Interesting Predictions For The Future Of Cryptocurrency
It has been a long ride for cryptocurrency ever since the first bitcoins were used to buy pizza. There are over 1000 coins and the numbers keep growing. You might be wondering how the future will be shaped by cryptocurrency. If you’re thinking about investing in cryptocurrency, now would be the right time given the prevailing market conditions. You’re not too late to the party. You just need to educate yourself so that you’re not investing blindly. You can check out the Bitcoin Future Trading Bot if you’re looking at ways of automating trading without risking everything. Here are some of the interesting predictions about cryptocurrencies you should know about.
Everyone Will Start Using Them
Even though bitcoin is yet to become a mainstream form of payment, there are some businesses that have embraced it fully. There are even those who offer incentives when you purchase items using bitcoins. Most businesses are trying to remove the middleman at every point. One of the reasons why sending and receiving money is expensive is because of the middleman. This also applies to transactions. With bitcoin, there is no middleman and you’re completely in control of how you manage your money. This is something that a lot of people will find appealing given the fact that we have to transact almost on a daily basis.
There have been a couple of bold predictions on the future of bitcoin. According to Snapchat founder Jeremy Liew, the value of bitcoin will be at $500,000 by 2030. Blockchain co-founder Peter Smith also seems to be sharing the same sentiments. It is hard to imagine a future where the price of bitcoin will be lower than it is now. Fiat currencies will disappear and people will start shifting to digital currencies in order to make the most of their payments. Most people are of the opinion that cryptocurrency offers a lot more when it comes to storage of value compared to cash. There are no political or geographical restrictions as the coins will be universally accepted.
Adoption of Blockchain Technology by Government Agencies
It is only a matter of time before most government agencies adopt blockchain technology. In most countries, every agency has its own database. There are so many challenges when it comes to sharing sensitive information across agencies. With blockchain in the picture, there will be efficient data management solutions because of the distributed ledger.
It will not come as a surprise when powerful cryptocurrencies are ruling governments and managing the cash flow of such countries.
Internet of Things
The Internet of Things has already started to become a reality. There are so many ways that cryptocurrencies can be utilized in IoT. Blockchain will provide a secure exchange of information across devices. As much as the IoT is an interesting concept, it could leave you vulnerable in case of a hack. Blockchain will ensure that the systems are hack-proof which is crucial for the success of IoT as it stands.
Disruption of Financial Institutions
Banks and financial institutions have been having mixed feelings with the advent of cryptocurrency. This is because crypto has the potential of disrupting world financial systems. With crypto, you don’t have to worry about transaction fees which are one of the biggest money-making avenues for banks. Banks will have no other choice but to accept cryptocurrencies to reduce the complexities of transactions. It will not be a surprise when people start opening cryptocurrency bank accounts. There will also be debit cards dedicated to cryptocurrency.
Under the current financial systems, you might have to wait a couple of days for a check to reflect. Even RGTS usually take a couple of hours. Can you imagine getting money immediately when they send it to you regardless of the amount? In addition to the fast transactions, blockchain will also make it possible to download files in a matter of seconds. There will be no need for today’s file transfer services of movies, games, and huge files can be sent in a matter of seconds using blockchain technology.
The Emergence Of New Coins
There is a chance that there will be new coins in the future. Cryptocurrency is dynamic and you can’t expect it to stay the same forever. There could be new exciting coins which have more value than the current ones.
You shouldn’t wait until it is too late before you can consider investing in cryptocurrency. The future looks nothing but bright for cryptocurrency.