Cryptocurrency was conceived as an alternative to traditional money. It was created as a new way to store value and break free from central banks and major financial institutions in the wake of the 2008 financial crisis. For now, the market for Bitcoin and altcoins is driven by speculation while the underlying blockchain technology and the cryptosphere in general matures. The technology promises to bring many benefits; but, crypto and blockchain, like any budding idea, could also face some turbulence.

The most important and obvious characteristic that cryptocurrency possesses which will lead to its widespread use is that it makes transactions cheaper and more efficient. Overstock.com board member and former Chairman, Jonathan Johnson recently stated that crypto does indeed make doing business easier.

For now crypto may have to deal with these bumps in the road, but the future promises to be great for cryptocurrency and blockchain technology as regulations become more clear and users become more confident.