- Cryptocurrency and blockchain have slowly inched their way into mainstream technology!
- The digital currency has a wide spectrum of perspectives of profitability and different sets of people look at crypto-assets differently.
- Volatility has been one of the pain-points plaguing the crypto world, but stablecoins could possibly solve this issue, catalyzing the herald of cryptocurrencies in mainstream transactions.
The year 2009 might seem quite close and quite far from different perspectives but when it comes to the field of technology, there is no question that 2009 is quite distant! It was a time when smartphones were very slowly beginning to trickle in the market and Uber was just a small startup in California. The field of cryptocurrency and blockchain technology is one of the many fields that have grown by leaps and bounds in terms of expertise, acceptance, and relevance.
When Satoshi Nakamoto introduced the Bitcoin a little over a decade ago, it was never thought that renowned global giants like JP Morgan, IBM, and Facebook would step in creating their own digital currency. Bitcoin was once confined to mining and to a few handfuls of technology enthusiasts and people who traded on the dark web. Today, it has got all the potential, not just one paper but even in limited practice, to replace mainstream instruments of finance.
Let us unravel the different possibilities and perspectives with cryptocurrency and blockchain. Parallel to this, we will also look at the factors that put cryptocurrency development in LimeLight and Stablecoins as a dependable instrument of transactions!
The Bitcoin has grown to be a currency with value! In March 2010, a random user SmokeTooMuch auctioned 10,000 Bitcoins for $50. The surprising part is that no one was willing to buy those. Today, the same 10000 Bitcoins are worth about $94 million. Had it been 2017 December, the same 10,000 Bitcoins would have been worth $1.9 billion. The fact that the Bitcoin is growing in value or at least, presenting itself in Great Value against standard currencies like the US dollar was an interesting reason for people to get into the Crypto world. There have been speculations that a bitcoin might be worth about $100000 in 2021 August and all this buzz contributes to the interest in Bitcoins. Cryptocurrency can function as a hedge fund at a time when stocks and markets collapse.
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Blockchain technology combines the goodness of immutability, transparency, and security. It might not catch the eye of layperson but a lot of major banks like JP Morgan Chase and even the governments of China, Malta, and Gibraltar, have recognized the potential of this distributed ledger technology. These pockets of recognition are expected to speed up the option of crypto. The increase in mobile usage and the world slowly moving towards non-cash transactions have been contributing to the growth of crypto.
Taking into consideration the COVID-19 impact, the transition from Fiat currency to digital currencies is likely to happen sooner than later. Cryptocurrencies do not have any restrictions like national borders and delayed transactions. All these attributes increase the quotient of attractiveness for cryptocurrency. Volatility – the extreme fluctuation in the values of cryptocurrencies against fiat currencies – seems to be a deterrent for the adoption of cryptocurrencies. However, stablecoins – crypto coins whose value is pegged to a fiat currency like the US dollar – are quite likely to replace fiat currencies. They bring together, the advantages of cryptocurrency like quick transactions and elimination of cost associated with intermediaries. At the same time, it also does away with disadvantages like volatility and legal questionability.
Cryptocurrency is expected to give the much-needed fillip to online gaming and casino businesses. While these technologies might not attract the attention regulatory bodies, crypto and blockchain are expected to be the revolution providing a lot of benefits like protection from fraud and being extremely transparent. It has also forayed into the territory of sports. With an estimated market value of $1.8 billion in 2022, blockchain technology will give a thorough boost to e-sports as well. Blockchain is expected to bring real-world values to giving assets that would be considered trash if the gaming ecosystem had to collapse.
One of the most prominent use cases for blockchain and its manifestations lies in crowdsourced funding. Yes, there are initial public offerings but with the costs associated with middlemen and the barriers in terms of geography, it might be as global as blockchain-enabled funding methods like the
All these methods mean that investments can be Global and economic, and at the same time, be democratic. The tokenization, made possible by blockchain, ensures that even the most liquid assets can be broken down into discrete tokens without compromising on the value.
There is no challenge to the fact that blockchain, stablecoins, and cryptocurrency will be the order of the future. If you would like to be a part of this revolution, all you need to do is get in touch with the right blockchain development companies, so you will get your guidance in becoming a new-age tech entrepreneur.