We are surrounded by the dynamic world which is constantly changing because of digital trends and technologies that break the traditions of our everyday lives. Cryptocurrency is considered to be one of those newly born spheres. It is sure to be a rapidly growing segment of the global financial industry, though sometimes it’s accompanied by some criticism. For some this unregulated by the government payment method seems unusual and strange, but anyway it affects existing financial situation in the world.
Since Bitcoin appeared, hundreds of crypto coins have entered the cryptocurrency market, almost 900 types are presented on the digital currency market at the moment. Let’s go through all the main trends we can trace at the end of this year.
Bitcoin and Ethereum
Bitcoin and Ethereum continue their dominance as the top two public blockchain protocols in 2017. The news about cryptocurrency technologies reminds the dot-com situation in the 90s. There is a lot of money pouring into this financial sphere, and it doesn’t seem to slow down anytime soon.
According to the Coinbase reports about 10 million people used Bitcoin in early 2017. This amount was calculated by analyzing the activity of Coinbase users compared to the whole community of bitcoins. It is fair to say that 10 million use it as a medium for exchange and it is not an accurate number, and probably is much bigger in reality. By adding the number of users who prefer to store them, the number of Bitcoin wallets will increase significantly.
Ethereum is also cryptocurrency as well as Bitcoin, and many people see it potentially overtaking Bitcoin as the dominant coin in the market.
Cryptocurrency has quickly jumped from a niche technological aspect to a well-known financial term. Every day new media publications help to inform the public about this innovative coins and how each member of our society can participate in the process of its creation, exchanging or trading. People become more familiar with the news about bitcoins and feel comfortable being a part of this industry.
Banks catching up
Instead of fearing cryptocurrency effect on the global economics and staying aside, traditional banks are currently investing in research. Large banks around the world are cooperating with cryptocurrency companies, they are also studying how to add blockchain technologies to their own processes, like money transfers and other digital payment methods they are offering.
Growth of cryptocurrency
It took well over 1000 days for a bitcoin to reach $1000 from a couple of cents. But since bitcoin stepped over $2000 for the first time, it grew additional $1000 every 100 days. The knowledge of the public and the industry itself continue to grow with confidence and interest. The number of digital "wallets" from Blockchain.info has almost doubled this year, indicating that new money is flowing into bitcoin.
Cryptocurrencies showed their first appearance a few years ago. What is achieved by now is extremely impressive and inspiring. Some experts believe Bitcoin will grow over $8000 by the end of the year. New coins are here everyday for you to own, and the trends can change dramatically.
Without considering the fact that bitcoin is the main player on the cryptocurrency market, new coins such as Ethereum, Litecoin and others are appearing. There are more than 900 active cryptocurrencies available at the moment. Here is a list of Wikipedia for the up-to-date, most popular and accepted coins. New players are coming everyday, you have to be ready when their values will grow, as it was with Bitcoin.
Today’s most advanced technologies offer a wide range of solutions for all kinds of business.There are some algorithmic AI trading mechanisms that refer to the automated trading financial instruments with little or almost no human intervention. Now some of them are available for every person willing to enter the market. The innovative system Mirocana based on artificial intelligence and neural networks allows to predict stock, currency and cryptocurrency markets, using not only macroeconomic and financial indicators but also news, activity of traders, hedge fund managers and other market data. Every day, the system generates and adds new strategies, it uses 40 data sources and about 2000 news, blog posts and articles as the basis for calculating forecasts.
Turning point for cryptocurrency
It seems that 2017 is a turning point for this new form of payment, which demonstrated a potential for solving numerous financial and non-financial issues that affect the business and individuals associated with various types of money transactions.
Blockchain startups are, in fact, a new form of technological companies. Usually, they include a team of entrepreneurs and a platform for solving problems. The most pleasant thing is that you, an everyday person, can now invest in them simply by buying tokens.
Cryptocurrency is here to stay, and it will play a huge role in changing today's economy. The money will change its image in our minds in the next few years. Many entrepreneurs will become rich because they once invested in the right crypto startup.
There are many reasons why digital currencies are gaining popularity around the world. Users of this currency differ a lot from people who use the traditional money. For example, governments cannot interfere, banks can not freeze your account. Digital coins are attractive to people who are worried about control of the big brother. Confidentiality and anonymity are the main advantages of owning these coins. It is so difficult to identify user accounts and the transactions are cheaper than the traditional transfer in banks. Long-term results are still debatable, but cryptocurrency market grows rapidly and if you’re still not a part of it in any way, it may leave you far behind.