Wednesday, 20 February 2019

Future of Cryptocurrency - A Potential Outcomes in Coming Years

Cryptocurrencies - enough has been said about them and the debates have been endless. Where do you think the future of cryptocurrency lie? Where will be digital gold be in the next 5 to 10 years?

We shall address these questions in the blog and hopefully, arrive at a fruitful conclusion.

The Future of Cryptocurrency - What to Expect?

1. Prices of crypto coins will skyrocket

Let us take the case of bitcoins - the most tested cryptocurrency. Many bottles of champagnes were popped when prices of bitcoins surpassed $1000o dollars in 2017 and the screenshots with the prices were commemorated.  This is expected to rise further in the next few years. The use of bitcoins is 100x more than that at the beginning of the year. 

2. Fully decentralized exchanges

Currently, there are centralized cryptocurrency exchanges that serve as a platform for trading of cryptocurrency. These centralized exchanges are earning a fortune for the services they provide. We can expect a time not so long when all the decentralized order books will be shared and interconnected and this will give rise to decentralized cryptocurrency exchanges. 

Having said so, there is a lot of primary infrastructures to be built so that decentralized exchanges can function smoothly. The exchanges need to discover and share order volume, split economics and have proper consumer and professional infrastructure to make these exchanges more approachable to traders.

3. Super fast transactions 

Let us face it, international money transfers are a pain. It might take anywhere from a few hours to a few days for the money to be credited to the beneficiary account. With the popularisation of cryptocurrency, it would be possible to send money to anyone in the world in less than a few seconds. 

Another issue with centralized money transfer is the outrageous commissions charged by banks for a single transaction. In this case, each of the transactions will cost less than a cent.
4. Super fast downloads

When transferring files over the blockchain, the download will take just a few seconds. This will make today’s file transfers seem primitive.  Now, people can transfer files as large as 1 GB in a matter of ten minutes using services like Mega. So, a network of blockchain will allow nearly instant data transfers. 

Imagine, you can pay for a game and play it almost instantly. 

5. Cryptocurrency usage in every business

Cryptocurrency has a much larger application portfolio, other than money transfer. They are used as transaction fees to pay for services like smart contracts.  

Know more about Smart Contracts

Money transfer is not the use that cryptocurrencies have, they are also used as transaction fees and to pay for services like smart contracts. In the future, commercial enterprises will use blockchains like Ethereum and Stellar to deploy self-executing smart contracts across their organizations.

As the smart contract takes over the commercial business spaces, enterprises around the world will take a move from middlemen to blockchain technology for executing contracts and hence, reducing a major portion of the costs and thereby providing their users with cheaper services.

6. Banks will accept and integrate Cryptocurrency 

A major hindrance to the popularization of cryptocurrency had been the banks turning a blind eye to the existence of a parallel form of digital currency. In the next 5 to 10 years, we can expect the banks to accept cryptocurrencies and maybe, create packages revolving around them. 

In fact, this move would be inevitable since it is all about the survival of the fittest and who would be willing to open to the new developments. In that case, people will be able to open bank accounts and buy cryptocurrencies from ATM.  Well, India’s first Bitcoin ATM just opened in Bengaluru, though not by any bank. Still, it is one step closer in this direction. 

When people are able to open crypto accounts, all the related services like crypto debit cards, cryptocurrency loans and maybe, even crypto credit cards will be issued to account holders.

The day is not far when you will be paying for your pizza or your child’s school fee in bitcoins or Ripple. Only time alone can tell how fast we will get there! Considering how the future of cryptocurrency is very bright, you can seek your own cryptocurrency development and related blockchain application development services.    


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