The Cryptocurrency market has been one that started on a very low side and within a decade, had grown to a value that most people never believed it could achieve. However, there are also speculations that cryptocurrencies are likely to be the future based on some current factors and what the future is likely to hold. It is general knowledge that the most difficult and testing time of any business is mostly immediately when they are founded. If they can survive those first few years and can record significant success, there are only a few things, such as scandals or mismanagement that would be able to bring the company down. The cryptocurrency market has not only survived the first 10 years but has achieved a lot of success. Currently, it seems obvious that the cryptocurrency market is here to stay. Here are some of the factors that indicate that the cryptocurrency market is here to stay.
The first cryptocurrency that started the market is Bitcoin. Bitcoin has a maximum value and number of users. Thus, the whole cryptocurrency system value chained is dominated by Bitcoin. This does not rule out the fact that it has a few issues. The major issue with Bitcoin is that only between six and seven transactions can be carried out every second. For the sake of comparison, a few thousand transactions are carried out on the average on credit cards. Thus, it is important for the transaction scaling to be improved so that the volume of transactions that can be carried out per second will increase.
ICOs that are legitimate
Despite the existence of some crypto coins with stable market value, the creation of new coins is carried out and designed for serving a particular purpose. For instance, the IOTA coins are created to be the power currencies for market exchange for the Internet of Things. Some coins are also designed to solve the problem of cybersecurity as they give digital vaults that are encrypted for money storage.
The new ICOs come with solutions that are innovative and disrupt the market as they bring new transaction value. They also gather market authority with backend operations that are reliable and exchanges that can be easily used. Their innovation on the financial market side gives investors more options and freedom, while their innovation on the technology side implies mining can only be carried out through specialized hardware. You might want to invest in cryptocurrencies so that you can benefit from the market, you can read Cryptocurrency platform reviews to see different ways you can use cryptocurrencies and the best companies to patronize.
The cryptocurrencies’ impacts on the community are currently being studied by most governments. The governments are trying to see how it can benefit the world. There is a high chance that the conclusion from the result of the studies would be positive. Some governments are already in the process of regulating and legalizing crypto markets like other markets. This is to protect retail investors that are ignorant of harm and to prevent them from losing their money. Once these issues are sorted out, it could lead to the global adoption of cryptocurrency.
Most industries today have shown huge enthusiasm in blockchain technology applications. Some startups are creating innovative applications including debit cards and digital wallets for cryptocurrencies. Subsequently, the number of companies that will be willing to accept cryptocurrencies will increase. As the number of companies increase, so will the people who would be using the platform. More people will start to trust the system and the crypto assets reputation as a medium of the transaction will be reinforced. Even though not every crypto-currency related startup will survive, they will all contribute positively to the market’s overall health as they will create innovation and competition.
Financial institutions investment
The cryptocurrency market is also being watched by a lot of international banks. This brings about the possibility of some of these financial institutions delving into cryptocurrency. Once some of the big players in the financial world delve into cryptocurrency, it would all but seal it as one of the currencies for the future. Hence, cryptocurrency has a lot of prospects for the future that might begin to blossom sooner than later.