Over the past decade, we have witnessed the phenomenal evolution of cryptography. Previously, this was a strange trend; Cryptography was a dubious and easily understood invention that was used to pay for pizza. Since the early days, cryptocurrency has been turned into a store and measures the value of many people.
Those who were in the business in the industry received great benefits, and a new wave of millionaires as well as new social groups emerged. The coded Anarchists and Bitcoin Supporters (BTC) formed an army, and despite the steep decline during the 2019 crypto winter, we have definitely made progress since then.
After investors’ despair, stable digital currencies began to appear – stable currencies. 2017 and 2018 were the year for bitcoins. 2019 was a year of decentralized financing, and 2020 really looks like a year of stable currency. What is the next step? Let's try to reveal the future with forecasts of a possible use case.
Explore digital currency impressions
1. Personal enrichment
The most important factors in the popularity of crypto until 2017 were the basic and understandable desires of many to become rich. Those who bought Bitcoin in its early years earned real fortune; Investors who took a chance and took advantage of the opportunity in early deals of the main currency, such as Tezos (XTZ), EOS and Ether (ETH), saw an increase in revenue of 1400%. At the moment, after only the last six months, price speculation continues to grow.
An example of this is the controversial John McAfee, who expected a very bold idea that by the end of the year Bitcoin will reach a million dollars per coin. McAfee believes that as soon as Bitcoin takes over the global economy, demand will increase and traditional dollars will not be needed. Meanwhile, Snapchat owner Jeremy Lew and co-founder of Blockchain Peter Smith predict that the price of the first crypto asset will reach $ 500,000 per bitcoin by 2030.
Meanwhile, Pantera Capital CEO Dan Morehead studied Bitcoin's annual results until the second half of May in a letter to investors, expecting Bitcoin to reach $ 100,000 by August 2021.
Then there is Warren Buffett, who does not intend to spend $ 137 billion in Berkshire, and if the shares fall, Bitcoin may see another serious correction. Buffett said at the annual shareholder meeting in Berkshire Hathaway, saying $ 137 billion was not a huge pile of money if bad things started to build up in the market. Berkshire has made significant efforts in leading blocks such as Coca-Cola and Kraft Heinz. If the market starts in the opposite direction as analysts expect, a pile of cash can be used to help portfolio companies in Berkshire.
2. Change in payment method
Many people in the world are still not aware of the existence of blockchain, cryptocurrency and potential. Many people believe that Bitcoin is in another bubble. The market value is still not completely comparable to the value of assets for shares or even the value of Apple Technology. However, key players such as JPMorgan Chase and other banks have already recognized distributed core technology as a key factor in improving the system. There are many things to cover, as many processes seek to change this area.
First, many wealthy companies, companies, and even global brands can start using digital currencies to pay for their services. This will allow brokers to get out of the equation, reduce final costs and offer cheaper and easier services to end users.
There are already people making money in cryptocurrencies in an adjoining field, but mass adoption is yet to come. Bitcoin has become a valuable store for many people, making it a more convenient investment alternative than any other alternative, by trading gold.
Of course, the digital analog of the US dollar and the euro already plays this role, and according to estimates, due to the huge increase in the use of mobile phones by 2030, 50% of the world's population will switch to non-cash operations. In the digital payment sector, users are expected to reach 4.4 billion by 2023.
3. Replace banknotes
Many cryptocurrencies in traditional investment capital, such as Tim Draper, believe that paper currencies will disappear over time as more and more people start using different cryptocurrencies, such as bitcoins, ethers and others. The main reason for this adoption is more and more people who believe that cryptocurrency is a reliable repository of values across borders and political systems.
Given the ongoing COVID-19 pandemic, we can expect a higher degree of addiction.
Stable currencies represent the latest episode in the evolution of digital assets. Using these assets can be a powerful tool to ensure stability based on unstable cryptocurrencies.