Cryptocurrency has undoubtedly been one of the most innovative and groundbreaking technologies of the last decade. What started out as a niche industry of digital assets has become a global force and seems to only get bigger each year.

But even with all this progress, there are critics who believe that cryptocurrency is just a passing trend that will fade over time. Anyone who invests in or is curious about the crypto sector will want to follow the latest crypto news to see the trajectory of the industry. Crypto news platforms have been reporting on the current and future state of the industry and from them, we can get an idea of whether crypto is here to stay or not. 

Why Crypto Might Fail

The belief that cryptocurrency is a passing fad is more than just the opinion of critics who don’t like the industry. The way some see it, cryptocurrency cannot unseat fiat currency as a widely-used medium of exchange, which means that it will not survive long term. Many also don’t have faith that cryptocurrency will continue to be a popular investment vehicle or be used even outside of trading.

A lot of the concern about crypto being a fad is that the various applications it offers will not be sustained and this narrative has been heavily discussed since cryptos first came on the scene. 

Why Crypto Might Endure

As much as the crypto industry is under a lot of scrutiny, there are also a lot of reasons why it will last into the future and not just be a passing trend. First, there is its application as a currency. While tokens like Bitcoin are not used anywhere as much as USD or GBP, the number of merchants that accept crypto is only growing year-to-year. We also have to consider tokens like XRP that have seen considerable use for cross-border transactions, often being cheaper than traditional fiat transfer options. 

Then, we have to consider crypto as an investment vehicle. Tokens like Bitcoin are approaching their second decade and continue to be profitable assets. Thousands of cryptos exist and while there are some that don’t last, the industry has produced a solid crop of tokens that have stood the test of time. Many of these assets are also seeing more investment avenues, as in the case of the spot ETFs that were approved this year. We’re seeing crypto assets being embraced by the mainstream financial world which indicates that they are valuable and will likely remain in the market for a while to come. 

Finally, we have to consider the many use cases of crypto outside of investments and spending. The blockchain sector has so many subindustries including DeFi, GameFi, NFTs, and much more. All these are powered by cryptos which are used to settle transactions, as a reward system, and much more. This helps to ensure longevity for the tokens as even if crypto isn’t traded speculatively, it will still be used in games, to buy NFTs, and so on. 

Conclusion 

Cryptocurrency has been controversial for as long as it’s been on the scene. A lot of this controversy boils down to doubt about whether or not it will stand the test of time. But as we’ve explained, cryptocurrency has a plethora of use cases and applications which will ensure that it continues to be used in some form moving forward. It has proven itself to be a viable investment vehicle, a useful way to pay for goods, an efficient cross-border transaction tool, and so much more. As these use cases only grow wider, the longevity of cryptocurrency will be even more secure.