To answer your first question - I am from India and we have a lot of controversies surrounding the cryptocurrencies these days. The central bank of India (RBI) has taken a clear stance against the crypto and proposed steps that aim to curb the spread of this global phenomenon.
Now coming to your second question - A lot is up in the air as of now, but before making any predictions it is important to keep a few things in mind.
First thing is that present day crypto is aiming to become the money that people use and which is free from any kind of manipulative control (be it government or private). Which means that the important question to ask would be - ' Will people accept crypto as money?'
The answer is a resounding YES. It is important to understand that crypto is a very wide term and can refer to a number if specific token types. For Crypto to be money that people would want to use, it needs the following properties:
1. A cryptocurrency needs to be of decentralized nature
2. It should be freely tradeable for other forms of money without restriction of time, place or scenario.
3. It should be able to be used without the restriction of borders or nationalities.
If a crypto can follow these basic tenants of being a kind of money that is free from tyranny of government and private sector likewise, then people will choose it over other forms of controlled money (like fiat).
Actually after the drastic rise of Bitcoin when 1 BTC was equivalent to $11458.571429, most people in my country became interested in cryptocurrency. They had to learn about what cryptocurrency was all about and they started investing their incomes in it. Bitcoin made cryptocurrency more popular to everyone in my country including me myself because I never knew about how it operates not until I saw people making millions out of it.
The astonishing part of it is that despite the fall of some cryptos, we still have large number of people who are still investing in it hoping it will rise towards the end of this year and next year if possible. People now have faith and belief strongly in the rise of cryptos. Some use to say "successful business is all about risking". They don't care about what will happen, they are now engaging in cryptos related activities.
Do they have a future as actual money in the eyes of the majority or they're just a temporary hype?
Cryptocurrency is seen as money to majority of my country's inhabitants. Most of them are now self employed just by trading and investing in cryptocurrencies. Most of the job seekers or graduate who weren't able to get job now engage in cryptos and it is really sufficing them and they now feel very comfortable with it.
Some people now attach cryptocurrencies as a medium of payment if you are unable to pay cash. You can now pay with cryptocurrency provided you have the required crypto which is mostly BTC, ether and sometimes steem.
You can now pay bills and buy goods using cryptocurrencies. This has made transactions easy for most cryptos investors and players because they can now pay their bills and transact using cryptocurrency. This is also done in some other countries apart from my country.
In conclusion, cryptocurrencies is seen as something very great and important in my country and it never seen as something hyped but a great means of monetary value that can make people rich and develop the economy.
Thanks for reading and I hope this helps.
Well, first of, I reside in Nigeria and to be honest Cryptocurrencies are seen as the next legal tender by the masses. By legal tender I mean money. With the uprise of the bitcoin prices to and the addition of other Cryptocurrencies like life coin, ripple etc, Nigerians addiction to trading cryptocurrencies reached an all time high and currencies like bitcoin were being demanded for on daily basis.
Speaking on the future of crypto currency in my country, I'd say it's very bright. Crypto currency is being accepted as the future currency and everyone is buying into it, a lot of Nigerians have invested into cryptos like bitcoin etc. And on daily basis, there are more Nigerians being introduced to the the trade of crypto currency.
In order words, crypto currency in my country have an outstanding future as the next money what's only needed is for the apex bank in the country which is the Central Bank of Nigeria and the government to approve it as a valid means of exchange.
To be honest in my Country it is not fully legal. Yeah as strange it sounds but it is true I am on one of those countries that does not accepts Cryptocurrencies in open arm.
But there are people who understands Crypto and Blockchain to its root, those people are really supporting it with open arms and as a matter of fact with situations like this with those countries who are not accepting crypto it is really hard to explain or to make others understand the real value of it.
And there is the news, which makes it even worse. It is continuously showing the side that the people thinks negatively all the time. Suppose the fall of 20k price to 6 k price and saying it was a bubble but not this that it went to 2k to 6k within that period of time.
Saying it is being act to support terrorism, they should understand that it is the user who makes the usage of it not the currency that the user uses.
So there is a fixed feelings among my society or country but the people who knows the true knowledge about Cryptocurrency in my society they are appreciating and looking forward positively to its future.