In the past 5 to 10 years, the cryptocurrency industry has exploded into life. Coins like Ethereum and Bitcoin have clearly demonstrated immense value. This industry gives buyers, sellers, and traders a decentralized platform where they can store their finances.
Crypto’s decentralized nature makes it attractive to all types of investors. This is more true than ever as plenty of typical financial institutions start to crumble.
But what does cryptocurrency really provide? Are all coins simply just tokens with no real-world potential?
Many detractors of cryptocurrency trading claim that most coins on the marketplace provide no use. By this, they mean real-world utility. These claims could not be further from the truth.
Not only do cryptocurrencies provide investment potential, but they are changing the way the world does business today.
All coins exist on blockchain networks and use creative engineering techniques. For example, Ethereum exists to quickly send and complete electronic contracts and deals, along with a number of other important functions.
Each coin has its own function. In fact, in some cases, these coins fund actual businesses. This creates a reason to invest.
The cryptocurrency industry continues to evolve, and investment experts are unsure where crypto trading may end up in the future. We now see major businesses make the switch to accepting Bitcoin payments.
But, what other trends are pushing the digital asset world forward?
Let’s go through some of the latest and greatest advancements in the world of cryptocurrency below!
1. The Green Blockchain
Many people are worried about the cryptocurrency industry because the power being used and generated to run mining operations are harmful to the environment.
While this is true it’s overblown especially when in comparison to the environmental degradation being done by industries such as manufacturing.
But this is one of the beautiful things about the cryptocurrency industry – it can change at the drop of a hat!
The answer to the queries of environmentalists the industry has seen the start-up of various green blockchain initiatives. These will reduce the harmful impact that cryptocurrency technology may have.
This responsiveness is one of the main reasons that experts predict cryptocurrencies and digital assets will be here to stay for a long, long time. The industry is dynamic, instead of static!
2. The Resurgence of NFTs
The recent NFT boom was a major positive for anyone who took the time to get involved in it.
Many people made millions by simply buying art from unknown artists who made sales on exchange platforms.
Not only did this provide the digital asset trading industry with a new and exciting investment option, but it also gave artists a great new avenue for making money.
But since this boom, NFTs have fallen slightly into obscurity…
That might be about to change as new use cases are starting to show that NFTs have a much more important role to play in the future of digital asset trading.
The rise of the Metaverse is currently ongoing, and engineers in the space have alluded to using NFTs to sell digital items in different worlds.
Think about it this way – you want to own property in the Metaverse, but no one else can have access to the code of this property. Only one thing can be used to give you priority access to this code – an NFT!
So, does the future of NFTs lie with the Metaverse?
It’s difficult to say. One thing is certain though, there will be an NFT resurgence in the near future.
3. Proof of Stake Blockchain Tech
Anyone who has heard of cryptocurrencies or read Luckland casino will have heard the term “blockchain”. All cryptocurrencies exist on the blockchain. Each blockchain network has its own terms and rules for transactions.
This basically makes a blockchain a digital ledger where transactions occur and are recorded.
So why is this important?
Well, many cryptocurrency engineering teams are starting to make the switch to a proof-of-stake transaction system instead of other types. Proof of stake is a technique for validating and completing cryptocurrency transactions.
Proof of stake has been proven to be a much more secure and worthy way to complete transactions than its main rival – the proof of work transactional method.
Proof of work is pretty simple to understand. One crypto user shows another crypto user how much computational power was expended to mine a coin. This mining user receives rewards for the work. This is one form of crypto trading.
Ethereum is currently the largest crypto coin that runs on using the proof of stake transaction method, and many coins are looking to its success.
Many experts believe Bitcoin may eventually make the switch, which could alter the cryptocurrency market as we know it.
Bitcoin Becoming a Popular Currency for Actual Countries
Everyone understands what governments do. Nobody truly grasps the sheer amount of inter-continental transactions that governments make on a daily basis.
From financing, treaty deals, and making payments in amends. Governments send each other tons of money each and every minute.
But what currency do they use? The currency of the sender or the currency of the receiver? And if the sum being sent is massive, how long does it take to convert?
All of these questions wouldn’t exist if governments started making use of decentralized currency, like Bitcoin for example. That is exactly what governments from around the world are starting to do.
Over the past year or so we’ve started seeing a trend to adopt Bitcoin as the main form of transactional currency for inter-continental payments.
So far China, the United Kingdom, Ecuador, and Tunisia, are some countries that have publicly endorsed the use of Bitcoin as a payment method.
Cryptocurrencies are here to stay.
The marketplace is evolving at remarkable speeds. Who knows where it will end up in the next few years, but one thing is for sure. The future looks bright for Bitcoin and Co!