In the future, it will not make any sense for the people to exchange paper currency.Paper money and coins would only appreciated by collectors and numismatists. A notable $ 9 trillion a year with mobile payments in China has already been reached (the United States represents about $ 1 trillion). Currently, cash represents only 2% of the value of all transactions in Sweden. The future is not difficult to predict, it is already in our minds.

<center>![bitcoin-rtr-011418.jpg](https://steemitimages.com/DQme7wsaX74549exypYrnJsdN5wGtD3eNbm7ffyYYDXHYPZ/bitcoin-rtr-011418.jpg)</center> [image credits](http://news.abs-cbn.com/overseas/01/14/18/cryptocurrency-rivals-snap-at-bitcoins-heels)

In recent years, we have seen an increase in alternative payment mechanisms, such as Venmo and Apple Pay. People are much more comfortable using Apple Pay than using credit card. However, many of these type of innovations are unstable. They use the traditional methods of transactions. The retailer has to pay 3 percent per transaction cost to Apple Pay. These costs are not sustainable, because there is already an emerging technology that lowers transaction costs: the cryptocurrency.


Although there had been different opinions about Bitcoin and other cryptocurrencies, people wrongly point to the so-called storage of value. Bitcoin prices rose in 2017 by more than 1,500 percent. Many speculative investors jumped into this movement in crazy way. These investors buy when the prices rise. They do not want to get lost. They do not care about the scientific basis of the underlying value: they are ready for the journey.


It does not mean that the crypto curves go to zero when this bubble would break. If you remember the technology bubble in the late nineties, there was a significant correction and the good companies survived. Even though 90 percent correction would occur in the price of bitcoin, we would return to the value it had 12 months ago. At the time of the correction, massive investors jumped in it and they would be the first buyers because they understand the technology.

People are now shifting their opinion from bitcoin to other cryptocurrencies. There was time when bitcoin had most of the market capitalization but now it is remained around one third.

Have you ever checked the price rise of ether or ripple? You would be shocked to see this rise. There will always be battle between bitcoin and other cryptocurrencies which are close to it. Bitcoin is no more anonymous.  It is said that Ripple has been designed for banks and bitcoin was designed for people to skip the banks and it can only be explained by person having Stockholm syndrome.
<center>![ico.jpeg](https://steemitimages.com/DQmcNgkJtXFsigm5zdxzWZKMUgjB5whdgzYRP5JqGrvoaYh/ico.jpeg)</center> [image credits](https://oracletimes.com/wp-content/uploads/2017/11/ico.jpeg)

In 2017, new types of cryptocurrencies were introduced which are called an ICO or initial coin offering. These coins are initially offered to public conventionally and most of them have long term zero value. Now-a-days anyone who has idea of cryptocurrency and blockchain can gather money. Some of these coins are shitcoin and some have now significant value and people are purchasing and holding them. 

With the development of blockchain, many currencies like steem have zero transaction costs and transactions are even executed quickly and securely. This development has shocked central banks and they have realized that one day paper currency would be the innovation of the past.
<center>![26169435_2178424282171559_7873065880120474040_n.jpg](https://steemitimages.com/DQmRNKoqYhZhbja8goQ3cXExtLNJLVcmfngRMXzRkm1Gbyr/26169435_2178424282171559_7873065880120474040_n.jpg)</center> 
According to Campbell R. Harvey, who is financial expert, major central banks will announce their plans for blockchain based currencies in 2018. There would also many competitors of current cryptocurrencies which will enter this market in 2018.