Blockchain and cryptocurrency- compilation of future predictions by experts

blockchain

Blockchain technology is predicted to surge up to 163.83 billion USD by 2029 from 7.18 billion USD in 2022. Last year, the market size of the revolutionary technology was around 4.67 billion USD. Cryptocurrency is the most famous application developed on the blockchain network and the crypto industry is poised for enormous growth in future. The crypto market hit 3 trillion USD in 2021 but unfortunately is currently hovering below 1 trillion USD due to recent back-to-back crashes in May-June 2022. However, experts are optimistic that the crypto industry will proliferate by 5x within the coming 10 years. It’s self-explanatory why a long line of smart investors are lining up to buy crypto online.

Read more: The Cryptocurrency Exchange Market: Everything You Need to Know

Both blockchain network and cryptocurrency are predicted to march towards an exciting future, dotted by advancements, phenomenal changes, and also more adoption.

What have the experts predicted for the future of blockchain?

Smarter smart contracts

Aren’t smart contracts smart enough? Well, of course they are- but there won’t be any harm in making them wee smarter to match up with the growing range of use cases for these contracts. Smart contracts operating on blockchain network are unable to access off-chain data independently due to certain inherent restrictions in blockchain. As a result smart contracts are unable to perform adequately when they have to work for processing of physical goods.

Experts have predicted that in the coming years, we will find more intelligent smart contracts over blockchain network. The “smarter” aspect would be achieved through incorporation of Artificial Intelligence into blockchain technology.

Disruption of banking sector

The revolutionary blockchain network holds the potential to create major disruption in the legacy banking sector, especially due to its decentralized framework.

A major share of the unbanked population has already realized the power of cryptocurrency and they have embraced and adopted crypto with open arms. A lot of people today have more faith in blockchain based payment than traditional bank-based monetary transactions and storage. Growth of blockchain network over the years will only accelerate the trend- thereby posing a stiff competition to the traditional banking scene.

More inclination towards PoS blockchains

When it comes to cryptocurrency, the original blockchain network was Proof-of-Work network. While the PoW blockchain network has offered us the #1 cryptocurrency yet the old blockchain network involves a highly energy-consuming mining process. In other words, the old PoW blockchain poses a serious threat to the environment.

Blockchain developers have realized the problem and they have come up with a more energy-efficient PoS blockchain network. According to experts, the coming years will see more stress on PoS blockchain rather than PoW blockchains for the cryptocurrency sector.

More adoption in government sectors

The ever-evolving growth of blockchain and the states mentioned at the top speak for growing adoption of blockchain network in future. The government sector is one of the most crucial sectors that are predicted to adopt rising adoption of blockchain technology. 

According to experts, governments can introduce a one unified blockchain-based ID  verification platform. Then, governments can also use blockchain, especially smart contracts, for voting systems. There are many other departments where governments have been predicted to use blockchain network for more efficient operation, such as land registration, asset transactions, management of social benefits, secured storage of confidential documents, and so on.

What have the experts predicted for the future of cryptocurrency?

Proactive regulation in cryptocurrency

Talks about introducing regulation in cryptocurrency have been going on for a while. But it’s not until recently that the government bodies have started taking proactive steps to introducing regulation in the crypto sector. The EU has already signed the MiCA that has laid down the rules to be followed by crypto-related organizations operating across the European scene. On the other hand, the American government has recently released an official executive order on development of a plan for crypto regulation. Many countries, like India, have imposed taxes on crypto earning recently.

Thus, we are expecting a comparatively regulated environment for the crypto scene in near future. Experts have proposed the need for a multi-centered approach in regulation that will help to bring some degree of stability in the crypto scene and also won’t destroy the “decentralized” aspect of crypto.

More adoption of crypto

Several experts have projected that we will see more people lining up to buy crypto online in the near future.

One of the major drivers that will inspire more people to buy crypto online in the near future is certainly a potential regulated environment in the crypto scene. A recent study has suggested that with the governments getting proactive about regulation in crypto, the crypto market will witness 500 million+ investors (globally) signing up to buy crypto online (especially BTC) by the end quarter of 2022. A leading crypto exchange has also predicted that the number of BTC holders will reach 1 billion by 2032.

Ethereum might score over Bitcoin

If you are looking for the most potential coins to buy crypto online this year, it has to be Ethereum. In fact, several experts have predicted that ETH might score over BTC this year.

Last year only, ETC had outperformed BTC riding on a high surge in NFT trades. The market of NFT is growing by leaps and bounds. Alongside, the Ethereum blockchain will move to an end-to-end staking chain this year which is predicted to surge the coin by 400% in the last quarter of 2022. With Ethereum switching to a more eco-friendly platform and offering high staking rewards, the second largest crypto is only estimated to pull in a massive volume of investors and traders to itself. It’s self-explanatory why Ethereum might score over Bitcoin this year.

Launch of BTC Spot ETF

If you want to buy crypto online but are apprehensive of the high risks, you can invest in a comparatively more secured BTC Strategy ETF. But with the market showing a more matured stance lately, there is a high possibility that the crypto market would witness the launch of BTC Spot ETF in 2022 only.

Final words

We will wrap up the article with another future trend of cryptocurrency. After the recent May-June 2022 crash, several experts have advised not to buy meme coins if you have plans to buy crypto online. They have stressed that meme coins might show a high rise currently, they will simply vanish in the coming 3-4 years.

By kazim kabir

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