The world of cryptocurrency has no dull moment. Over the recent few months, cryptocurrency has remained in the news as it has always done since the launch of Bitcoin in 2009. The recent attack of cryptocurrency by Donald Trump, Facebook’s planned launch of its digital currency and the Satoshi Nakamoto reveal just a few of the events creating a buzz in the industry.
Whether you are a crypto user, investor, or you have a keen interest in tech, it is important to stay abreast of the trends in this industry. All indications are that Bitcoin, Ethereum and other altcoins will have a bigger impact on modern society.
To keep you up-to-date with the developments in cryptocurrency, this article highlights some crucial trends on the market.
- Updated Regulatory Standards
One of the greatest concerns for crypto users has been the security of these digital currencies. The recent cryptocurrency hacks have caused jitters in the industry.
One of the motivations behind the development of cryptocurrencies was to improve digital transactions. The hacks such as the one where Tokyo cryptocurrency exchange lost $32m are thus a major cause of concern.
It is against this backdrop that more regulatory oversight has become necessary. The SEC has over the years shut down illegal initial coin offerings (ICOs) and saved investors a lot of money.
However, the industry will also experience self-regulatory technology by embracing artificial intelligence and machine learning in accounting practices. Crypto accounting will grow into an industry on its own with unique regulatory standards.
- The explosion of Crypto Learning Resources
Cryptocurrencies remain a mystery to many investors. This is an industry that keeps growing, and there’s always something new on the market. It is for this reason that educational resources on crypto continue increasing.
From video tutorials, webinars, websites, blogs, online seminars, there is no limit to the educational resources available.
- Security Token Offerings
Many investors have not taken to the cryptocurrency craze and for a good reason. The fraudulent scams, lack of centralized distribution are just some of the concerns expressed by these investors.
However, financial regulators have now started endorsing Security Token Offerings (STOs). These are IPOs where companies give out their crypto in exchange for monetary support from investors.
STOs have the backing of company shares, dividends and SEC regulates these IPOs. This has made them a better investment for anyone looking for a safe investment in cryptocurrency.
- Cryptocurrency in Online Gambling
Online casinos have revolutionized the world of gambling. The online casinos leverage the latest technology to replicate the camaraderie and ambience of the traditional casino. The advent of cryptocurrency in online casinos is another key trend.
It is now possible to play using Bitcoin, which improves the security of your gambling experience. More online casinos have started accepting cryptocurrency in a bid to attract younger players, provide anonymous playing experience and improve the transaction processes. With educational resources easily available online, it’s easy to learn more about cryptocurrencies in online gambling.
This is one of the trends that has contributed to the immense growth of the online gambling industry.
- Ripple Experiences Growth
While Bitcoin and Ethereum continue dominating the industry, it is Ripple (XRP) that has shown increased attention from the financial market. This is a payment system which financial institutions can use to transfer funds locally and internationally. It doesn’t require third party verifications. With more partnerships in the financial sector, XRP will continue stirring the market.
- Retail Adoption of Cryptocurrency
The retail industry is a key driver of the global economy. For a long time, cryptocurrency developers have tried to entice retailers to embrace cryptocurrency, and these efforts have started paying off.
Gemini and Flexa have already announced a partnership with major retailers to start accepting crypto payment options at various stores. Retailers such as Baskin Robbins, Whole Foods and Crate and Barrel, GameStop now accept crypto in their businesses.
- Bitcoin and Ethereum Dominance Continues
Bitcoin remains the king in cryptocurrencies and Ethereum follows in terms of market capitalization. There are over 1500 cryptocurrencies online, but these two continue their dominance. This trend is set to continue as most industries are wont to accept them more easily than startup coins in the industry.
There’s so much happening in the world of cryptocurrencies. Every new day brings new developments and it is important to stay abreast of these changes. Whether you are a consumer, crypto investor or business owner, you have to appreciate the impact cryptocurrencies will have on your life. By learning more about these digital currencies, you can make better decisions as an investor or prepare your business for the cryptocurrency revolution.
Image Source: Forbes