With value of Bitcoin (the most widely used cryptocurrency) recently surging past $1,000 after a comparatively low performance up until July 2013, people have turned their attention back to cryptocurrency, speculating about its future. Where this has created a roaring buzz among masses once again, people working behind the scenes in the industry already knew and predicted this comeback. They knew that as more people study and explore the avenue of cryptocurrency, they would converge into it because of its immense potential to revolutionize the realm of online payments and countless more applications.
To keep you up with all the developments and activities surrounding cryptocurrency, here we have come up with:
Expected Cryptocurrency Trends to Dominate in 2017
- Cryptocurrency Will Increase in Demand Globally
One of the major reasons behind this recent rise in value of Bitcoin is China’s increasing interest in it. This trend of increased global interest is expected to expand to various other countries around the world, especially the ones lacking in developed financial infrastructure. Even countries with some developed financial infrastructure like Japan, India and Middle East are expected to focus more on cryptocurrency. Cryptocurrency’s potential to remove issues in cross-border payments (which remain unresolved in conventional money transfer processes) is also fast becoming a point of interest for global financial markets.
- More of Practical Demonstrations and Applications of Cryptocurrency Will Appear in 2017
Continuing research into blockchain technology and cryptocurrency applications will result in more and better applications and demonstrations of the blockchain technology in 2017, complemented with other technological breakthroughs. From core financial areas like micro-transactions and trading to non-financial areas like data storage, supply chain management and identity verification of undocumented people will come forward as the prime beneficiaries. Not only that, but many experienced financial advisors are recommending corporations to add cryptocurrency to investment portfolios for enhanced diversity.
- Eager Involvement of Regulators
Eager involvement of regulators is also expected as one of the major cryptocurrency trends in 2017. The decentralized nature of cryptocurrencies is luring more of them to keenly observe this phenomenon to better understand and evaluate how well this sort of system can work in absence of a central regulatory authority.
- Cryptocurrency Wallets Rather than Exchanges
Earlier, cryptocurrency exchanges have been the most preferable medium of transactions in these networks, but 2017 is going to witness the rise of popularity of cryptocurrency wallets. Some recent security breaches resulting in loss of cryptocurrency has led many users to switch to cryptocurrency wallets, deeming them as a safer resource to store their digital currency. Cryptocurrency wallets are going to emerge as a strong cryptocurrency trend of 2017.
- Security Concerns will be Addressed
Security concerns regarding cryptocurrency will be addressed seriously and strongly than ever, resulting in increased privacy-protecting technologies, making sure to reclaim people’s trust.
- Value of Cryptocurrency will Continue Its Upward Trend
With its recent comeback and people’s increased attention to it around the world, majority of experts predict a prosperous 2017 for cryptocurrency with significant increase in its value. It will find solid grounds in new regions of the world, growing even stronger and better by addressing the security concerns involved.