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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Cryptocurrency Prices Today, February 15: Cryptocurrencies “Stand Still”

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

According to the online platform Coingecko, Bitcoin (BTC) remained stable over the past 24 hours. The price at the time of writing is $3604 per coin.

For the most part, cryptocurrencies did not change in price throughout the day:

Bitcoin Cash lost 0.99% over the past 24 hours and costs $121 per coin;

Ripple dropped by 0.03 and costs $0.30;

EOS added 2.3%, and its price is $2.85;

Litecoin grew by 0.18%, and its value is $42;

Cardano gained 0.27%, and its cost is $0.040;

Stellar added 2.66% and costs $0.078;

IOTA grew by 0.87%, and its cost is $0.27;

Dash lost 0.6, and its price is $79;

Monero fell by 0.06% and costs $47.

Over the past 24 hours, Ethereum remained stable. The exchange rate of the coin is $122.

The total market capitalization is $120 billion. Bitcoin accounts for 52.7% of the total volume. In monetary terms, it is $63 billion.

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Japanese Giant GMO Internet Lost ¥1.3 Billion in 2018: Report

One of the biggest Internet companies in the world, Japan-based GMO Internet Inc., posted a report on its financial performance. An operating loss accounts for ¥1.3 billion (~$11.75 million) in 2018.

GMO’s mining business

According to the report, mining business fared very poorly in 2018 which resulted in great losses. The company explained that the business did not increase as expected due to the collapse of cryptocurrency market in Q4. The report provides  the table where we can see the real revenue and real loss of the company. The data provided below does not include “extraordinary losses” of approximately $319.2 million.

Source: GMO Fiscal Report 2018

Alongside, Internet giant announced that it would implement a policy change regarding to their mining business model. The company will sell its bitcoin mining assets at cheaper rates to compensate for a portion of its annual losses.

Moreover, GMO plans to relocate mining centers to the regions where power supply is cheaper. The centers allegedly will be somewhere in Northern Europe.

GMO’s Bitcoin exchange

Source: GMO Fiscal Report 2018

According to the report, the company’s quarter-revenue has fallen by 66.7%, even though the company annually posts about its 7% profit from its crypto exchange GMOCoin.

In 2018, GMOCoin recorded a net sales of ¥4.02 billion (~$36.33 million). In Q1, crypto exchange has lost about ¥76 million, yet, high sales of next quarters compensated them. The fall of cryptocurrency market has also played a significant role in GMO’s revenues. Each phase ended on a lower note than a previous one in terms of sales, while the profits remained marginal.

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Cryptocurrency Prices Today, February 14: Cryptocurrency Did Not Catch The Romantic Atmosphere And Began To Fall In Price

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

According to the Coingecko online platform, Bitcoin (BTC) lost 0.35% over the past 24 hours after a period of growth. The price at the time of writing is $3607 per coin.

Cryptocurrencies have returned to the red zone:

Bitcoin Cash lost 0.6% over the past 24 hours and costs $121 per coin;

Ripple fell by 1% and costs $0.30;

EOS decreased by 4.1% and its price is $2.78;

Litecoin dropped by 3.2% and its value is $41;

Cardano lost 2.5% and its cost is $0.040;

Stellar fell by 1.1% and costs $0.076;

IOTA decreased by 1.6% and its value is $0.26;

Dash lost 1.9% and its price is $78;

Monero dropped by 2.5% and costs $47.

Over the past 24 hours, Ethereum has lost 0.7%. The rate of the coin is $122.

The total market capitalization fell to $120 billion. Bitcoin accounts for 52.5% of the total. In monetary terms, it is $63 billion.

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The Most Dangerous Crypto Crimes: What About SIM Swappers?

Cyber attack and crypto crimes in every shape and form are quite abundant on the market of digital assets right now. They all have different goals and different levels of harm. The careful and thorough analysis of such attacks will make it possible to predict them and protect sites, platforms and companies from breaches and money losses.

However, there is a weird tendency going on among the analytical reports, which we will try to explain down below.

Two major cyber security companies Chainalysis and CipherTrace released their analytical statements at the end of last year. Both reports contained statistics on hacker attacks and crypto crimes and an outline of current trends.

The main focus of CipherTrace was different money laundering techniques, cryptocurrencies that are the easiest targets for crypto criminals that choose this path, AML regulations and other related info.

Whereas Chainalysis told its readers on the scale and profitability of such Ethereum scams as phishing and various Ponzi schemes.

Surprisingly, there seems to be nothing about the infamous SIM-swapping.

Just to remind you, SIM-swapping is a kind of a cyber attack aimed at money theft. Simply speaking, a hacker convinces the phone provider to “swap” the number of a victim to a new device. In such way, criminals get full access to the personal information of their victims, still their identity, and later money.

SIM-swapping scams have been involved in multiple scandals with the biggest cell-phone providers of America, the crimes involving this technique resulted in huge money thefts and loud arrests of witty hackers, yet very few reports actually mention it.

However, this still does not diminish the dominance of SIM-swapping over many other types of crypto crimes. In order to fight it, we not only need more coverage from the mass media and analytical firms, but also the cooperation from the cell phone companies to protect the users, their info and their money.

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Cryptocurrency Prices Today, February 13: Cryptocurrencies Are Showing an Upward Trend

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

According to the online platform Coingecko, Bitcoin (BTC) added 0.4% over the past 24 hours after a period of growth. The price at the time of writing is $3620 per coin.

Cryptocurrencies once again moved to the green zone:

Bitcoin Cash added 0.57% over the past 24 hours and costs $121 per coin;

Ripple grew by 1.96% and costs $0.30;

EOS gained 5.78%, and its price is $2.92;

Litecoin lost 1.48%, and its value is $42;

Cardano increased by 1.31%, and its cost $0.041;

Stellar added 0.2% and costs $0.076;

IOTA grew by 3%, and its value is $0.27;

Dash remains stable, and its price is $82;

Monero gained 2.51% and costs $49.

Over the past 24 hours, Ethereum added 2.37%. The exchange rate of the coin is $123.

The total market capitalization is $121 billion. Bitcoin accounts for 52.6% of the total volume. In monetary terms, it is $63 billion.

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How To Read Trading Charts

Cryptocurrency exchanges work on the same principle as traditional exchanges. Potentially, it is possible to earn very good money on these platforms, but for this, it is needed to be able to correctly read the cryptocurrency coin chart. Of course, in order to become a professional trader, it needs to learn and practice a lot, but if your goal is to understand the basics, this article will be an excellent starting point in the exciting world of trading for you.

There are a huge variety of different charts, but the most common is the “Candlestick chart”. The chart is a much more informative tool than digital or text analysis. Using graphics, it is possible to quickly navigate and understand the current mood of the crowd, as well as the balance of power between sellers and buyers of a particular asset. Based on the obtained data, it is possible to calculate the potential profitability or unprofitability of a particular deal.

1. The main types of stock charts

As it was mentioned above, there are a huge number of different types of charts, but the main ones are lines, bars, and candlesticks. All of these tools (with the exception of the line charts) can tell about:

  • price at the beginning of the selected period (1 minute, 5 minutes, 15 minutes, 1 hour, 1 day, 1 week, etc.);
  • price at the end of the selected period;
  • the minimum and maximum rate of the selected period.

By and large, the crypto chart clearly shows the history of the struggle between bulls and bears. In the process of this confrontation, a large number of deals are made. It should be understood that even a slight fluctuation of the price means that some have already earned on it, while others, on the contrary, have suffered losses.

2. “Candlestick chart”

Let’s take a closer look at the most common version of charts, namely “Candlestick chart”. It was invented almost 400 years ago by a rice seller from the country of the Rising Sun. The process of observing a line chart is not entirely convenient; for this reason, the construction of “Candlestick chart” is based on the principle of dividing the total time into specific periods. This principle helps to quickly navigate what is happening on the market and, accordingly, to give the Bitcoin trend prediction or any other financial asset forecast.

3. How to read the chart “Candlestick chart”?

One candle represents the range of prices for an asset for a certain period of time. The boundaries of the candle are the lowest and highest asset price in this period of time. If the candle`s color is green, this means that the asset has increased in value over a given period of time; if it is red, then, on the contrary, it has fallen.

Source: https://www.tradingview.com/

If you look closely at the above chart, you will notice:

  • the candle corresponds to the time interval – 60 minutes;
  • the minimum asset price was $3485,24;
  • the maximum asset price was $3733.58;
  • This hour began with a price of $3506,42 and ended with the price of $3687 (for this reason, the candle is green).

The main parameters that should be paid attention to when reading cryptocurrency charts are:

  • asset price;
  • time;
  • trading volume.

By and large, the entire analysis of charts is an ordinary calculation of the balance between supply and demand. It is possible to estimate the level of the strength of bulls or bears through the asset price (vertical axis) and the volume of transactions (horizontal axis). These skills allow experienced traders to take the right position in advance and earn money on any price movement.

4. Conclusion

In this article, we talked about how to read cryptocurrency charts. As it was mentioned above, there are a huge number of different types of charts, but the most popular and often used is the option “Candlestick chart”. The basic principle of this type of charts is to divide the time into certain periods. It is quite informative and easy to read. If you want to start trading, then you definitely need to get a deeper understanding of this topic.

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