To begin with, cryptocurrency is a digital currency that is created with advanced technology and cryptographic functions that help secure, control and verify transactions. Initially, cryptocurrency was an academic concept and many people were not familiar with it. But after the emergence of the Bitcoin in 2009, cryptocurrency has rapidly evolved. Today, many business entities, government authorities and banks have started adapting cryptocurrency exchange systems.
Now let’s discuss the progress of cryptocurrency, over the years, and the future of it, predicted by experts. So, let’s dive into it without further delay!
Evolution of Cryptocurrencies:
It is quite impossible to figure out the exact number of cryptocurrency users because a user can create multiple wallets, and so, the number of wallets and users might differ. But with an ample amount of research, let me take you over an approximate statistic of the present cryptocurrency evolution.
- Bitcoin, which is the most popular cryptocurrency, is said to have about 7.1 million active users, and there are almost 32 million Bitcoin wallets created.
- There are still many countries where cryptocurrency hasn’t been legalized yet, but over the years, there have been drastic changes in countries adapting the usage of cryptocurrencies. Cryptocurrencies have the maximum usage percentage in the US, but countries like UK, Australia, Canada, Russia, Vietnam, Japan, China, etc., have also adapted to cryptocurrencies and most of them use Bitcoin.
- As of September 2019, the number of blockchain wallet users have increased upto 42 million.
When Bitcoin was introduced and until 2010, the value was almost nothing, but today it has hit a high of $7285.32 USD.
These are some major changes that occurred in the cryptocurrency world over the years. Now let’s have a look at some major predictions about the future of cryptocurrencies by experts.
Future of cryptocurrency; Predictions by experts:
- Increase in number- Though, there are still people who are not aware of the cryptocurrency concept, the experts say that in the future, there will be more drastic changes than the ones happening currently, where more businessmen, banks and government authorities will adapt to the crypto world and involvement of middlemen will vanish.
- Rise of Bitcoin- John Mc Afee, A programmer and businessman, has predicted that the demand for bitcoin will rapidly increase and hit a high of $1 million, by the end of 2020.
- Take-over of government agencies - Cryptocurrencies are expected to rule the government and gain the power to manage cash flows in the country, and there will be disruptions happening in banks and financial agencies because of the increase in demand for cryptocurrencies.
- Snapchat owner, Jeremy Liew and Blockchain co-founder, Peter Smith predict that by 2030, the price of Bitcoin will hit $500,000.
The above article was a brief of some major changes cryptocurrencies went through over the years and further growth expected in the future. If you are looking for starting up your business with cryptocurrencies, this is the time! And, the profit/ potential is an assurance with the right resources.
