From its inception, cryptocurrency has been subject to harsh criticism as well as optimistically proclaimed the next milestone in the development of economics. The former stems from the ever-growing concerns with regards to security, integrity, and its prospective ability to do more good than harm to the existing financial and business system and even governance.
From its inception, cryptocurrency has been subject to harsh criticism as well as optimistically proclaimed the next milestone in the development of economics. The former stems from the ever-growing concerns with regards to security, integrity, and its prospective ability to do more good than harm to the existing financial and business system and even governance. Although these odds crypto is becoming more than ever widely used and validated by huge and respectable global players, thus making it evident that the developments in crypto are something everyone cannot but follow and take into consideration.
These are the most topical trends in crypto we’ve seen already or about to experience in their full scale soon.
Serious players on board
Hype game seems to be over, and finally, we start hearing a serious talk about crypto. An increasing number of enterprises representing various industries express genuine interest in the possibilities of adopting cryptocurrencies in the existing financial models. This is both true for the companies who have shown the long-standing interest in the opportunities of crypto to improve the way they run their business today and for those that have just started to explore the subject. Crypto geeks and startups are about to be replaced by big players that mean business. With companies like IBM and Microsoft entering the scene lambo and to the moon talk is likely to be over soon.
With card or cash? – with crypto
Possibility of paying in crypto for milk or coffee is the first prophecy of any respectful crypto wise. There are already certain store chains that announced the soon-to-be crypto payment option. But the big problem is now the time of transaction. Saying, you find a vendor eager to accept payment in crypto you’ll need to hang around the store for about 20 minutes after the transaction to make sure it was processed. The reason it takes longer to process a crypto transaction compared to the ordinary fiat transaction lies in the distinction between PoW and Pos algorithm.
PoW vs. Pos has been a subject of heated debate for a while among all crypto community. For those who are not yet familiar with the terminology, the names stand for Proof of Work (mining) and Proof of Stake (forging) respectively. While the existing cryptocurrencies are dependant on hardware that costs billions of dollars, wastes electricity and pays billions to miners, there is a distinctive trend towards the forging.
Unlike the current blockchains, in which the nodes confirm transactions in turn, and the longest block is accepted as the correct one, voting and block formation in multi-PoS is performed by all network nodes at once. Cryptocurrencies that currently run the proof of stake system are BlackCoin, Lisk, and MetaHash. For instance, it takes an average 10 minutes to approve Bitcoin transaction in contrast to any MetaHash transaction, for which it takes only 3 seconds. Thus it allows for a higher level of decentralization reaching 50,000 transactions per second on MetaHash rather than maximum 12 that are now possible on the Blockchain on which Bitcoin operates.
So coming back to paying with crypto on a daily basis, this substantial reduction in the time required for the final verification of the transaction makes the anticipated commonplace crypto adoption a more realistic scenario and the hottest trend for crypto in the nearest future.
Move towards better regulations
On its face, one thing we know for sure about crypto is that the more regulation exists the less opportunity there is for crypto development and adoption. This is what is now happening in Europe and the US, and cause the former to significantly fall behind the Asian market, which now attracts more crypto enterprises owing to its more lenient regulations regime.
Conclusion: safety as the main trend
One thing is now inevitable— if all of the above trends gain momentum, they will have a cumulative effect and bring what investors are so eager for — more stability. Stability usually means trust, which leads to price stabilization. It would be a mistake to assume that Bitcoin will return to its peak rate, but considering the above trends, we are about to observe a more important leap forwards decentralization crypto has to offer.