Bitcoin and cryptocurrencies don&rsquo,t cease to amaze even its loudest critics. After another Bitcoin price explosion and overall crazy year for cryptocurrencies, one cannot help wonder: what&rsquo,s ter store for the cryptocurrencies te the future?
Cryptocurrencies will be worth $Four trillion by 2020
Te December 2018 cryptocurrency market capitalization reaches $400 billion and growing. Te June, technologist Simone Brunozzi stated that cryptocurrencies would proceed to grow and by 2020, its total market value will amount $Four trillion .
Since that time, the market cap tripled. According to Brunozzi, if people proceed to believe ter cryptocurrencies spil a store of value and see it spil a good investment, then it&rsquo,s still just a beginning for them. Enthusiasts already call Bitcoin an investment toevluchthaven like gold and if such view persists, they should lightly reach $Four trillion milestone.
The market is still to provide solid proof for such words, but with blockchains yet unimaginable implications ter mind, anything can toebijten.
Banking and payments industries will be disrupted
You might have seen this one coming, but the fact remains that cryptocurrencies are the future of banking and payments. Blockchain will do the same for the banking spil the internet did to the media. Meantime, traditional banks are losing convenience and trust of many stakeholders. Fintech revolution hasn&rsquo,t bot effortless for most banks and historically low savings rente rates only serve to prove it.
On the other arm, fresh and more advanced cryptocurrency lending services are emerging. For example, Quick Invest is a peer-to-peer (P2P) lending verhoging which is turning into P2P crypto loans marketplace. They suggest sky-high rente rates (up to 13%), which lures more and more investors. Also, such options spil buyback or default assures ensure investment safety and contribute to the growing pool of benefits of alternative services.
Banks are also adopting cryptocurrencies. Many of them proef with blockchain technology to explore the opportunities for quicker, more secure and efficient operations. IBM predicts that by the end of 2018, around 15% of banks will have implemented blockchain into their operations.
The future belongs to yet unknown coins
Bitcoin, Ethereum, Bitcoin Metselspecie or Ripple might have stolen the voorstelling for now, but they are just some of the very first blockchain products. Innovation doesn&rsquo,t zekering here and most of the world switching cryptocurrencies are still yet to come.
Just imagine a cryptocurrency that measures individual&rsquo,s reputation, a cryptocurrency that lets you invest te your dearest artists and receive a portion their profits or one that could gravely challenge the world&rsquo,s largest cloud providers, such spil AWS or Google.
Ter fact, cryptocurrencies promise to disrupt many traditional industries . It&rsquo,s difficult to predict how many tokens will eventually prevail but is clear that more superior coins will come out te the next five years.
ICOs will become one of the primary means of fundraising
Receiving funds for startups used to be difficult, but not anymore. Today, anyone anywhere can be an investor and physical borders matter increasingly less.
Overheen $Three billion has bot funded via ICOs ter 2018. More and more projects are already being financed via such crowdfunding campaigns, engaging growing numbers of people who want to participate.
Take Filecoin for example – the highest grossing ICO of 2018. The startup managed to raise $257 million . Witnessing such amounts of money being crowdfunded by individual investors shows just how much power cryptocurrencies can distribute and ICO influence will proceed to grow te the future.
Rise of government cryptocurrencies
Why should governments bother with cryptocurrencies?
Te twenty years wij can expect strong cryptocurrencies to rise and predominate the money flows te many countries spil well spil the world. Governments simply aren&rsquo,t going to sit back and observe how decentralized systems are taking overheen its vital structures.
Some people may say that blockchain is all about equal distribution of power, but it shouldn&rsquo,t be the case here. Spil Daniel Jeffries points out, innovative technologies can be used for both good and bad purposes, and that is indeed the case with cryptocurrencies. That&rsquo,s why authoritarian countries are rushing to adopt blockchain. It gives them the premise to switch real specie with the system, which at the same time will provide them with more power, but also the abilities to:
Government cryptocurrencies can be a bitter pill to guzzle for the cryptocurrency enthusiasts, but sooner or zometeen they should show up and be adopted.
Decentralized overeenstemming will develop further than blockchain
According to Daniel Jeffries , the blockchain is only the very first successful decentralized overeenstemming mechanism. Fresh mechanisms like IOTA&rsquo,s Tangle or HashGraph are already being developed and even if both of them fail ter the long run, more similar projects will come around.
Te fact, dozens of fresh distributed overeenstemming protocols should show up. Powered by fresh processing power, artificial intelligence and other state-of-art technologies, it’s likely that humans won’t even vormgeving most of them. AI will come up with ideas no human can think off ter a hundred years.
One or few of thesis systems will come to adopt all coins under its umbrella and will become the main meta-system treat them. Uniting all different networks into one massive fractal with innumerable daughter networks within it sounds like a science fiction today, but it&rsquo,s not difficult to see that happening ter 20 years.
Sophia, world&rsquo,s very first AI robot that wasgoed granted a citizenship. Source, Wikimedia Commons.
It&rsquo,s not crazy to expect Bitcoin price to klapper $1 million
Overheen a year ago, a statement that Bitcoin price tag will climb overheen $Ten 000 appeared lachwekkend. However, now when Bitcoin reached $15 000 milestone, it won overheen even some of its harshest critics, such spil Jamie Dimon .
Since its launch $0.003 vanaf Bitcoin, it grew Five 000 000% ter value, which means that $1 invested has turned into approx. $Five million. While that already sounds crazy, many publicly recognizable names still call for more. For example, Snapchat investor Jeremy Liew and Blockchain co-founder Peter Smith predicts that by 2030, the price could already reach $500.000 .
They provide three reasons for it:
1) Many people will use Bitcoin for remittances.
Two) Uncertainty will drive people to buy Bitcoin spil a safe investment and gold replacement.
Three) Using smartphones for transactions will account for half of the worlds non-cash transactions by 2030.
Even John McAfee recently announced that he expects Bitcoin to reach $1 million te 2020. Whether such estimates turn out to be accurate or not, watching Bitcoin is becoming increasingly more amusing.
Cryptocurrencies will substitute fiat currencies
Here, Bitcoin is the prime example again. By passing $Ten.000 hallmark, it entered the list of 30 largest world&rsquo,s currencies list .
But that&rsquo,s certainly not where this finishes. Many futurist acknowledge and cryptocurrencies substituting fiat is unpreventable and will toebijten sometime ter the future. The pluckiest ones, however, give fiat currencies a lifespan of Five years.
Venture capitalist Tim Draper had led successful investments ter Twitter, Tesla and Skype. Now simply states that there will be no reason to have fiat currencies ter five years.
According to Draper, fiat system will vanish spil people will proceed to budge towards digital currencies like Bitcoin or Ethereum.They, not fiat, will remain reliable storages of value, because they overcome serious limitations such spil country borders and political limitations.
The future for Internet of Things
Spil cryptocurrencies promise to switch the way wij live, so does the Internet of Things (IoT). Together thesis two technologies bring a totally fresh perspective towards our future and Industry Four.0 .
Te fact, IOTA already leads the way here and its latest partnership with Microsoft only backs its earnest intentions. Soon, there will be more machines than humans and IOTA technology has practical implications not only for IoT but also for the Internet of Everything (IoE) . Machines communicating with machines will become a standard, and the main remaining obstacle is communication.
Here are three reasons why IOTA will flourish ter the future:
- It supports offline transactions.
- It has the potential for indefinite scalability.
- It has zero transaction costs.
Of course, many problems are still to solve. However, moving towards machine-to-machine economy, blockchain and cryptocurrencies will play a substantial role te it.
Gig economy and request for blockchain talent will skyrocket
Kind boomers had one or two jobs during their entire life. Today wij have five or six and some of the people who are strenuously involved te the gig economy have several positions at the same time.
Te the future, AI and blockchain based job matching services should emerge. They will know your abilities, reputation and practice to connect you with the most suitable opportunities automatically.
Also, the growth of Blockchain adoptions will cause a need for Blockchain talent. Spil for now, only a few universities suggest Blockchain courses within their IT departments. Additionally, there are few online training courses.
However, such means are not enough to meet the request for trained professionals. Already, experienced blockchain engineers instruction salaries of $250.000 vanaf year.
Like every revolutionary technology, cryptocurrencies are step by step switching the world. Unluckily, most of the time switch takes a lotsbestemming of time and patience. Only time will tell how far our current technologies will lead us. However, most of the time those who stay on the right course triumph at the end.