The digital era has come with so many possibilities. This is especially when it comes to the economic and business world. With the several ways in which people communicate on top of the use of the best retractable banners, it is easy for you to market your brand on various platforms by putting up ‘business for sale’ and other simple ads.
That is not all; consumers have also been empowered as comparison shopping has become easy thanks to the different online platforms that make e-commerce possible. Businesses are also looking to have the edge over the competition. With the emergence of secret shoppers, managers can have a feel of how their customers’ service is, and use that information to make adjustments.
There is also something else that has been on people’s lips for a long time: cryptocurrency. It is also going through an evolution, and people continue to embrace the digital currency. A lot has changed in the past years. That is, from being a strange concept to a decentralized blockchain technology.
What does the future hold for cryptocurrency?
1. Technical Insights
According to a blockchain expert, Devin Canterberry, CTO of Blockmason, the current cryptocurrency is flooded with scammers who look to make quick money at investors ‘expense. The trend is expected to grow unless something is done. Eventually, the concept of cryptocurrency will be overtaken by token contracts, which will also be a form of virtual assets. As much as things might not be looking good at the moment, there is much hope for the industry.
While people tend to embrace it at a rather slow pace, in the near future, the blockchain infrastructure will be more sought due to its perks over the existing finance. Also, blockchain will permit the open-source platforms to work with Facebook, Uber and all other relevant tech giants.
Cryptocurrency is expected to replace the fiat currency, especially in the developing nations. What will motivate it? Well, it must be due to its practicality especially in countries being faced with an economic crisis.
2. The industry will retain its volatility
As you may be well aware, the cryptocurrency market is volatile. That does not necessarily mean it is something terrible. Note that the volatility is the reason why cryptocurrency reached the mainstream in the first place. That does not also mean it is all great. The volatility can be attributed to the fact that cryptocurrency still has a long way to go when it comes to the rate of adoption in the market. The fact that there is still significant potential for cryptocurrency is enough reason to say that the volatility is not about to stop.
3. Institutional investors will continue being accepting of cryptocurrency
This sounds like good news for the cryptocurrency industry. Remember that at the initial phases of the introduction of the concept. The same institutions had doubts about the whole idea. The critics outweighed people who were supportive of it. Today, things are different. After proving its credibility, more investors are running to have a share of this pie.
4. Changes are expected to take place in the cryptocurrency exchanges
These changes are mostly geared towards making cryptocurrency exchanges decentralized as opposed to mainly being centralized as they currently are. Do these changes mean anything? Of course! They are intended to improve things in this market. The fact that the system is presently centralized makes it more vulnerable to heists, hacks, and breaches. In a bid to change that, the exchanges are looking to change the system to being centralized.
The future for the cryptocurrency market is bright, in no time, you should expect for more transparency, reliability and more acceptance in the mainstream market.