Cryptocurrencies are a Mess right now.

Stress on the phrase “right now.”

We all know what they are by now. They are decentralized digital currencies based on blockchain technology. Note the term “currencies”. Ask yourself, are they really used as currencies right now? The answer is a resounding “no”.

Is a “currency” whose value fluctuates like this a viable alternative to today's fiat currencies?
The energy use of Bitcoin (only one of the thousands of cryptocurrencies being used today) in comparison with several nations around the world.

Conclusion

When we finally start utilizing these cryptocurrencies as “currencies”, only then we will reap their benefits such as protection from inflation and freely being able to conduct transactions without any middlemen such as governments and banks. In addition, when cryptocurrencies show the potential of blockchain, we will start utilizing it in different applications. I firmly believe that blockchain is a dark horse amongst the “next big things” in the tech space right now. It will continue to have great uses in cases where data is transferred rather than copied with a high likelihood of fraud, meddlesome intermediaries, and a requirement for high throughput.

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