Ten fabulous predictions for the future of cryptocurrencies
We have grown from paying in cash and then using the cards for online transfers. However, one way or another cash is involved, and it’s getting difficult to carry it everywhere. As we are moving towards everything compact, cryptocurrency was introduced as an effort to give the world an alternative to cash.
Although it’s been ten years since cryptocurrency came into existence, there is still a significant population of people whe are unaware of its significance, or they don’t even know about it at all.
In December 2017, the world find out about bitcoin (a cryptocurrency) when its value increased quickly, and It went up to $22k. People who bought it a long time ago for a hundred or $200, made fortunes. Since then, it’s fluctuating, but the crypto traders and blockchain experts are hopeful that one-day, Crypto will take over the whole world. However, they are looking forward to the many significant countries to make it legal for that to happen.
To this day, only America, the United Kingdom, and Australia have come forward and made the mining and trading of cryptocurrency which you can read more here.
Here are ten fabulous predictions for the future of cryptocurrencies experts made:
As cryptocurrencies are a means of finance, they have a lot to do with banking and finance sectors. Experts predicted that as the people start using the cryptocurrencies more, the banks will eventually accept them, and it will also allow banks to reduce their amount of complexities. They said that banks would offer cryptocurrency accounts, debit cards, you will be able to buy cryptocurrency directly from ATMs and cryptocurrency loans will be provided as well.
Process of buying things online or sending money to your loved ones across the world, there will not be any processing time. Your loved ones or anyone won’t have to wait for 3 to 5 days to get their hands on the money you sent. With cryptocurrencies, all the processes will be swift. You can make small or substantial transactions without worrying about the transaction fee because the fee will be low as compared to traditional means of money transfers.
Bitcoin is the most popular and profitable cryptocurrency to date. New currencies are coming into existence. Some of the existing ones are emerging and becoming more famous day by day, Cryptocurrencies like Ethereum, Litecoin, Ripple, and Steller. There is going to be a significant rise in their value, and eventually, their prices will go high as bitcoin.
With the increase in cryptocurrency value, traders see a profitable bright future in crypto trading. With the growth in the value of these currencies, exchanges with one another are happening doing well in life. More often. People are buying and selling them, some people have become full-time crypto traders.
Blockchain and CryptoCrypto as a solution:
As more and more industries are seeing blockchain as the ultimate solution for securing their data. With blockchain comes crypto currency, if you can become a licensed cryptocurrency minor, in future, you may be able to support entrepreneurs with loans, saving them from massive interests and lengthy processes of the bank loans. Although some developments still have to take place, we are talking about the future and the possibilities cryptocurrency is going to present.
Adaptation by the Government authorities:
In the next ten years, countries will start adapting cryptocurrencies for governmental transactions under the SEC instructions. Blockchain is capable of simplifying the process of inter-agency or inter-authorities confirmation. Currently, every agency must maintain its database and then wait for the other one to process and give it a trough.
Date management and sharing of resources and distributed ledger will simplify and speed up the process, taking away all kinds of delays. To manage the cash flow in the country, cryptocurrencies will be chosen, and once they are implemented, this will empower the technology even more.
IOT & Crypto:
IoT is already ruling the world with its offerings, and some experts are very positive about these two techs are to serve the society by the joined venture. The first goal is to use a blockchain for secure and scalable communication between IoT abled devices and to provide stability to allow micro-investments in an efficient way for smart devices. I will only make the article complex and lengthy if I started talking on this topic. So let’s keep it to the point for now.
The $1M Claim:
An expert has predicted that by the end of the year 2020 bitcoin closing price will be $1 million. An extreme claim, but if we take a look at bitcoin’s growth in the past 2-3 years, this claim is believable. If the bitcoin can hit the $1 million mark, it will take over the world’s economy, making the dollar knight of the past.
Everyone will be paid in CryptoCrypto:
Some of the freelance workers and developers are already being paid in CryptoCrypto. Many of the world’s big companies have started to pay by using bitcoin and some other cryptocurrencies for the services they acquire from the internet (freelancers).
As no intermediary or bank transfers involved, this benefits both the service providers and service buying company as well in terms of transaction fees, and it removes delays as well. However, these transactions are only possible for the countries that have legalized the cryptocurrencies.
Many measures are being taken to remove the volatility factor in cryptocurrencies. The regulation of the markets and country are factors behind. Once the cryptocurrency trading reaches the peak, these factors will go away, eventually taking away the only fear concerned with cryptocurrency.
The new cryptocurrencies are going to emerge, as bitcoins, Litecoins, and Ethereum have made a powerful impact and impression on the world. And they are the first products provided by the blockchain. There’s a high chance there will be more innovative cryptocurrencies will be invented in the coming years.
Cryptocurrencies and blockchain are the technology of the future. If you adapt or start learning them now, you can be part of changing the world’s financial curve. They are the alternatives of every technology being used to secure and store data and to open new ventures to support the innovative foresighted entrepreneurs.