As the new year begins, speculations about the future of a particular industry get rife. Many experts and analysts predict the profits and losses based on trends of the previous year. In the same way, cryptocurrency also has a few anticipations for this year and the crypto users are eager for them to materialize in the course of these 12 months. It has now been over a decade of the inception of this technology and we have seen quite a few changes in the working of crypto tokens.
We saw the price of Bitcoin going all-time high and then plummeting down recently. The word volatile has become synonymous to crypto, still, the number of coins hasn’t seen any dip in these years. With the advent of new concepts like security token and initial exchange offering, the reliability factor of crypto has got stronger. These new concepts have raised the chances of crypto becoming a mainstream currency, it could surely take a little longer but these measures definitely give a concrete position to this instrument.
In this article, we are going to discuss the important events going to take place in this domain this year.
Halving the Bitcoin
This particular event is going to be very significant for every single miner across the globe. With the halving process, the number of the asset will be reduced to half in the digital ledger, which means, the current number of 12.5 will be reduced to 6.25 BTC. Though it sounds like an unprecedented event, halving has actually happened before twice. In both the occurrences, we saw dramatic changes in the price of Bitcoin, it happened in 2012 for the first time when it came down to $10 and in 2016 when it jumped to $400.
Launch of Libra
Facebook is all set to launch its asset-backed stablecoin named ‘Libra’ this year. By the end of summer this year, the coins will be made available for the people to purchase, over the regulated exchanges. Apart from being initiated by one of the biggest tech giants of the world, this coin has also got the backing from established players of their industry such as Vodafone, Coinbase, Uber and one of the members of the Kushner family. It is also expected that the payment service providers like Paypal and Mastercard would include this coin into their platforms.
Government Steps In
So far, we have only seen the crackdowns and criticisms on cryptocurrency by different governments, but since the big organizations are bidding to make this technology mainstream, downplaying the significance of crypto is not possible for regulators anymore. Therefore, the U.S. central bank has finally decided to take some potential steps to analyze the usability of digital tokens on a massive scale. The Internal Revenue Service has also firmed up its stance over crypto and said that it would bring a proper procedure for assessing tax on the transactions of digital assets. It is not certain that the outcome of these steps will bring positive results for the token holders but the seriousness of government is worth admiring.
Related: Which Cryptocurrency is Going to be in Vogue in 2020?
Consolidation of Market
As the number of crypto coins continues to grow in number irrespective of volatility and downtrend in the price of Bitcoin, the entire crypto fraternity has agreed on consolidating the existing assets. Many see this move as an attempt to control the sprawling number of crypto coins while are saying it would optimize the working of exchange and bring more stability. Whatever the outcome might be, we can certainly expect something remarkable to happen with this process.
Crypto as Fintech
A lot of experts have always seen crypto as a fintech solution, but it would finally get official with the launch of libra this year. A large number of technical analysts have pinned their hopes on this coin and see it as a watershed in the crypto sphere. However, there is an equal number of skeptics who have raised questions over the platform’s security and efficiency, but it still gives new hope to all those crypto enthusiasts who have been looking for a potential solution that could make digital assets more mainstream.
With these developments, we certainly hope that this technology would make more inroads into different industries and make things better for everyone. If you want to utilize this technology and make the most of it, then associate with a cryptocurrency development company that makes the implementation of crypto seamless and cost-effective. With the skilled and experienced team of Coin Developer India, you can certainly make it possible.
