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Future of Cryptocurrencies

Future of Cryptocurrency

The recent cryptocurrency boom and it’s parent technology-blockchain is hard to overlook. Though this technology is breaking different historical thresholds, have you ever wondered what will be the future scope of cryptocurrencies? Where will be it 5 years down the line?

Future of Cryptocurrency
By far, we know that bitcoin is a decentralised ledger which uses peer to peer technology and is free from any central authority. This makes it different from fiat currency. Currently, the worth of any cryptocurrency depends on what investors can shell for it at this point of time. Also, if a crypto exchange shuts down, clients with existing crypto balances have no recourse to get them back. This is what the current scenario says.
Let us look at some facts and figures by a few crypto enthusiasts
  • Famous Venture capitalist Tim Draper predicts that bitcoin will reach $250,000 by 2021. He had earlier predicted that it would reach $10,000 by 2017. He predicted these values based on the future prospect of cryptocurrencies-they can be easily used by everyone.
  • The present value of traditional currency around the world is $80 trillion. Analysts believe that by 2024, the worth of crypto would rise to $100 trillion and that of base currencies would come down to $30 trillion.
  • With the increasing popularity, users forecast that in the next 5 years there would be many different forms of cryptocurrency released.
  • NASDAQ is open and in talks with the Federal Reserve to open a government headed crypto exchange.
The efforts taken by the government and various predictions by analysts and experts clearly depicts that the primary currency is going to be under test and we may experience a revolution over a decade’s time.

A peek into the future.

In the past few months, we haven’t seen any major changes technologically. But we for sure know that the industry is maturing. With more number of people learning to build blockchain projects, increasing numbers of ICOs and the obvious fact that has seen an increasing number of funds being invested in this space has increased multifold. With all these changes the market seems to be maturing with each passing day.

Looking at the future 12–18 months, it is believed that the technology will upgrade itself. Bitcoin will be made more powerful, by increasing its transaction speeds and lower costs. Useless projects from the ICO industry will start to disappear as the investor starts becoming more cautious. The day when crypto currencies become a part of our daily lives is not far.

All we wish to look at is the future with DApps and tokens where every project holds real value and the technology to be stronger than today. With so many corporates opening up crypto cells today, it is evident that these digital currencies are not here to be a bubble. Maybe a few major names may wash of but the underlying technology and the concept will not bid farewell. It is here to set its base and haunt is for a few more decades to come.

If you are looking at any development or an idea you want to convert into a blockchain project or an ICO, reach out to me at akshay@blockinventors.com. We can help you realize your vision.

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