6 Emerging Trends in Cryptocurrencies and Blockchain Technologies
Since they were introduced, many people became aware of how cryptocurrencies could impact our lives, transaction processes, banking system, and the whole global economy. Even though official monetary organizations still don’t have any regulations related to blockchain-based currencies, we can see that people are starting to use the digital money as a standard way of payment, and many big corporations already implemented the ability to use them in their platforms. Besides being a more convenient for payments, especially for transfers of money to other countries where you only need to way for a couple of seconds and pay much smaller fees that when you use standard banking services, the main reason why Bitcoin, Ethereum Litecoin, and many other virtual assets became so popular, is because they represent a great trading unit.
Many investors are choosing to trade on the crypto market because most of these digital currencies are highly volatile, and there is a great potential to earn by trading with them at the right moment. There are many platforms and online exchanges where you can trade or complete transactions. You can visit bitcoinrevolution to find out more about the real potential of trading with Bitcoin and other cryptocurrencies. Moreover, the companies behind the blockchain community that is mining the crypto are constantly trying to create or improve platforms, and introduce various innovation that will make this technology more useful in various fields. In this article, we are going to introduce you to the major emerging trends in cryptocurrencies and blockchain technologies in 2020.
1. Increased Regulations and Analyses of Exchanges
We are still waiting for the governments to introduce us to the regulations related to the cryptocurrencies and the whole market. The main issue is related to the fact that there is no way for them to tax any transfers made with cryptocurrencies. That problem needs to be resolved because that is the main reason why some people are suspicious about the crypto market, and how it might be used to fund terrorist and criminal organizations. All transactions made with e-wallets are completely anonymous. However, some methods could implement the taxation system in the blockchain. Another big issue is related to cyber-attacks, and we can see that there were some cases where hackers managed to steal millions from online exchanges. In that matter, developers are involving a lot fo effort to create an even more advanced system that offers high security.
2. Bitcoin Will Continue to Rising
We saw a real hype over Bitcoin during 2017 when it had a value of around $20,000. However, its price became much lower and highly volatile. Currently, it remains at a steady price of around $10,000. On the other hand, according to many experts and speculators, the Bitcoin has the potential to become significantly more valuable over time. Some of them are even mentioning prices of over $100,000. Still, you have to be aware that these are only predictions, and many factors could affect its price. For example, if some countries decide to make Bitcoin transactions illegal, you can’t expect any higher price, and it could become worthless in the end. Nevertheless, there is a small chance for that since most countries are working on the development of systems that could implement this currency into their monetary systems.
3. Blockchain-Based Apps
Besides the cryptocurrencies, blockchain is offering much bigger use in different sectors. The system that is using blocks of codes represents the most secure chain that will prevent hackers from trying to commit a cyber-attack. Also, online platforms can have the ability to work with many more clients. For example, smart contracts are using this technology to complete arrangements between clients and companies without the need for a public meeting. When it comes to apps, they could have much more complex systems and provide people with more possibilities and maximized safety.
4. Blockchain in Business
There is a unique platform that represents a great solution for businesses, the Blockchain as a Service. This platform is a cloud system that you can use for various things related to advanced business methods. It provides the user with greater efficiency, ability to collaborate with developers who can easily transfer their apps and platforms. Also, you can use the benefits of smart contracts and improve the whole management and marketing systems. Some of the most popular corporations like Amazon, Microsoft, Oracle, and IBM, already implemented this platform.
5. Blockchain Technology and AI
According to most recent studies and innovations, there is a chance to combine AI technology with blocks of codes and create highly complex operations and platforms. For example, this combination can have a huge effect on the optimization of data management, analyses, and involving algorithms in the processes. The positive effect that blockchain technology can have on AI is related to the ability to use a decentralized system to give AI the ability to use more data from various sources and create more effective processes.
6. Internet of Things
The decentralized system like blockchain allows numerous devices to become connected, and allow devices to become much faster. On the other side, this system is preventing any potential hacker attack, while still being able to collect data from multiple sources. One of the best examples of proper Internet of Things system is IOTA, which you can use for fast and free transactions. This system has great potential to be implemented in every business because of the benefits such as improved storage space, better data analyses, faster transfers, and much more.
The Bottom Line
While cryptocurrencies will remain as a great trading option, blockchain technology will have a huge impact on the structure of online platforms and provide both users and companies with advanced methods that will allow us to process transfers, documents, and many other things, in a much shorter time. We can expect that the developers will become more interested in learning about the blockchain technology and the real potential it can have on the whole world. On the other hand, there is a great rise in the popularity of cryptocurrencies, and more and more people are opening their e-wallets.