Over the past couple of years, cryptocurrencies and blockchain technology have been making noise across different industries, showing their potential in changing the way people go about their everyday lives. The most obvious application is exchanging money more safely and anonymously.
Since top-tier investors are usually the ones who stay on top of the latest innovations, they have benefited from creating some of the first blockchain-based projects that challenge the norms. This doesn’t mean there’s nothing left for those who are new to the game. Here are three cryptocurrency trends that will surely bring a positive change in the world.
1) Exchange value without a bank
One of the most exciting benefits of using cryptocurrencies is the ability for value to be exchange without relying on a bank. Right now, many retail investors are focused on converting their fiat into digital coins, and then holding or selling them at higher prices. This Bitcoin Loophole test shows that most of their active users still continue raking in big profits from their day trading ventures. Blockchain, however, offers much more than the potential of making money.
For instance, an impoverished region with little to no access to traditional banking can finally engage with the rest of the world. Companies can benefit from this by opening their doors to hard-to-reach regions or countries, ultimately increasing their customer base.
2) Improve transactional agreements
The impressive increase in prices of cryptocurrencies over the last two years can be attributed to the rise in popularity of digital coins in general. But the increase in adoption rates shouldn’t be ignored as well. One reason why cryptocurrency has been picking up steam is that of how they improve transactional agreements between parties.
Cryptocurrencies operate under a decentralized network, which allows users to execute transactions without going through a centralized authority. For instance, a startup business that decides to accept cryptocurrency payments can prove to be more efficient because it doesn’t have to deal with the absurdly high transactional fees often associated with conventional banks and credit card processing.
3) Raise capital for your startup
Another significant trend in the cryptocurrency space is raising capital for startup companies. Blockchain technology has revolutionized the way through which startups can raise substantial capitals. An Initial Coin Offering helps startups raise funds for their projects without the need to shell a considerable amount of money out of pocket. This is made possible by connecting them to a wide range of potential investors from all corners of the globe.
Last year, many ICOs raked in millions upon millions in just a few days. In fact, the first three months of 2018 alone managed to generate more than $5.5 billion. While there are fewer ICOs this year, the amount of money pouring into the industry doesn’t diminish, which means that this trend isn’t likely to fade anytime soon.
After knowing these three cryptocurrency trends, entrepreneurs should be quick in finding ways to leverage digital tokens and blockchain technology to grow their business. And the fact that the cryptocurrency space continues to innovate, it’s reasonable to expect more opportunities for growth to unfold in the future.