However, despite the excitement and interest, the industry is only around a decade old. As a result, it still has a lot of growing to do. In a couple of years or a decade, the industry could look vastly different compared with how it looks like now.
But what does the future hold for the cryptocurrency and blockchain spaces? What sorts of things will occur in the next few years within the crypto space? Will Bitcoin still be on top? Will anyone tend to buy bitcoin? Will the prices still be volatile?
With all of that in mind, this article is going to look at a few ways the cryptocurrency space is likely to change in the upcoming years. While there is no guarantee any of these will occur, they are generally seen as a real possibility among experts in the space.
It Will Become More Mainstream
Of course, this one seems almost destined to come true. In the next few years, the cryptocurrency space will become much more mainstream. More people than ever before will know about it and utilize it. More stores and online retailers will begin to accept it, and it will be much easier to hold and use.
There are already some crypto debit cards out there, and look for that to be an even bigger market in a few years. For crypto to become mainstream, it needs to be easy to use, simple to withdraw/deposit, and quick. It also couldn’t hurt for the costs and fees to go down.
It also needs to be easier to understand. One of the biggest problems since the inception of cryptocurrency is that people don’t get it. If most people don’t understand something, it will have a hard time becoming big. So look for crypto companies, start-ups and exchanges to ramp up their efforts when it comes to educating the public about cryptocurrency.
If more people know about cryptocurrency and it’s benefits and uses, the space will surely become a part of mainstream culture, and we believe this could happen within a few years.
Coins That Are Stable Will Become More Popular
To go along with cryptocurrency being more mainstream, more people are likely to get involved with investing in them. While there will still be coins and assets that are quite volatile and risky, we also believe the market will see an influx of coins that are more stable and predictable. These will help instill confidence in an industry and market where there is a ton of unpredictability.
They will likely be popular because they provide a nice bridge for most newcomers to make the journey into the crypto space. They are a cryptocurrency and come with the many benefits of other crypto assets, but without being as risky. Most of these will probably mimic real-world assets in terms of their value, so they should be much more stable as a result. Sure, this can limit your upside as an investor, but these stable coins are likely what many stores and retailers will accept.
Governments will also likely be more involved with these coins that are stable than current crypto assets, which could be a good or bad thing depending on who you ask. Who knows, eventually these “stablecoins” could one day be the successor to fiat currency as we know it throughout the world. While we are still very far away from that taking place, it is exciting to think about.
More Regulations Will Likely Be In Place
Speaking of government involvement, the future of the crypto space almost certainly involves more regulations. While some regulators might keep a “hands-off” approach for a while to allow the space to continue to grow naturally, there will certainly be a time when regulators step in around the world. While some people believe that regulations will stifle growth and opportunity in the space (which might occur), it could have some important benefits as well.
Regulations will help to eliminate many scams and limit the criminal activity that has the potential to run rampant in the space. Having regulation in place will also help more people trust in the space, as most people aren’t fans of participating in an industry that resembles the Old West.
In fact, regulation could even help many start-ups to finally understand what they are allowed or not allowed to do with their companies, plans, and ideas. Currently, many crypto start-ups are walking on eggshells as many aren’t what is legal, illegal or frowned upon without any clear regulations in many areas around the world.
It remains to be seen whether widespread regulation will be good or bad, but it is likely coming at some point, so we as those, who are involved in the space need to be prepared for it. Crypto regulation is already happening in many areas of the world, so expect it to continue to spread over the years.
Blockchain Technology Should Take Off in a Big Way
While cryptocurrency is exciting, so is the technology behind it, blockchain. While it is currently mainly used in crypto as a public ledger, it can do so much more. Blockchain technology has the potential to change the business landscape of many industries such as healthcare, education, manufacturing, finance, and many others.
Blockchain can provide companies value in a number of ways: from helping to develop smart contracts, assisting in cloud storage, improving security to helping to make payments more efficient, just to name a few.
However, because it is so new, only a relatively small number of companies have been willing to utilize blockchain. In a few years, don’t be surprised to see this change wholeheartedly. As companies begin to realize and test the benefits of blockchain, they will jump on board.
Also, this will only help the cryptocurrency industry to grow and mature, as crypto and blockchain will always go hand in hand.
In conclusion, hopefully, this article has been able to show you how the cryptocurrency space could evolve in the upcoming years. Despite all the attention the industry has gotten over the last few years, it is still in its infancy. There is a lot of room to grow and there will surely be a lot of changes in the future.