Prescott Regency - The Future of Cryptocurrency

Bitcoin has been making waves in recent times. The cryptocurrency reached a record high of almost $12,000 in December 2017, according to the Coinbase Exchange.

Late November witnessed the cryptocurrencies’ combined market valuation overtake Visa by $30 billion. While the cryptocurrency’s market value was at $285.9, Visa registered $254 billion. Cybersecurity leader, John McAfee, predicts that Bitcoin will reach $1 million by 2020!

Cryptocurrencies are here to stay

Cryptocurrencies will only become stronger in the future, according to experts like hedge fund manager and entrepreneur, James Altucher. According to Altucher, the eventual goal of the cryptocurrency industry is to replace paper money, and solve the problems associated with paper currency, such as forgery, printing, and anonymity.

Altucher predicts the following outcomes of the future of cryptocurrency’s:

  • Just as the Internet ended the monopoly of telephones, cryptocurrencies will put a stop to the monopoly governments have over currencies.
     
  • New organizations will be formulated by governments to bring into force regulations on cryptocurrencies.
     
  • Banks will begin to accept Bitcoins and offer storage.

Explosion of Bitcoin?

Co-founder of Bitcoin, Chris Kline, predicts that giants like Amazon may begin accepting Bitcoin and other cryptocurrencies soon. According to Kline, with Amazon jumping on the wagon, there could be an explosion of Bitcoin. He adds that so far in 2017, there has already been a 55% increase in the cryptocurrency transaction volume.

Prescott Regency have found that countries like Japan have already set the trend by recognizing Bitcoin as an official payment method. In April 2017, Japan brought into force its policy of recognizing Bitcoin as a legitimate method of payment. Other countries may follow suit, resulting in a wider adoption of cryptocurrencies across the globe.

Alternatives to Bitcoin

Ethereum is a viable alternative to Bitcoin, as it’s a platform of Blockchain applications. The enhanced security features of Ethereum’s “Ether” currency, will contribute to its popularity going forward.

Ethereum could well be the next big thing to capture the world’s attention, because of its smart contract feature whereby people can make agreements with each other.

Other cryptocurrencies that are set to make a mark in the future include Golem, Sia, Monero, Lisk, and IOTA among many others. Monero and Bitcoin are true cryptocurrencies while the rest are crypto tokens that are to be used on their own platforms.

Monero’s interesting features include stealth and speed. Anonymity is the greatest virtue of Monero, with only a hash of destination address being displayed.

If you want to get in touch with the experts, visit Prescott Regency today.

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