The launch of Bitcoin back in 2009 introduced the world to a new way of investing and transacting. Before then, we were accustomed to using fiat currency for everything, from purchasing goods and services to saving and investing.
The adoption of cryptocurrency is widespread, with most people opting to save and invest in cryptos instead of physical assets. In some countries like the United Kingdom, it’s estimated that approximately 7 million people own at least one cryptocurrency.
Like other new technologies, the crypto industry is not immune to changes. Here are three things you should know about cryptocurrency’s future to decide whether to invest more or sell your tokens before the market crashes (it’s highly unlikely, though).
Improved Security Measures
Security is a major concern in the world of cryptocurrency. Billions of dollars worth of cryptocurrency are stolen by hackers, and unsuspecting investors lose their hard-earned money to fake ICOs and other fraudulent schemes.
That is expected to change soon. Blockchain and crypto companies invest heavily in solid security infrastructure and use advanced encryption techniques to authenticate users. Advancements in technology have also resulted in decentralized storage solutions that protect users’ assets from hackers.
Moving forward, experts predict that the industry will be more determined to enhance security to build trust and confidence among new and experienced crypto investors at retail and institutional levels.
Consumer-Driven Trends and Policies
Most people with digital wallets in the US and UK prefer storing cash in crypto. Leaders from different countries, like Tulip Siddiq, the current Economic Secretary of the UK, hinted that the government plans to create and implement a regulatory framework for the ballooning cryptocurrency industry.
The lack of a global legal framework makes it challenging for investors and businesses – this will soon be a thing of the past. A solid legal framework that protects users from fraudsters and evens the playing field for all companies in the cryptocurrency industry will fuel the widespread acceptance and usage of cryptos.
With this framework in place, more people can invest and transact using cryptocurrencies more freely. The expected increase in crypto use will motivate other regulatory agencies and lawmakers to act quickly.
Brands and companies will allow their customers to pay for goods and services using Bitcoin or any other cryptocurrency they choose. In gaming, there are betting sites in the UK that enable users to deposit crypto tokens into their wallets and use them to play. Compared to depositing fiat currency, the improved privacy, security, low transaction fees, and instant payout processing, make crypto a friendly option for bettors and gamers.
Increased Use of AI in Crypto and Blockchain
Artificial intelligence (AI) is one of the disruptive technologies of this era. It has proven effective in improving human operations and industries, from healthcare to construction and space exploration.
The AI industry is not stopping; it is expected to grow annually at 28.45% and reach a market volume of US$826.70bn by 2030.
Crypto is one of the industries poised to benefit from this technology. New AI-powered systems will refine and enhance safety in the blockchain ecosystem and revolutionize trading.
This is because AI-powered trading systems, for example, can accurately process and analyze enormous amounts of data in seconds, thus reducing the risk of financial losses for investors. More AI predictive models and efficient trading systems will become available to the public, further supporting the growth and adoption of cryptocurrencies.
Embracing the Evolution of Cryptocurrency
Technology continues to shape every aspect of our lives, and cryptocurrency is one industry evolving at a breakneck pace. It offers brands and individuals opportunities that previously seemed out of reach.
The future of cryptocurrency is undeniably promising, from enhanced security measures to integrating artificial intelligence and pushing for all-inclusive regulatory frameworks.
