Bitcoin and the concept of cryptocurrency became popular in recent years. It has become a trending topic in social media and many people especially those in finance industries are getting more curious about this new type of digital currency.
To the uninitiated, Bitcoin is one of the cryptocurrencies that has been developed in the modern times. Cryptocurrency is a type of digital currency that is decentralized, meaning that there is no single authority or central bank that regulates the currency and transactions are being done via blockchain technology.
Bitcoin and other cryptocurrencies are also being transferred on peer-to-peer networks using a digital crypto wallet. The blockchain records the transactions being made via Bitcoin but the transaction and the account remains anonymous to the public.
Recently, there is a lot of trend involving Bitcoin and other cryptos in trading. We will uncover some of these rising trends and how it will affect the global crypto ecosystem and the future of global finance.
Being accepted by many financial institutions
After the world has known about Bitcoin, the general public has sparked interest in this new type of trading, however, it also has met skepticism and criticism. Back then, the general public had no knowledge of how it really works.
Over the years, many financial experts have published their own experiences with Bitcoin and also explained the dynamics of it in a much more comprehensive way. This has led to a much more increase in the interest in the subject.
Also, the promotion of Bitcoin in social media also helps to propel it into popularity. Today, many financial institutions had let go of their skepticism and accepted Bitcoin as the new technology that will help the global economy that is on the brink of collapse.
Decentralization finances are being carefully studied
One of the features of Bitcoin and other cryptocurrencies is the decentralization of digital finances. Unlike the traditional currencies that we use today which have a central bank or single authority that decides how the currency is regulated in the market, cryptocurrencies do not need a single authority to regulate it.
This will give the power to regulate Bitcoin to the consumers themselves, however, at a cost of stability, volatility may rise. On the lighter side, decentralization also reduces the need for intermediaries or third party transfers, making financial transactions much faster and easier.
Increasing popularity of NFTs
One of the increasing trends lately in the crypto world is the rise of non-fungible tokens or NFTs. The tokens represent any digital claims of any physical or digital assets such as artworks, songs, films or valuable items. Also, just like Bitcoins, NFTs can be traded from peer-to-peer networks.
There is also an increase in digital games that utilize NFTs to represent assets such as physical money or ownership of land. Online games such as Axie Infinity also allow players to collect digital assets that can be traded as real money, which can increase your profit by playing these games.
The increase of industries using blockchain technology
Aside from trading and banking, there is also an increase of industries that use blockchain technologies in their services and products. Blockchain is now being used in industries such as insurance, automotive, retail and consumer goods, telecommunications, transportation, manufacturing and basic utilities such as oil and gas.
Recently, there is also an increase of businesses and institutions that use blockchain like healthcare, supply chain, online casinos like 12Play, arts, media and entertainment. Some industries will also benefit from blockchain in the near future like hospitality, public transportation, waste management, law enforcement, e-commerce and agriculture.
What we mentioned right here is only a few trends that take the media by storm regarding the rise in popularity of Bitcoin. Despite the many benefits of this new technology the market has been almost unstable last year due to the volatility and the lack of central authority that could regulate Bitcoin.
However, this doesn’t mean that this technology will collapse, it’s just that the enthusiasts of cryptocurrencies are looking for new solutions to make cryptocurrency much more stable so that it will be available to the general public.