Recently, Bitcoin has managed to surprise all experts by managing to grow by more than 1000% over one year. All factors taken into consideration, it’s possible that the cryptocurrency market will continue growing throughout 2018 and beyond. Here are the top 5 factors that will contribute to this growth.
Increasing awareness
The main factor, which is one of the most important ones, that will help cryptocurrency grow is increasing awareness. The more people know about the digital currency, the more interested they are in it and the greater demand for it. In addition, a steady rise in the number of investors who would like to participate in ICOs, or purchase cryptocurrencies has led to an increase in the overall trading volume on exchanges. Furthermore, cryptocurrencies are becoming more mainstream with every passing day and that means increased adoption rates as well as increased visibility.
Cryptocurrency can’t be found just anywhere but there are places such as ATMs, online exchanges, and even physical stores where you can buy them from.
The key takeaway from this post is that there are several factors driving up the prices of cryptocurrencies such as increasing awareness, interest in investing in ICOs, rising trading volume on exchanges, etc.
Improved regulation
Regulatory oversight is a critical factor for the growth of cryptocurrencies. It helps protect investors from fraud, and provides some assurance that projects have a better chance of succeeding. The most significant regulatory action so far has been the requirement by the US Securities and Exchange Commission (SEC) that all ICOs be registered with them before they can proceed. This is just one step in a long process, but it’s an important one because it puts the SEC on notice that their attention is needed.
Increased of Cryptocasinos
Cryptocasinos is a new and exciting way to gamble online. This is the next big thing in gambling. Cryptocasinos are only starting out, but they could be the future of online gambling.
The increased number of cryptogamblers crypto casinos should help the crypto market grow. Gamblers can use cryptocurrencies such as Bitcoin or Ethereum to fund their account on these sites. They can then make deposits and play some games with it. It is also possible to withdraw cryptocurrency back into fiat currency which means it is easier for gamblers not familiar with cryptocurrency. It has been reported by eToro that there has been a 300% increase in the trading volume of Bitcoin since the start of 2018 which would indicate an increase in demand for cryptocurrencies generally- this should help boost prices.
Mainstream adoption
While several retailers accept Bitcoin, it’s not as common as cash or credit cards. And because cryptocurrency is decentralized and global, it can’t be controlled by any one entity like a bank or government. Right now, there are over 1,000 cryptocurrencies available with new ones popping up all the time. There’s no guarantee on how long these cryptocurrencies will exist before they disappear into obscurity.
Furthermore, governments around the world have been slow to adopt them into their national currency system. However, if more people were willing to use cryptocurrencies on a regular basis, then it would encourage more companies to make them an accepted form of payment and lead to wider adoption by governments too.
Increased investment
-Cryptocurrency is easier to invest in than the stock market, which is more complicated and riskier.
-Investment funds are becoming more open to the idea of investing in cryptocurrencies and blockchain startups.
-Some of the wealthiest people in the world including Bill Gates and Richard Branson are investing in cryptocurrency.
-There’s a chance for huge returns as Bitcoin was valued at less than $1,000 on January 1st and now it’s valued at over $12,000.
-In 2017, there has been an average daily volume of over 200 million USD worth of bitcoin traded.
-It’s estimated that investors have invested about 6 billion USD into ICOs this year alone.
Improved technology
I believe one of the main reasons for the growth in cryptocurrency is improved technology. With blockchain and cryptocurrencies, people have a new way of sending and receiving money without going through third parties, who often charge high transaction fees. Blockchain technology makes transactions more secure and has a much lower risk of fraud.
The increased security also means it is much harder for hackers to gain access to funds since they would need an individual’s private key or pin code before they can transfer them out of the account.
In addition, with a traditional bank, if someone forgets their password then there’s no other option but to contact customer service. However, with blockchain you only need your own private key (a long number) which can be stored on your computer or phone and is never transmitted to the site.
In Conclusion
As banks invest in these crypto companies, they’re taking a stake in the technology. They want to be on board from early on so they can profit from this new era of trade while maintaining their position as leaders in finance. The increased attention is also a sign that the mainstream population is starting to take cryptocurrencies seriously, which should lead to growth going forward.
