It was in 2017 when cryptocurrencies soared to the next level. As a result, their importance developed a lot in comparison to the way it was before.
So, what does the future hold in store for us? At AiBB, we have highlighted a few key points for your reference.
Everyone will start using cryptocurrencies – and they may not even know it
Although it’s been a decade since cryptocurrencies came into existence, there are people who don’t know about it. They use the traditional method of transactions to manage the cash flow.
In the future, businesses are expected to start the use of cryptocurrencies as a mode of payment for their services, thus, removing the middleman in the process. This will definitely help in the reduction of cost making their services cheaper to the masses. All of this will happen even when people are not aware of cryptocurrencies.
Bitcoins will reach $ 1 million
By the end of 2020, bitcoins are expected to reach $ 1 million. They can take control of the global economy, thereby increasing demand.
Snapchat owner Jeremy Liew and Peter Smith, co-founder of Blockchain, predicted that by 2030 the price will have reached $ 500,000.
- In the future, Bitcoin will serve as remittances for many people.
- Lack of knowledge can prompt people to buy Bitcoins as a safer investment method similar to gold.
- With smartphone transactions, half of the world will move to non-monetary transactions by 2030.
- Cryptocurrencies are expected to replace Government Fiat currencies.
All Government fiat currencies will cease to exist as people start walking towards cryptocurrencies like Ethereum, Bitcoins, Litecoins, etc. The main reason for this adoption is that cryptocurrencies are considered the reliable storage of value across the country’s borders and political aspects.
If you consider the most popular cryptocurrency, Bitcoin, it reached the top 30 list by exceeding the $10,000 mark. So, most crypto experts predict that these currencies are here to stay by being an alternative to Fiat currencies.
Government agencies are expected to adopt the Blockchain technology.
Most countries having SEC guidelines are expected to start adopting the use of cryptocurrencies for their governments.
All government agencies typically maintain a separate database. Each agency depends on the other for its processes. It has been a tedious process these days. When Blockchain came into existence, the distributed ledger can help in providing effective data management to improve and simplify the process.
The Internet of Things will play a big role in the future of cryptocurrencies
The IoT is already there. When these two giants combine, we can expect a fantastic future for technology without a doubt. According to the recent IDC report, it is expected that Blockchain technology will soon join the Internet of Things.
The primary motto of this IoT integration is to make a secure and scalable framework for communication between these devices. And then, cryptocurrencies also have the stability to make micro-investments for smart devices efficiently.
So that’s basically it. Hope you had a great read.