Blockchain technology is quickly spreading among fast-moving industries and many companies are starting to think about the value of cryptocurrency adoption. In just three years, the blockchain sector has grown from a reported $1.2 billion to $3 billion,
from 2018 to 2020. Analysts predict that the value could further increase to $7 billion. Cryptocurrency and blockchain technology is becoming a buzz word around the world as the market expands.
Although the cryptocurrency market is widely criticized for its volatile nature, with mass-adoption taking place around the world, more and more people are starting to realize its value.
Here are Five Crypto Trends You Should Keep an Eye Out For
Bitcoins Value will Continue Increasing
Just last month, bitcoin hit a record-breaking price, almost every major news outlet was reporting on it. Added to this, the increased adoption of cryptocurrencies and bitcoin by major business has now begun. This type of mass adoption is likely to increase in the upcoming year. With the volatile nature of Bitcoin, anything is possible, in fact an analyst at Citibank is reportedly predicting that Bitcoin would go on another rally during 2021.
Companies are Going to Start Making Use of Crypto
Last year, PayPal made a huge announcement when they announced that they will now be facilitating the purchase and sale on cryptocurrency on their payment platform. This includes Bitcoin. They are allowing their users to make payments with their cryptocurrency. They do this by converting the crypto to the native fiat currency. Tesla’s CEO, Elon Musk, announced earlier this year that the company has invested in cryptocurrency and are busy making allowances for their clients to pay their cars using bitcoin. These are just two huge companies that have begun adopting bitcoin, but there are many more. Including JP Morgan Chase and IBM.
Decentralized Finance will Continue Expanding
Decentralized finance has quickly grown in popularity. They have promoted that they are able to“beat the banks”. Many believe that the technology will not live up to the hype, but others consider the technical and user benefits as worthwhile. Decentralized Finance is considered to be a form of finance that has no intermediary or middleman. They have given rise to decentralized exchanges, including Uniswap. With Uniswap, you are able to trade assets without needing a third party.
Crypto Casinos Will Become More and More Popular
Crypto Casinos is fairly new and the term is becoming more and more popular, especially because casinos are benefiting hugely. You may have already come across ads promoting Crypto Casinos, this is because it opens up casinos to a whole new audience of users, who are likely to play and use their services. Users do not need to worry about the safety of Crypto Casinos. Crypto Wallets are becoming increasingly secure to ensure all transactions are safe and the withdrawal process is seamless.
Cryptocurrency to Become a Preferred Method of Payment.
As we mentioned, PayPal and Tesla have already begun rolling out the process of allowing its users to buy and sell bitcoin. More payment businesses are likely to follow in their footsteps soon. Cryptocurrency ATMs are also new on the market and allows people to withdraw cash using their cryptocurrency, and even allows deposits. This, combined with new infrastructure with online payment providers, will allow for more and more crypto-adoption to begin, especially as a payment method.
Perhaps it’s time to start doing your own research on how cryptocurrency can benefit you in the years to come.