Undoubtedly, one of the most considerable technical advances in recent years has been the development of Cryptocurrencies, the brand new class of digital assets. The Cryptocurrency industry has been crucial in promoting various vital advancements, notably in 2021. Cryptocurrencies have undergone three key stages to achieve spectacular development: adaptation, innovation, and integration.
But it’s also critical to consider the potential of Cryptocurrencies and what that means for all of us. So what significant developments in the Cryptocurrency space can you anticipate in the coming future? Let’s find out a few unexpected and weird predictions about Cryptocurrencies in this blog.
1. Cryptocurrency can be mainstream.
Cryptocurrency is already recognized as a valid mode of payment in several countries across the world. However, it has still not developed to the point where we can refer to it as a widely used form of money. Nevertheless, players in the industry are relatively hopeful that this may happen shortly.
Bitcoin is currently accepted by various eCommerce platforms, banks, and online gaming sites. In addition, several payment gateway providers also accept bitcoin payments on their platforms.
And very soon, Bitcoin may be the currency of choice for cross-border transactions. However, it is noteworthy that many banks were first resistant to Cryptocurrencies.
Bitcoin and other Cryptocurrencies are garnering more and more interest from modern consumers. For maintaining a competitive edge, meeting clients’ needs is essential. We may soon be able to declare that Cryptocurrencies are currently mainstream!
2. The metaverse may NOT rise.
Although the metaverse is a hot topic, the majority of people have no clue what it truly entails.
In simple terms, the metaverse is basically “an interconnected network of 3D virtual worlds.” Users can enter these worlds through a Virtual Reality (VR) headset. To navigate in the metaverse, they can use their eye movements, be a feedback controller, or give voice instructions. The user is immersed by the headgear, producing a phenomenon called presence, which is gained by simulating the actual physical experience of being present.
In theory, a wide range of applications could be incorporated into the metaverse, such as games, video conferencing tools, services for granting driver’s licenses, or anything else.
This proves that the metaverse is not a relatively new phenomenon. However, interoperability is a challenge that requires urgent attention. The ability to quickly transfer digital products across games or a digital identity without being bound to a particular platform would have been a beneficial feature.
The metaverse might not, however, be able to meet all requirements. Some services shouldn’t even be included in the metaverse.
According to the cyberpunk movement of the 1980s and 1990s, the metaverse implied complete immersion. Virtual reality glasses are currently thought to be the only way to achieve this level of immersion. Most regular folks would never don these spectacles, only to contact their grandma or trade some Cryptocurrency in an exchange.
A technological innovation advancement like smart contact lenses is necessary for true immersion. However, it is improbable that this technology will be extensively employed five years from now.
3. The ranking of at least half of the top 50 Cryptocurrencies may worsen.
The likelihood of a significant shift in the top Cryptocurrency ranking is considerable. Outright zombies like Ethereum Classic (ETC) can be eliminated from the list, and projects that now appear to be placed at the top of the list may not only be overthrown but also completely disappear.
Undoubtedly, certain stablecoins will decline. They will be replaced with fresh ones. Due to their agonizingly slow movement, certain top coins can drop down the list and formally turn into a living corpse.
4. Crypto wallets can be the new “super apps.”
These days, decentralized finance (DeFi) user needs to deal with hundreds of protocols. There are hundreds of them, and the number is increasing every day. Among them are wallets, interfaces, exchanges, bridges, and lending protocols. Even for experienced users, coping with a list of technologies can get annoying.
It is always seen as ideal when the maximum number of services can be accessible by a limited number of universal apps, regardless of whether the user is advanced. The best choice is when the applications are already included in their wallet.
For users, it becomes irrelevant which exchange or bridge they use. Instead, they care about efficiency, security, and affordable prices. As a result, many DeFi protocols will ultimately evolve into back-ends that support well-known wallets and interfaces.
The Cryptocurrency sector has a lot to offer. These predictions indicate that more businesses will undoubtedly adopt Cryptocurrencies, making them mainstream. This technology has already had an influence on the entire world.
However, the sector is still plagued by a lack of sufficient Crypto security. If the players work together to develop and stabilize the ecosystem, this can be eliminated easily.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn’t represent any investment advice or WazirX’s official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.