it. There are many concerns involved with cryptocurrencies as to what will be the future.
You can check the latest news and values of different cryptocurrencies live at https://texas-crypto.com/.
Joseph A. Grundfest who is a professor at Stanford Law School talked about cryptocurrency. He mentions a lot of things that are useful for those who wanted to know what will be the future of cryptocurrency.
Grundfest discusses what are the mistakes that people do with digital currency and what is its use in the real world. He also talked about the future of this currency. As we know he is an expert in financial systems so what he talked about and what he told during his discussion about the future of cryptocurrency is very important.
Since the cryptocurrency is not directly and officially tied to any governing body or and government, so somehow people say that it is based on the trustless system. It is also said that cryptocurrency is superior and better than the other traditional and physical currencies. And the reason behind this they provided is that it is not dependent on any institute like US Federal Government.
Facebook also introduced its new transaction system with the currency Libra. Facebook claims that the main purpose of this initiative is to make international transactions smooth and reduce the cost and fees involved.
Joseph A. Grundfest admires the purpose of this cryptocurrency by Facebook. But he also said that their approach is not good. According to him, it is not a good idea to introduced a new cryptocurrency just to reduce or remove the fees with the international transactions.
He is also no happy with the idea to eliminate the traditional banking system entirely from these online transactions. Professor Joseph A. Grundfest still hopes that there is a good future for cryptocurrency. He believes that there are areas where cryptocurrency like Bitcoin or Ethereum would be a good solution.
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