The Future of Cryptocurrency
bankingciooutlook

The Future of Cryptocurrency

By Banking CIO Outlook | Saturday, December 15, 2018

Cryptocurrency boomed and garnered a huge audience and uncovered the ways blockchains’ functionality could be used. A secure platform for transactions, storing information, and record keeping via encryption is the core of blockchain. Cryptocurrency is still making waves in the market, but the question is what the future holds for the cryptocurrency.

Few experts predict that cryptocurrency will witness a massive change shortly as institutional money enters in the market. People with the capability to make significant investments will take the revolution forward. Cryptocurrency is still witnessing growth year-on-year. There is a possibility that crypto will be added to NASDAQ fortifying the credibility of the blockchain. Meanwhile, few experts believe that crypto needs an exchange-traded fund (ETF) that would make it easier for people to invest in Bitcoin.

There is going to be a massive shift in crypto in 2019. Blockchain disclosed the complexities of cryptocurrency and blockchain, but Ethereum showed that there is much more to it than tokens. Ripple, on the other hand, revealed the real potential of blockchain with smart contracts. It may replace swift payments from cross-border transactions. Ripple might even draw in institutional investors for the formulation of blockchain in a practical environment.

The critics of cryptocurrency cite that the volatility of Bitcoin compared to other commodities may render the boom of the coin worthless. There is a possibility that cryptocurrency may witness a downfall in the future and other products might gain traction in the market. This possibility depends on the fact that cryptocurrency is the tip of the blockchain functionality iceberg and Bitcoin has a less complex structure of blockchain and might offer less in the future.

Cryptocurrency can do something extra other than Ripple’s success to show its visibility to slow down the critics. Some predict that blockchain will be taken over by larger corporations for testing. It is still in the infancy stage to get adopted in the broader financial world. The fact that it has drawn so much attention is a positive step.

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