Although the market in the cryptocurrency market has been revised in 2018, everyone agrees that the best is yet to come. There has been a lot of activity in the market that has changed the tide for the better. With the right analysis and the right dose of optimism, anyone who invests in the crypto market can make millions from it. The cryptocurrency market is here to stay in the long run. Here in this article, we give you five positive things that can encourage more innovation and market value in cryptocurrency.
1. Innovation in scaling
Bitcoin is the first cryptocurrency on the market. It has maximum number of users and maximum value. It dominates the entire value chain of the cryptocurrency system. However, this is not without problems. The main hurdle is that it can handle only six to seven transactions per second. By comparison, credit card transactions average a few thousand per second. Apparently, there is room for improvement in the scaling of transactions. With the help of peer-to-peer transaction network on top of blockchain technology, it is possible to increase the volume of transactions per second.
2. Valid ICO
Although there are cryptocurrencies with stable prices in the market, new coins are being created that are designed for a specific purpose. Coins like IOTA are designed to help the Internet of Things market the exchange of power currencies. Some coins solve cyber security problems with encrypted digital vaults to save money.
The new ICOs are bringing innovative solutions that disrupt existing markets and bring a new value to the transaction. They are gaining market dominance through their easy-to-use exchanges and reliable backend operations. They are innovating both technically for specialized hardware and financial markets for mining with more freedom and options for investors on the exchange.
3. Clarity about control
In the current context, most governments are studying the effects of cryptocurrency on society and how its benefits can be extended to the wider community. We can hope that the results of the research will be reasonable.
Some governments are already trying to legitimize and control the crypto market like any other market. It will protect ignorant retail investors from losing money and protect them from losses. The abolition regulation that encourages cryptocurrency growth is expected to appear in 2018. This will pave the way for widespread adoption in the future.
4. Increase application
There is a lot of enthusiasm for the application of blockchain technology in virtually every industry. Some startups are coming up with innovative solutions like digital wallet, debit card for cryptocurrency etc.
The reputation of cryptocurrency as a medium of transaction will be further strengthened as more people trust this system. While some startups may not survive, they will positively contribute to the overall health of the market by creating competition and innovation.
5. Investments from financial institutions
Many international banks are watching the cryptocurrency scene. This could lead to institutional investors entering the market. Significant institutional investment flows will fuel the next phase of cryptocurrency growth. It has captured the fancy of many banks and financial institutions.
As surprises and barriers in the vicinity of cryptocurrencies diminish, more will be taken from traditional investors. This will lead to a lot of dynamism and liquidity for any growing financial market. Cryptocurrency will become the de facto currency for transactions around the world.