As another decade ends, another begins: it’s time to take a look at what the year 2020 and the beginning of the decade has in store for crypto and its decentralized technology. Just like how the Internet revolutionized and decentralized the flow of information in the early 2000s, many experts and investors expect that 2020 is the year that crypto’s decentralized finance finally makes it into the general public’s radar.
Since the steam engine during the Industrial Revolution and the more recent adoption of the Internet, crypto stands next in line as one of the most disruptive technologies in the last two decades to completely turn the world’s economy upside down.
Crypto’s overarching goal is to make value and money move as effortlessly on a global scale as information on the Internet does today, all without the hassle of third-party intermediaries or expensive transaction fees. Stored in crypto wallets, you can now keep track and easily make transactions, all in one place.
Many crypto experts believe that 2020 is going to be a big year for crypto’s adoption. One major indication is the change of crypto’s audience and participants. At the beginning of the decade in 2010, crypto began with a pool of technical people specializing in finance, computers and information. In 2020, the audience has been diversified, now including big institutions such as governments and central banks. The more exposure and critique that crypto gets from these giants, the more its discussion and adoption becomes accessible to the general public.
As Bitcoin enters its eleventh year, it welcomes the decade with a significantly more mature market. Some experts even say that crypto’s bumpy ride is necessary to its growth, much like how gold is purified by fire.
From the crypto ‘Gold Rush’ in 2017 that put the world’s spotlight onto crypto to the following stagnation of the ‘Crypto Winter’ in 2018 up to early 2019, one pattern has been established throughout the history of crypto. With each downward spiral, the industry rises back to the surface even stronger and more formidable than before. Each wave of obstacles, crypto has fought back with new developments and inventions that make its ecosystem even more refined.
The 2018 crash showed investors that crypto cannot live off of hype and interest alone. With a decentralized nature, anyone with expertise and credibility can contribute to crypto’s system until it develops into the refined technology that experts dream about.
In 2020, the world may see crypto’s accelerating adoption with key players such as China and Facebook dipping into the pool. These building blocks will play a big role in crypto’s long-term potential of transforming how value is stored and transferred across the globe. Prices may have fallen in the past years, but as new technology is unveiled and attention shifts back towards crypto’s potential, 2020 will see crypto’s prices steadily rise once again.
Most of the world’s businesses and institutions function in a traditional and centralized structure. This means that authority is given to a handful of people at the top with a CEO or President overlooking the whole pyramid. With this system, the power of decision-making is concentrated at the top, leaving workers at the bottom merely following orders and with little to no contribution to how the system works.
The centralized structure is wrought with many faults, corruption at the very top of the list. This is why many are pushing towards a decentralized revolution of organizations. The world has seen the Internet succeed in decentralizing information and opening the doors for globalization. People are now asking: what else can be decentralized? Finance, money and value are the first in line to answer this question.
When people talk of a ‘major financial revolution,’ most are pertaining to the rise of crypto as an alternative to the current traditional financial system. Many experts claim that the industry is at the tipping point of a wide-scale change from a centralized to decentralized finance.
In the past years, the emergence of new technology has pushed the industry towards this direction and has made crypto’s adoption all the more possible. The Internet introduced efficient global communication to the world and served as the underlying groundwork for crypto’s success while the spread of smartphones to the masses allows the Internet (and therefore, crypto) to become more accessible anywhere and anytime. Digital banking and online businesses have prepped the public in making financial transactions online.
Entertainment avenues are shifting towards crypto payments, such as games and casinos with Bitcasino as one of the world leaders in crypto gaming.
All of these factors serve as baby steps to crypto’s introduction of decentralized finance to the masses which will lead to its overall adoption.
The incoming decentralized revolution means a dramatic, global change that could unlock economic growth for the world at large. Some of the benefits decentralization could offer are:
The most appealing aspect of decentralization is its open-source networks. With this type of structure, changes and developments are for the interest of many rather than the interest of only those at the top of the pyramid structure. It delegates power and control over a wide number of participants and overall creates an ecosystem that seeks to benefit many.
Looking forward to 2020, what’s in store for crypto? Will crypto finally enter the mainstream and real-world utilization? Last year, crypto surfed through turbulent waters and in its journey towards adoption, 2020 doesn’t promise calmer waters but bigger waves of opportunities.
Some incoming events in the crypto sphere this 2020 will potentially bring big changes to the industry such as the Bitcoin halving scheduled to take place in May. Halving occurs after a determined number of blocks have already been mined, which in Bitcoin’s case is 210,000 blocks. The halving causes a 50% reduction in the block rewards for the network. The previous halving of BTC has caused its prices to spike and investors predict the same results in the upcoming halving.
Another potential highlight in 2020 is the launch of Facebook’s Libra crypto. With Facebook’s access to the masses’ circle of information, it may become the spark for educating billions of people around the world about crypto. A big cultural player such as Facebook may serve as a catalyst to crypto’s mainstream inception and a wake-up call to financial regulators.
As bigger businesses and organizations shift to crypto, the market will rise again with the resurgence of hundreds of new users. The moment one country leads the revolution towards its economy’s shift to digital currency, crypto’s freight train will become unstoppable. This change is happening sooner than people think because China is already in the move this 2020.
The first-world superpower began its decade with a new law gearing the government towards a pro-blockchain and crypto stance. When China finally launches its own digital currency—which has been in development since 2014—then this change can force China’s other first-world rivals such as the U.S. and U.K to catch-up and similarly go digital.
However, these changes are only predictions that can happen in 2020. The year has only begun and people will see these crypto forecasts change alongside real-world events. Whether users will see crypto spearhead the revolution this 2020 is anyone’s guess. But with promising potential, the world of crypto is looking at a positive year ahead.
Don’t stray your attention away from crypto’s exciting year ahead and keep track of all the latest news. In the meantime, don’t get left behind by the trends and take a look at the top 6 cryptocurrencies to buy in 2020. Prepare to take the industry by storm and become one of the leaders in the crypto revolution.
Bitcoin is often referred to as the ‘mother of all cryptos.’ To date, Bitcoin is the most popular crypto, leading the highest USD exchange rate in the market. Ever since its creation in 2009 by pseudonym ‘Satoshi Nakamoto,’ Bitcoin has been in the front lines of the crypto revolution. Its underlying blockchain technology has sparked a number of fintech breakthroughs in the past decades.
Bitcoin still remains the leading benchmark for the market and the most versatile crypto around. Due to its popularity, more merchants and businesses accept BTC payments than any other crypto in the world. It has greater liquidity than other cryptos with users able to convert coins to fiat and vice versa easily and without chipping off a chunk of their value during exchanges. Other cryptos either lose substantial value when converted to fiat or can’t be exchanged directly.
Despite its swings in the market this past year, many users are positive that Bitcoin’s long-term bull rise still remains. In 2020, experts predict the coin to rise up to $23,500 by the end of the year.
Investors of BTC are also anticipating the third halving in May 2020. If it follows the trend of the two previous halvings, then BTC might see huge growth of at least 10x its current price and reach a new all-time high.
Image taken from Alpari Org
Ethereum was launched in 2014 by developer Vitalik Buterin. Unlike Bitcoin, Ethereum is more than just your average crypto. It’s currently the world’s leading programmable blockchain where anyone with the ability can create decentralized apps or dApps on the platform.
It introduced ‘smart contracts’ that serve as a contract or agreement between people during exchanges without needing a third-party. These contracts self-execute commands or decisions based on the code written on it. It’s own digital currency, Ether, runs second place after Bitcoin in the race towards a cashless society in terms of both popularity and market cap.
At the beginning of 2020, ETH has seen a short term bull run in the market after a long period of stagnation in 2019. This rise in price is influenced by current real-world crises and events that urge investors to secure their money’s value into crypto’s ‘safe-haven.’
Whether ETH’s rise will continue on throughout the year or remain in its bearish long-term run is yet to be seen. Many users believe that the launch of ETH 2.0 in July will spark another rise for ETH in 2020. With an increase of 8.55% today, predictions for 2020 claims that ETH will rise up to $11,375 by the end of the year.
Catching up to the crypto race, Ripple trails third behind BTC and ETH. Launched in 2012 by RippleLabs Inc., Ripple aims to create a decentralized network of banks to facilitate transactions in a matter of minutes with lower fees anywhere in the world. By offering a trusted, affordable and fast network for cross-border payments, Ripple hopes to eliminate the traditional and medieval banking system.
For Ripple’s native coin XRP, predictions state a realistic price increase of up to $1.00 before the year 2020 ends. XRP has seen a bearish outlook ever since the 2018 crypto crash. However, Ripple’s upcoming partnerships with 100 financial institutions this year may shed some positive light on Ripple’s 2020.
New changes on Ripple by developers could also improve XRP in the coming year, allowing Ripple to process up to 50,000 transactions per second, making it one of the fastest crypto around.
Known as the ‘Silver’ to Bitcoin’s ‘Gold,’ Litecoin entered the crypto sphere in 2011 with all the best things of Bitcoin but improved to become better. Developer Charles Lee created Litecoin to become a faster and more affordable fork of Bitcoin. In fact, compared to other cryptos out there, LTC is much more cost-effective. It can also process transactions in only a fraction of Bitcoin’s 10-minute processing time.
Despite a comparatively bearish run for most cryptos, LTC is doing fairly well in the market. Just like BTC, LTC has undergone a halving last August 2019. With an increase of 31% since the beginning of January 2020, many users are predicting its prices to continually rise as a result of the halving process.
Image taken from Marco Verch
Created by academics from three organizations, Cardano is backed up by a scientific approach that has set it apart from its peers. Experts consider Cardano as a third-generation blockchain based on smart contracts in comparison to BTC and ETH—which are 1st and 2nd gen, respectively. With a market cap of $18.8 billion, Cardano stands as the 5th most valuable crypto in the market today.
Cardano is built-in with many features that make it secure, flexible and scalable for innovation more so than any other crypto. Cardano’s blockchain allows the use of a wide range of cryptos without the need for a third-party exchange service. Patterned after ETH, it also supports smart contracts and serves as a platform for building dApps. However, unlike Ethereum, dApps on Cardano can be updated and improved.
From the onset, Cardano proved that it’s a strong competitor by remaining stable throughout the whole 2018 crypto crash. In March 2019, Cardano’s native currency ADA was the only coin to show growth despite the market’s bearish disposition.
Image taken from Marco Verch
Launched in 2017 by Block.one company, EOSIO is the youngest of the top 6 Altcoins in 2020. With a model called ‘Delegated Proof of Stake’ (DPoS), it aims to process millions of transactions in just a few seconds, potentially making it the fastest crypto in the market!
EOSIO is a blockchain platform where users can create dApps with a scalability unlike any other crypto. Web toolkits, database schemes and other functions are made available to make developing dApps easy for developers.
EOSIO’s promising future has attracted a loyal audience since 2017, making its token EOS one of the most valuable coins in 2020. When it took off in 2017, over 200 million EOS tokens were bought in just five days and sold over 100 million tokens in just a year. To date, EOS is among the top 10 biggest gainers by market cap in 2020.
It’s the dawn of a new decade and the crypto industry welcomes 2020 with bursting optimism and positivity. With a more mature mindset of what’s to come, a blank page of opportunities with hopefully fewer scams, fake ICOs, Ponzi schemes and hackers awaits the new year. Whatever 2020 holds for cryptocurrency, investors, developers and everyone involved in the rising crypto-economy will stand wit-to-wit in the crossroads of the next industrial revolution.
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Words by: Nicole Causapin