2017 was a revolutionary year for Bitcoin. There was high fluctuation, where Cryptocurrency rose by 1,500% and pulled rest of the market along with it. Moreover, the cryptocurrency market garnered a market capitalization of $ 107.63B (source: cryptocompare). Different altcoins – cryptocurrencies other than Bitcoin – were not slacking either. The Ethereum blockchain’s Cryptocurrency valued over 7000% than a year ago and Litecoin likewise grew by comparative similar rates. In any case, it was a ripple that really stole the show by developing over 37,000% in previous year.
You can see Cryptocurrency success stories everywhere throughout the web. User-friendly virtual money trades, say Coinbase started gaining attention. Individuals who wanted to contribute, no longer invested in wired cash to exchange sites, but rather preferred using a simple app to buy a portion of the crypto-gold with visa card. A year ago, Bitcoin esteemed its value, which increased by 20% and hence become sixth most profitable currency on the planet. As per the development in the previous year, there is a small possibility that entire country may start initiating towards Cryptocurrency as their sole currency. According to research, US and Russia will be following the suit. Major reason for governments facing challenge with Cryptocurrencies is its anonymity. If the administration itself controls the blockchain and possesses its own Cryptocurrency, it will have visibility to all record exchanges, which also states that the dread of Cryptocurrecny would likewise be evacuated.
Previous year was undoubtedly the time of Bitcoin. In past 13 months, Bitcoin has been subject to extreme attention and is quickly changing the scene of financial world preparing for different Cryptocurrencies, for example, Ethereum, Ripple, Bitcoin Cash, Litecoin, Monero, and Zcash. While Bitcoin was the initial currency making the news, it’s contenders had a decent year as every one of them registered shockingly better development rates than Bitcoin.
Cryptocurrency Trends expected to take place in cryptomarket over current year.
1. dApps (Decentralized applications) to gain traction
Apparently there are various decentralized applications developed, and there are 910 (approximately) dApps built on Ethereum itself from which many of them will see the light of day in the current year. Some special cases include asset tokenization, lending payments, etc. possibilities are endless with Oracle connection real world data to the smart contracts. With more dApp functionality investors can choose to put their resources in. People all over the wold are eager to see what bitcoin technology can do apart from just making payments.
2. Central subject can be Scalability
With the blast of cryptocurrency popularity, the quantity of exchanges made on the blockchain has exponentially increased over the previous year. Thus, there are congestion issues with the more well known blockchains, for example, Bitcoin and Ethereum. Ethereum has demonstrated that it can deal with more than 1 million exchanges each day, yet this won’t be enough when the surge of dApps begin to launch this current year.
There are distinctive blockchain conventions aiming to tackle the scalability issue. The ones that can understand it while keeping up decentralization and security will have the capacity to increase substantial network value. Developers are working hard to solve this problem, moreover, blockchain can scale exponentially and in the long run have the capacity to help dApps and the daily payment transactions.
Future of Cryptocurrency – 2018
We can definitely expect that the government will try and regulate Crptocurrency in the current year, but we also expect towitness the manifestations of more altcoins, and will perceive how Bitcoin’s rivals Ethereum; Monero; ZCash; and Ripple, endeavor to tackle Bitcoin. The present year might bring Bitcoin down from its throne. This would not be for the first time in the tech industry.
Meanwhile, Bitcoin is known as the gold of Cryptocurrency. It might stick around, but it might not be the game changer that will change the monetary world anymore. According to the research, firms allowed users to do financial exchanges with Bitcoin, but they would be stopping it very soon because the fares are too high, say the transaction fees can reach up to $20, whereas, the other currencies such as Ethereum and Ripple just cost a few bucks.
While governments are racing each other to discover the decentralized virtual currencies, they are even exploring opportunities of making their national Cryptocurrency as well. The majority will probably support an administration backed Cryptocurrency than the ones related with the dark web that we see now.
You need to keep one thing in mind while entering the crypto world and that is there is no protection for your assets. It can be a dangerous life time investment. Hackers are sneaking around and protection of your digital wallet should be your top most priority. Having another layer of security can keep cyber criminals away from accessing your digital coins. It just takes seconds for hackers to swipe your virtual money from your wallet, and once it leaves your advanced portfolio, there is no chance of getting it back. So stay alert!