Since it was first introduced in the market back in 2009, there's no denying that cryptocurrency has come a long way.
In fact, it now provides great investment opportunities for many individuals around the world, estimates being that over 100M people now hold cryptocurrencies globally.
With that said, the development of cryptocurrencies provides a window of lucrative opportunity, not just for traders but also for companies and organisations.
And with many countries starting to develop and adopt cryptocurrencies as alternative payment methods, and some even making it legal tender, this might be the perfect time to learn more about the cryptocurrency industry.
Before you can secure fruitful and profitable investments, let's first discuss cryptocurrency trends that are predicted to make it big in the coming year:
1. Altcoin Surge: What are Altcoins?
As Bitcoin was the first of its kind, everything that came after it is typically referred to as an Altcoin… in other words, alternatives to Bitcoin.
According to experts, the popularity of Altcoins will further increase in 2022.
A core attraction to Altcoins can be for their practical utility, in other words, what they can actually do and be used for.
For example, ETH is the native token for the Ethereum blockchain, and it is the Ethereum blockchain that DApps (Decentralised Applications) are built on.
When smart contracts are executed / transactions occur on the Ethereum blockchain, ETH is the GAS that fuels the interaction (Pun intended!)
There are some amazing DApps and they typically have tokens that are used on them, which means as these applications grow in popularity, so can the tokens surge in value.
2. Decentralised everything
Ok, ok, ok… maybe not everything, but we are entering an era of decentralisation and the term to get familiar with is web 3.0.
At its core, web 3.0 represents the latest generation of internet applications and services powered by distributed ledger technology (blockchain).
As time has gone by from when the internet really kicked over in 1991, with web 1.0 which was effectively read-only pages, to now, information has effectively become centralised by big players in their respective industries.
What’s the problem with that?
With big players holding all the keys to the castle, they could, if they wanted to, delete your online presence, censor you into oblivion and decide what you see / don’t see online.
A great example of this reality is what happened to Donald Trump and his peripherals by big tech throughout 2020, with first censorship and then removal.
Political affiliation, whether you like / dislike Trump or if he deserved it / not, is irrelevant here, the subject is centralisation leading to complete censorship, and if it could happen to a president, then nobody is safe.
With web 3.0, instead of information being stored on centralised servers, it will instead be distributed over many nodes, all over the world, making it hard to shut down and resistant to authoritarian censorship.
Some of the benefits of web 3.0 are:
- Secure networks
- Anti-monopoly
- Data ownership
- Pro-privacy
- Interruption free internet
- Permissionless blockchains
There are already some really cool web 3.0 applications available too, such as:
- Brave (Decentralised browser)
- Storj (DEcentralised storage)
- Odyssey (Decentralised streaming service like Youtube)
- Celsius (Decentralised lending and earning)
That’s just to name a few and 2022 will see many more exciting projects enter the fray!
You may be wondering what this has to do with cryptocurrencies… Well, in a lot of cases, these applications and services have cryptocurrencies that fuel them.
3. Crypto Education
Given cryptocurrency's continuous growth and success, there's a huge increase in the demand for education.
Since more people are starting to appreciate and understand the true value of blockchain technology, many individuals are starting to yearn for more information about cryptocurrency in general.
With that said, you can expect that there will be many people who will start studying how to trade and sell cryptocurrencies in 2022.
Conclusion
This list contains only a fraction of the trends assumed to be relevant in the coming year.
There are even rumours about developing innovative solutions for reducing the carbon footprint in mining bitcoin.
As such, you can expect that some environmental concerns will become a priority in the world of cryptocurrency in 2022.
We are still early in the development and adoption of blockchain technologies and it will only become more exciting as we go.
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