By now, cryptocurrency users are only hopeful that one day it will go mainstream. However, no one can say for sure what will happen in the future. Some are confident that it is going mainstream while others think that the future is not very promising for digital coins. Researchers have come up with several predictions for the future of cryptocurrency and they are all provided below.
1. Cryptocurrencies are going to be integrated with the internet in the future
According to a report by IDC, it is expected that the Blockchain technology is going to start working with the internet of things (IoT). The Internet of things is the interconnection helps in sending and receiving data through computer devices that are attached to objects that we use every day. The combination of these two giants is without a doubt going to be a great milestone. This integration will make micro-investments for smart devices more efficient.
2. Improvement for cryptocurrency exchange trading
Many crypto enthusiasts are now conducting their transactions via cryptocurrency exchange platforms. It is believed that more cryptocurrencies will be created soon and that there will be a positive spike in the price of cryptocurrencies as users start trading with different currencies. Bitcoin, Ethereum, Ripple, Litecoin and Stellar are now the most common cryptocurrencies in the market right now. Their prices are expected to start rising soon and this will have a great impact on cryptocurrency exchanges all over the world.
3. Disruption of Banks and financial institutions
Banks like Barclays have already agreed to conduct Bitcoin transactions, several banks have also showed interest in the product. Banks are expected to fully accept cryptocurrencies and operate their systems in a way to integrate the digital coins. Cryptocurrencies will be good for these banks because they will reduce complexities. Below is a list of how cryptocurrencies will influence banks.
- People are going to start opening cryptocurrency accounts with these banks.
- More people will acquire cryptocurrency debit and credit cards.
- People will be purchasing Bitcoin directly from ATM’s instead of withdrawing money
- Banks will be offering cryptocurrency loans.
- Cryptocurrency credit cards will be issued to suitable candidates.
4. Cryptocurrencies will increase the speed of processes
Sending money to other people all over the world will only require a few seconds unlike currently when you require at least one day. Not to mention the transaction fees will also be very low. In addition to faster transactions, the Blockchain technology will make the downloading of files as well as file transfers faster. With Blockchain, games, music, videos and books will be sent to your wallets in a matter of seconds. Anyone who has tried downloading a file and not succeeded for hours would know why this is such a relief.
5. The emergence of new coins
Most people know Bitcoin, Ethereum, and Litecoin because they are currently ruling the crypto-world. what most of us don’t know is that there are hundreds of other coins that are just as powerful and as fast as the three mentioned above. What is interesting is that these inventions do not stop there, most new cryptocurrencies are yet to be created. Though most cryptocurrencies will still heavily rely on the Bitcoin framework, there will still be major improvements done to these coins. People are even working on a cryptocurrency that will be able to identify the individual’s reputations before allowing this individual to invest in them.
6. Cryptocurrencies will still be volatile
Cryptocurrencies prices are generally unstable and difficult to control. Cryptocurrencies are expected to continue being volatile in the future. Factors such as the currencies’ lack of fundamental worth, thin order books, and country or market regulations are some of the causes for this volatility. Even though regulating the currency and its market will assist to manage the instability, that alone won’t be sufficient. However, when the cryptocurrency trading emerges at its peak, cryptocurrencies will be relieved greatly. With cryptocurrencies becoming more popular, the volatility is decreasing.
7. Stable coins will gain momentum
Stable coins have been gaining momentum throughout 2019, with more businesses preferring stable coins over Bitcoin and other cryptocurrencies. Facebook, a major advertising and communication corporation, has announced its plan to launch their stable coin which they will employ within WhatsApp and their other messaging apps and tools.
8.Security tokens will be more widely used
Currently, security tokens are only being offered to authenticated investors. However, they are expected to get popular in the future. These tokens are expected to replace ICOs as well as provide better results in the long run.
9. Hacks and scams will still be common
As new coins continue to make their way into the market, the number of hacks and scams increases as well. With an increase in the number of cryptocurrency users, there is bound to be an increase in the number cryptocurrency offences as well as offenders. Therefore, hacks and scams in the crypto-sphere are bound to keep being on the headlines. Exchange platforms are therefore expected to educate their users on ways to protect themselves from scams and hacks.
10. Everything will be fast
Money transfers and trade transactions all over the world will be faster than they are currently. Being that money is not the only that can be sent over the Blockchain, it is expected that file transfers, game copies, music videos, and even books will be sent and received by users in a matter of seconds.
11. The crypto-sphere will keep expanding
Everyone will use cryptocurrencies whether knowingly or unknowingly, this is because cryptocurrencies have several uses such as money transfers, trade exchanges, smart contracts, and even fundraising.
