While there were market corrections in cryptocurrency market in 2018, everyone agrees that the very best is yet to come. There were a lot of activities in the market that have changed the tide for the better. With proper analysis and the right dose of optimism, anyone who is committed to the crypto market could make millions out of it. Cryptocurrency market is here to stay for the long term. Within this article, we offer you five positive factors that can spur further innovation and market value in cryptocurrencies.
1. Innovation in scaling
Bitcoin may be the first cryptocurrency available in the market. It has the maximum amount of users and the highest value. It dominates the entire value chain of the cryptocurrency system. However, it is not without issues. Its major bottleneck is that it could handle only six to seven transactions per seconds. In comparison, credit card transactions average at few thousands per second. Apparently, there’s scope for improvement in the scaling of transactions. With the aid of peer to peer transaction networks along with the blockchain technology, it is possible to raise the transaction volume per second.
2. Legitimate ICOs
While you can find cryptocoins with stable value available in the market, newer coins are being created that are designed to serve a specific purpose. Coins like IOTA are designed to help the web Of Things market exchanging power currencies. Some coins address the issue of cybersecurity giving encrypted digital vaults for storing the money.
New ICOs are coming up with innovative solutions that disrupt the existing market and bring in a fresh value in the transactions. They are also gathering authority on the market with their simple to operate exchanges and reliable backend operations. They are innovating both on the technology side regarding using specialized hardware for mining and financial market side giving more freedom and options to investors in the exchange.
3. Clarity on regulation
In the current scenario, most governments are studying the impact of cryptocurrencies on the society and how its benefits could be accrued to the community most importantly. We can expect that there could be reasonable conclusions as per the result of the studies.
Few governments already are taking the route of legalising and regulating crypto markets exactly like any other market. This will prevent ignorant retail investors from losing profits and protect them from harm. Abling regulations that boost cryptocurrency growth are expected to appear in 2018. This can potentially pave just how for widespread adoption in future
4. Increase in application
There’s enormous enthusiasm for the use of blockchain technology in just about any industry. mining hashrate booster are discovering innovative solutions such as for example digital wallets, debit cards for cryptocurrencies, etc. this can increase the amount of merchants who are willing to transact in cryptocurrencies which boost the number of users.
The trustworthiness of crypto assets as a transaction medium will be reinforced as more people trust in this system. Although some startups may not survive, they will positively contribute to the overall health of the marketplace creating competition and innovation.
5. Investment from financial institutions
Many international banks are watching the cryptocurrency scene. This can lead to the entry of institutional investors into the market. The inflow of substantial institutional investments will fuel the next thing of growth of the cryptomarkets. It has captured the fancy of several banks and financial institutions.