Undoubtedly, cryptocurrencies will contribute a great part of world’s economy in the near future as the institutional capitals are expected to be involved in the business. Apart from the criticism from skeptical financial advisers, it is estimated that crypto-currency will take over a great part of national transactions by the end of next decade. The recent trends have indicated that cryptocurrencies will follow a cyclical pattern and the chances of fading out are pretty less.
The market is independent of third-party services in decentralized exchanges as the transfer of funds are occurred directly between the involved parties. Decentralized exchanges eliminate the risk of database hacks and downtime issues. These exchanges are free and anonymous. In future, decentralized trading is expected to replace centralized trading because of its speed, accuracy, and security.
Replacing Conventional Money:
This is still a debatable topic in most countries and many fears it to crash. The major obstacle is not the fear among the stakeholders but their unwillingness. Also, it isn’t that easy for a great majority of non-technical people to understand the working of this virtual currency. The concerned software available at the moment is also not very user-friendly. The tutorials available online are mostly designed for people with technical background. The use of cryptocurrency will replace the role of middlemen and benefit consumers.
The Future Crypto-market:
The year 2017 is considered as the best year for cryptocurrencies as they have flourished and gained rapid popularity like never before. This extraordinary growth was dented by some doubts but still substantial has come out. The blockchain technologies are expected to expand to a variety of businesses and applications and major companies will look to integrate blockchain technology in their businesses in the near future. The authorities will try to regulate everything but it will be important not to go too far. Maintaining a balance between the rights of investors and purchasers will be the key. Over-regulation can discourage small startups and help bigger units in maintaining their monopoly.
The recent economic collapse of Venezuela has caused a great shift in people’s opinion about cryptocurrencies. The benefits of cryptocurrencies have been overshadowed by its unstable price over time. A stable coin can overcome this to a certain extent. In today’s world, the prices are constantly fluctuating but stability in price refers to the relative stability which means it will be convertible into some other forms of assets. The stable coin is concerned with stable market demand.
Expect the Unexpected:
The new world of crypto-markets will be based on the ability to offer on-the-spot pricing and better security mechanisms. Dr. Demetrios Zamboglou, the Chief Business Development Officer of Lykke Fintech Company, has shown great interest in innovating the existing practices and experimenting with the forms. Dr. Zamboglou joined Lykke after resigning from FXTM London. Just after his appointment, Dr. Zamboglou revealed his aim to change the world through blockchain revolution. Transparency without compromising on standards is the main objective of Dr. Zamboglou. Because of his relentless approach, Lykke won the 2017 ‘Fintech’ Digital Championship Award in Cyprus. Now, he is eying fourth industrial revolution by using Lykke as the link between technology and services. As quoted by Dr. Demetrios Zamboglou in an interview, “Our innovation initiative will enable our clients to connect and interact in the financial markets, like never before. In a sentence, we want to create an operating environment that can be called Finance 4.0.”
See also: Live Coins
At the end of the day, what matters is the change that crypto-trading will bring to the lives of people. Sooner or later, the technology will eventually take over the traditional monetary systems but definitely, people need some time get familiar with it.