Despite dramatic price fluctuations in cryptocurrencies as of late, such as Bitcoin, technology experts still believe the future is bright for the budding industry.
All things considered, cryptocurrency has the potential to completely revolutionize the way society operates today. Little things, such as grocery shopping and banking, will become more convenient and secure once bitcoin is introduced as the social norm.
Companies are investing plenty of research regarding how they can innovate and establish themselves in the market while it is still feasible to do so. If you are a company seeking financial assistance concerning innovation or scientific research, EVAMAX can expedite this process and maximize your entitled benefits. See below for more information regarding the future of cryptocurrency.
Its Value Will Rise Dramatically
During the earlier stages of cryptocurrency in 2017, Bitcoin prices increased by approximately $20,000 in a span of less than 12 months. Despite the harsh drop in value since then, industry experts are still optimistic regarding the future. Tim Draper from Draper Associates finds himself in agreeance among these tech experts. The veteran venture capitalist and bitcoin enthusiast believes the price per bitcoin can soar to new heights at paces we have never seen before.
As a matter of fact, he believes prices will reach $250,000 per bitcoin by 2022, more than 10 times the current highest Bitcoin price we have ever experienced.
As society continues to evolve technologically, it is reasonable to believe the significant increase in Bitcoin users will ultimately increase the price as well.
The Elimination of Paper Money
Regarding security and convenience, the elimination of paper money is inevitable to society today. Cryptocurrencies promote a safer and easier exchange of money rather than physically transferring pieces of paper among people. We are currently living in a time in which we have experienced the fastest and largest technological changes ever.
For example, the introduction of computers significantly reduced the use of paper as people can now create and store necessary items on a portable laptop. Recent technological trends indicate cryptocurrency could be following a similar path.
Companies are already adapting and attempting to get ahead of the curve to benefit their business. JP Morgan Chase, one of the largest banks in the United States, is currently developing their own private cryptocurrency to provide a more secure and efficient banking experience.
The introduction of their own private cryptocurrency will reduce client risk, decrease capital requirements, and allow consumers to instantly value transfer. Similarly, Samsung is also trying to innovate the industry through the implementation of a built-in crypto wallet in their phones.
This feature would encourage Samsung users to use cryptocurrencies in order to transfer money and value. Companies, like JP Morgan and Samsung, looking to innovate and make their mark in the cryptocurrency market will need assistance in doing so.
In a few years time, experts believe the only users of physical money will be criminals. Cryptocurrency transactions are tracked and will identify those potentially partaking in illegal activities. Four of the most renowned criminal activities, tax evasion, money laundering, contraband transactions, and extortion, can now be tracked and mitigated through cryptocurrency technologies such as blockchain security.
Essentially, law enforcement will now be able to monitor crime, in these 4 areas especially, through the improved ability to identify financial or transactional irregularities.
All in all, the speculative future of cryptocurrency contains many unknowns and uncertainties. That being said, industry experts express optimism regarding the future of cryptocurrency and the benefits it will provide. Cryptocurrency has the potential to revolutionize the way we approach security and monetary transactions as technology is being integrated into society like never before.
Companies looking to infiltrate the market can reach out to Government Grants/ Tax Incentives Experts like EVAMAX to successfully finance their projects and bring their ideas to the market. Contact us today for more information.