What Is the Future of the Cryptocurrency Industry?

cryptocurrency future

The cryptocurrency market can not boast of stability and balance, but it is the only investment tool that can multiply investments in tens of thousands of times in just a few years. “Bitcoin-fever 2017” attracted public attention to the industry. If only a couple of years ago only very few people knew about cryptocurrencies, now it is difficult to find a person who has never heard the word Bitcoin in his/her life. However, the general euphoria did not last long, and the whole market turned red right after the Christmas holidays. More experienced investors expected correction, but few people could imagine that it would last for such a long time. And now (the end of June, 2018) when the market is almost at an annual minimum (capitalization fell from $814 to $233 billion), everyone is interested in the question: what is the future of cryptocurrency? In this article we will try to turn off emotions and analyze what is waiting for us in the short and long term.

Contents:
(please, click the topic to scroll down to it)

  1. The future of cryptocurrency in the world
  2. Opinion of experts
  3. Conclusion

1. The future of cryptocurrency in the world

Is Bitcoin a certain industry standard? The overwhelming majority of investors are interested in the fate of the world’s #1 coin. Bitcoin has grown from $0.001 to $20k, now it is staying in the trading range between $5800 and $6200. If you compare it with the historical maximum, then rate of the coin is showing negative dynamics, but if you look at the situation in the perspective of a longer period of time, it becomes obvious that the asset is liquidated and is showing stable growth.

If we talk about the future of the world’s #1 cryptocurrency, then it is certainly very promising. At this point in time, any knowledgeable person knows for sure the vector of technology development for the next 10 years. Let’s operate with facts:

– World leaders discussed the rapid development of cryptocurrency at the G20 summit in 2018 and concluded that the point of no return had already been passed, and it was impossible to ban the industry, it needed to be regulated within the framework of the legislative field.

– Exactly one year ago Bitcoin cost about $2500, and the market capitalization was slightly more than $100 billion. Considering the almost half-year correction (with a little respite), the current figures are 2.5 times higher. This means that we see an increase by 250% on the annual chart.

– In 2017 Stanford University conducted a large-scale study of cryptocurrency, where the approximate number of Bitcoin wallets was calculated. Their number was from 5 to 11 million pieces. According to the authors of the study, the figures are not exact, but even if we multiply their maximum statement by 3, we will get about 33 million people who have done some operations with cryptocurrency at least once in their life. If we consider that the total population of the planet is 7 billion people, it becomes obvious that even an overestimated figure of 33 million seems insignificant. These figures let us understand that the globalization of the cryptocurrency industry is still in the future. The growth of new users will inevitably lead to an increase in the rate.

– The project Ripple is already cooperating with more than 100 banks around the world, thereby simplifying and improving their work (improving the level of security and speed of transactions, as well as reducing commission significantly).

2. Opinion of experts

Experts predict a different fate for it, from complete collapse to recognition as an only world currency. Let’s find out which opinion is closer to the truth and whether Bitcoin and other coins have a future.

John McAfee, perhaps the most ardent cryptocurrency adept, who is 1000% sure that Bitcoin will become the new world standard. He assures that BTC will outshine the dollar, as well as the latter outshone gold. According to his forecast, the Bitcoin rate will be at least $1 million by the December of 2020. He is so confident in his prediction that he agreed to eat a piece of himself if he is wrong. We think you guessed which part of the body we are talking about.

In order for such a fantastic forecast to come true, the coin must be recognized at the international level, and trillion investment rivers must flow into it. According to McAfee, this is quite realistic, since it does not require the unanimous consent of all countries of the world, G7 will be enough. The rest of the countries will be forced to adjust to the leaders which they depend on economically.

If this happens, Bitcoin will start to be used everywhere, just like dollar today. Why should Bitcoin lead an expedition to world technology digitization? Everything is simple, the industry pioneer has many similar characteristics with gold:

  • limited stocks (emission of 21 million coins);
  • the process of mining is gradually becoming more complicated;
  • significant energy costs for extraction.

All of these factors above exclude the inflation of the coin, which many other cryptocurrencies are subject to.

James Altucher is a private investor and a hedge fund manager. He believes that cryptocurrencies have all prospects to deprive the state central banks of the money issuance monopoly. If you remember, this right was taken from the telephone industry by the Internet in the past.

Altucher believes that the national currency of a certain country may fail in the nearest future, and the government will not have a choice but switching over to digital coins. The main applicants for this are Argentina and Venezuela. It surprising, but the Venezuelan government announced its intention to release the national coin El Petro literally a week after the statement of Altucher came out.

Elena Kvochko, the head of the security department at Barclays, believes that cryptocurrency has a future only if it enters the white legislative field. Bills on the regulation of cryptocurrencies in different countries differ, but, in general, 2018 gets the title of the “regulation” year. There is still a lot of work to do, but if everything is done correctly, it will significantly affect the industry.

3. Conclusion

The cryptocurrency industry will undoubtedly develop and doubting this statement is stupid for a variety of the abovementioned reasons. It is not yet clear what coin will become the leader in the next few years, many people are betting on the current favorite – BTC. However, it can not be denied that there are many other more technological, but less popular coins. They have all the chances to make it to the leaders’ list.

Money and traditional banks will not disappear anywhere in the next 5 years, the introduction of digital payment systems into everyday life will be gradual.

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Binance Will Add Stablecoin USDC To Its Listing

Recently, one of the major crypto exchanges, Binance, has published a notice which says, Binance will open two new pairs for trading on November 17. Interestingly, those two pairs include a new-comer – USDC – stablecoin backed by Circle.

The trading pairs are USDC/BNB and USDC/BTC; the trading starts at 2018/11/17 03:00 AM (UTC). However, users are already able to deposit stablecoin in advance.

Moreover, Binance wrote there would be a “top-ranking auditing firm” to preserve the transparency of the stablecoin. Every month, the firm is bound to provide data of “the corresponding USDC and USD balances held/issued.

We want to remind you, such crypto exchanges as OKEx, Huobi, BitPay, Coinbase have already listed USDC stablecoin on their listings.

Dollar-Pegged Stablecoins Exceeded the Price Point of $1

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Cryptocurrency Prices Today, November 15: Cryptocurrencies Collapsed in Price

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coin360 online platform, Bitcoin (BTC) lost 10.76% over the past 24 hours. The price at the time of writing is $5643 per coin.

Almost all cryptocurrencies absolutely crashed in price:

Bitcoin Cash lost 13.28% over the past 24 hours and costs $447 per coin;

Ripple dropped by 8.94% and is $0.46 in price;

EOS fell by  11.7%, and its price is $4.66;

Litecoin lost 13.45%, and its cost is $42;

Cardano decreased by 14.13%, and its value is $0.061;

Stellar lost 8.24% and is worth $0.23;

IOTA became cheaper by 16.64%, and its cost is $0.48;

Dash dropped by 12.34%, and its price is $142;

Monero decreased by 13.95% and costs $90.

Over the past day, Ethereum lost 12.76%. The cost of the coin is $179.

The total market capitalization dropped significantly to $185 billion. Bitcoin accounts for 53% of the total. In monetary terms, the amount dropped to $98 billion.

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Bank of America Has Officially Patented A System for Saving Crypto Actives for Significant Corporations

One of the major USA banks has been approved the patent for a system of saving crypto assets. The application for the patent describes a method for safekeeping cryptocurrency assets of users of the system. It also stated that the bank will cooperate only with major corporations.

The popularity of using cryptocurrency has turned into a trend that many companies are aiming at. The biggest part of major corporations serves their clients with the help of cryptocurrency. Because of this, there is a need to convert the cryptocurrency into any currency deposit, which has to be placed in a storage.

It is possible to improve the security and safety of deposit funds with the help of single corporate accounts that maintain the cryptocurrency storage.

At the same time, the clients will receive credit funds, the amount of which is equal to the crypto deposit. This concept was introduced by Bank of America.

The patent spelled out a storage system specially designed for the banking system, which processes and stores the secret key. The system is demanding to high throughput of a channel and the amount of calculation capacities.

When required to complete a transaction, the system will provide customers with access to Member’s personal account.

It should be reminded, that previously Bank of America approved the patent for close system private keys, that supports remote management.  

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Crypto Master Minds That Made It Into Forbes’s 30 Under 30

One of the most famous editions in the world, Forbes, came out with its annual rating of the most influential people under the age of 30 in different spheres of activity, including healthcare, music, art, retails and many others. This time the section of “finance” was replenished with a couple of blockchain and crypto personalities, namely:

1. JB Rubinovitz (26) is a crypto entrepreneur whose goal is to incorporate crypto mining as a way to provide bails for arrested people.

2. Olaoluwa Osuntokun (25) is one of the founders and a Chief Technical Officer of the company Lightning Labs. He raised $2.5 million to develop Bitcoin as a fully usable means of payment.

3. Hunter Horsley (28) is a CEO of the company Bitwise Asset Management. His firm specializes in creating crypto indexes.

4. Nader Al-Naji (26) and his company Intangible Labs are currently working on a concept of a cryptocurrency that could easily replace the usual banks.

We remind you:

Forbes Launches Its Own Version of the CoinMarketCap

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A Major Twitter Scam Made Target Promote a Bitcoin Giveaway

Twitter scammers are getting more and more intricate to make their fraud look like it’s not fraud. This time another scam involves a couple of popular brands (and, surprisingly, not Elon Musk).

A couple of unknown crypto criminals started spreading a tweet, encouraging the community to participate in a BTC giveaway. The scammers promised to give out $30 million worth of crypto. The tweet were quickly deleted, but some members of the crypto community managed to capture it.

The most interesting part of this whole scam is that its organizers allegedly hacked account of such popular companies as Target, The Body Shop, AHDB etc. and used them to endorse their endeavour.

There seem to be no other details on the victims of the scam or whether the hackers were caught or not.

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Cryptocurrency Prices Today, November 14: Cryptocurrencies Continue to Decline in Price

crypto prices

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coin360 online platform, Bitcoin (BTC) lost 0.16% over the past 24 hours. The price at the time of writing is $6356 per coin.

Almost all cryptocurrencies are in the red zone:

Bitcoin Cash lost 0.66% over the past 24 hours and costs $502 per coin;

Ripple fell by 2.29% and is $0.51 in price;

EOS minus 2.40%, and its rate is $5.30;

Litecoin decreased by 0.95%, and its price is $49;

Cardano dropped by 3.02%, and its cost is $0.072;

Stellar lost 4.23% and costs $0.25;

IOTA added 0.37%, and its value is $0.48;

Dash plus 0.15%, and its price is $164;

Monero lost 0.99% and costs $106.

Ethereum lost 1.03% over the past day. The cost of the coin is $206.

The total market capitalization is $209 billion. Bitcoin accounts for 52.8% of the total. In monetary terms, this is $110 billion.

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