Have you been surfing the net about what to expect from cryptocurrency in 2019? We got some reliable predictions here!
Few years ago we all used and appreciated ‘paper money’, but as we all know today cryptocurrency has come to stay. People are now seeing the flexibility and security that is evident with cryptocurrencies.
Many businesses have now adopted this as a method of payment for their products, and as the days goes by, more businesses are beginning to envision the uniqueness of this currency. The earlier doubts that seemed to plagued businesses about the credibility of this ‘new currency’ has now been extinguished. Some businesses have adopted this as one of their primary modes of payment.
If you’ve never heard the term ‘cryptocurrency’ before and you don’t know anything about it, I’ll explain it to you.
What is Cryptocurrency?
Cryptocurrency is a digital currency that employs encryption techniques that are used to generate units of this currency and very the transfer of funds, operating independently of a central bank. This is an opposite of the conventional currency we grew up to know. This encryption techniques employed make it very secure to use this as a mode of payment.
This system doesn’t require a central authority. However, Blockchain serves as a public financial transaction database, it is a distributed ledger system that control and regulates each cryptocurrency.
Since its inception, we’ve seen different types of currencies some of which are active while others are not. The active ones notable of mention includes; Ethereum, Bitcoin, MorenoCoin, DogeCoin and VertCoin. However, most people are very familiar with Bitcoin due to its constant improvements amongst other cryptocurrencies. Ethereum in recent times have made efforts to usurp Bitcoin, but with Bitcoin constant improvements, we expect to see new innovations from Bitcoin and other cryptocurrencies which will fuel the rate of competition in the crypto world.
What to expect from the cryptocurrency in 2019
- BITCOIN WILL AIM TO GET STRONGER THIS YEAR:
The constant drop in price value plagued Bitcoin and other major cryptocurrencies in the previous year. This raised concern amongst investors and miners as many begun to lose confidence in the system. However, some were still optimistic about the resurgence in market value.
Many experts believe that there will be a slow and steady increase in terms of market value this year. With this in mind, its very likely that Bitcoin will maintain its dominance in 2019. Ethereum, which some experts believes to be an under valued currency will certainly put up a much tougher fight this year. Will Ethereum succeed in usurping Bitcoin? That will be answered by the end of the year.
2. GOVERNMENT AIMS TO REGULATE CURRENCIES:
Several security concerns have blighted the meteoric growth of the digital currency. This may affect the business sector.
Many governments of the world today are beginning to see the potential of cryptocurrency, to this end, they are now proposing way as to which they could regulate cryptocurrency institutions and firms under the current financial regulations. The United Kingdom has already commenced an inquiry about whether to regulate digital currency in respect to the opportunities and risks on consumers, businesses and the government at large. The possibility of government regulations has been predicted by many experts. It will be interesting to see how this works out.
Will governments take over regulations? We wait and see as the year unfolds.
3. ADOPTION OF CRYPTOCURRENCY BY GOVERNMENTS:
With the ever grow potential of the digital currency, it is no surprise that many governments will want to adopt cryptocurrency as a means of doing business. I as highlighted above, most countries are already thinking of regulating digital currencies. However, some countries have begun exploring the possibility of having their own version of Bitcoin. One of such countries is the United States.
The United States federal reserves are thinking of creating their own digital currency. This will certainly involve long talks, debates and research. The are pointer to show that cryptocurrencies are more unique in comparison conventional currency. One of the reasons for this consideration is tha the decentralized nature of cryptocurrency means it’s not control by any person of government. It is important to note that the lack of its control could have potential implications on tax rates and trade in general.
If governments adopts the digital currency it as well spell doom for the banking industry. Most transactions will now be done online rather than visiting the banks. We wait to see what comes out of this.
4. INCREASE IN INVESTORS:
Despite the fears that most investors currently face in this market, the burgeoning potentials of the market makes it hard to ignore.
The introduction of digital currency has changed the way and manner people transact business. Its unique nature is making it more appealing to the intending investors who may not only earn by trading, but they can as well earn by lending out to others and receive interest in return when repaid.
5. CURBING ILLEGAL USES:
The decentralized nature and anonymity of transactions has made it easier for illegal activities to thrive. Activities including money laundering, drug peddling and weapons procurement go unnoticed when the transaction is done using digital currencies such as Bitcoin.
This has raised concerns among digital currency providers. They will be trying to curb illegal use of cryptocurrencies. Will they be ditching the anonymic nature of transactions? That will make it lose its uniqueness.
The decentralized feature also have its shortcomings. Imagine fortune your digital currency been dashed by the unfortunate crash of a computer. Nobody wants that to happen but it is a possibility. Is now up to the cryptocurrencies industry to see what they can do about this. With their improvements in recent times and growth in technology, one is optimistic that they can curb all these shortcomings.
How they intend on getting it done remains to be seen.
The Cryptocurrency world has seen enormous growth over the years and we believe that its will continue this year and in the years to come. With proper research and technological improvements many experts believe that by 2030 the crypto industry will soar to greater heights.