The Future Forecast of Cryptocurrencies? What you will see in next 5-10 years
Cryptocurrencies were created as a solution to the problems that arose from using centralized fiat currencies. The way the financial freedom was taken away from the hands of people was the main reason behind the rise of cryptocurrencies.
It has been about a decade since the Bitcoin whitepaper first surfaced on the internet. Satoshi Nakamoto- The man behind Bitcoin, would most certainly be surprised after seeing the success of Bitcoin in today’s time.
Bitcoin has even managed to surpass gold in terms of its value. Soon after the launch of Bitcoin many other cryptocurrencies emerged and started working towards replacing the traditional centralized platforms with more secure and decentralized platforms.
All of this was made possible due to the amazing blockchain technology. The evolution of cryptocurrencyhas been a roller coaster ride so far. Let us see what the future has in store for us.
Future of cryptocurrencies:
Cryptocurrencies have been seen as a great investment opportunity for a long time now. The main reason for this is the cryptocurrency investment trends that are usually favorable to an investor. However, there are several risks involved while making a cryptocurrency investment as well.
One of the hardest things to do is to predict the future cryptocurrency investment. As the whole system is decentralized and unregulated, it is next to impossible to predict the cryptocurrency value evolution.
There are over a thousand crypto assets, with each of them having their own set of characteristics that make them unique. However, most of them were created as a result of the hype created by other cryptocurrencies. Thus, most of them will eventually falter into oblivion.
We understand that real-world events such as the government’s support would have a major impact on the prices of cryptocurrencies. This trend is most likely to continue even in the future.
The major bottleneck when it comes to cryptocurrency investments is the exchange that you need to use to buy and sell different cryptocurrencies. Most of the cryptocurrency exchanges are not very user-friendly and are exposed to lot of vulnerabilities in terms of Security and technology.
DigitalTicks has recognized the major shortcomings in the existing exchanges. Through their platform, they provide a hassle free trading experience for all types of traders. They offer commodity-crypto trading pairs which is first of its kind. Along with this, a host of other user-friendly features like Hot Keys, Multiple Wallet Compatibility, high frequency trading and so on is integrated into the platform with no compromisation on Security of the exchange.
Also, many cryptocurrency exchanges are collaborating with traditional stocks exchange and using several components of these stock exchanges. This will help push the price of many cryptocurrencies upward as the exchange will be accessible to more people.
As per the source, Centralized financial institutions such as JP Morgan amongst others are planning on introducing cryptocurrency trading on their platforms by the end of 2019. This will bring in more institutional investors onto the platform. It will also raise the demand for cryptocurrency and consequently push the price of cryptocurrency upwards. Thus, the cryptocurrency exchange rise will have a major impact on the prices of cryptocurrencies.
Mass adoption has been the ultimate goal for the cryptocurrency. This has not been achieved so far because of the major scalability issue that has plagued the cryptocurrency space. However, several solutions for slow network speeds and congestions are being tested.
As per the research, one of the most permissible solutions, the lightning network, is set to be released sometime in 2019. If this new technology is capable of solving the scalability issue, cryptocurrency will achieve mass adoption and will be able to replace traditional fiat money which will exponentially increase the prices of cryptocurrencies.
With the rise of Ethereum ERC-20 compatible crypto currency, the use case of cryptocurrencies went beyond simple trading. The use-cases of the blockchain technology are going to increase further
This in turn is going to facilitate the widespread usage of cryptocurrencies. Thus, we can expect to see cryptocurrencies being used on a daily basis, in the very near future.
Cryptocurrencies have been around for under a decade and the kind of influence that it has on our daily lives has been nothing short of a miracle. When Bitcoin first came into existence, it was priced under a dollar. Ten years later, it has managed to defeat gold in terms of the value.
While centralized fiat currency took centuries to develop to its current form, cryptocurrency barely required a decade. Thus, we can easily say that this is one technology that no one can ignore and it will certainly dethrone centralized currencies in the very near future.