While there were market corrections in cryptocurrency market in 2018, everyone agrees that the best is yet to come. There have been a lot of activities on the market that have changed the tide for the higher. With proper analysis and the right dose of optimism, anyone who’s invested in the crypto market could make millions out of it. Cryptocurrency market is here to stay for the long term. Here in this article, we offer you five positive factors that may 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 number of users and the best value. It dominates the complete value chain of the cryptocurrency system. However, it isn’t without issues. Its major bottleneck is that it can handle only six to seven transactions per seconds. Compared, charge card transactions average at few thousands per second. Apparently, there is scope for improvement in the scaling of transactions. With the aid of peer to peer transaction networks on top of the blockchain technology, you’ll be able to increase the transaction volume per second.
2. Legitimate ICOs
While you can find cryptocoins with stable value in the market, newer coins are being created that are designed to serve a particular purpose. Coins like IOTA are intended 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 prevailing market and bring in a new value in the transactions. Also, Bitcoin Cash Reference are gathering authority in 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 today’s scenario, most governments are studying the impact of cryptocurrencies on the society and how its benefits can be accrued to the community at large. We can expect that there may 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 can prevent ignorant retail investors from losing money and protect them from harm. Abling regulations that boost cryptocurrency growth are anticipated to appear in 2018. This can potentially pave the way for widespread adoption in future
4. Increase in application
There’s enormous enthusiasm for the application of blockchain technology in virtually every industry. Some startups are discovering innovative solutions such as for example digital wallets, debit cards for cryptocurrencies, etc. this will increase the amount of merchants who are willing to transact in cryptocurrencies which boost the amount of users.
The reputation of crypto assets as a transaction medium will undoubtedly 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 result in the entry of institutional investors into the market. The inflow of substantial institutional investments will fuel the next phase of growth of the cryptomarkets. It has captured the fancy of many banks and financial institutions.