We are already being accustomed to different levels of transaction modes in online methods. Cards were the first among them. Since last five years, digital currency is emerging as the new definition of money. Digital coins, digital wealth is becoming a common tongue for netizens. We have already seen Bitcoins and other digital currencies in the headlines of business dailies. Let us track the locus of the cryptocurrency in 2020!
De-Fi: DE-Fi or Digital Finance is the new player in the market. Finance companies like Babel Finance are taking this as collateral for big players. Even a decade ago, we questioned its liability and security. Now it seems to be not only okay but also verily acceptable. The digital currency as collateral is breaking the hard ice of traditional bonds and showing us a new path to do great deals. We hope it will be also easier to do business in the new future.
Crypto Derivatives: Maybe soon, the market is going to get a brand new push for competition due to the new digital derivatives in the market. According to Milken Research Institute, derivatives are good risk-takers in the stock market. Even in the post-recession period in the US, the derivatives helped the US economy to reach $ 3.7 billion in each quarter of the 2003-2012 period. Well, crypto derivatives are going to take the exact place in the digital platform. It is suitable for those who love to stay in the traditional approach of the business. It has already been tested and ready to get set go by this year we hope. It’s easy to use, trustworthy, and a way traditional, which makes it approachable.
Lightning Network: It is another name of a boon in the digital world. The lightning network is prepared to boost the high-speed transaction of bitcoins. It is a layer-2 payment protocol for any blockchain currencies. Though it is in various uses, yet it is awaiting its full introduction. We will be witnessing the unforeseen opportunities and approaches of the market in this year once the installation of Lightning Network is done in various places.
Ethereum 2.0: According to Ethereum makers’ own words, ethereum is, “…An internet where money and payments are built-in…An internet where users can own their data and your apps don’t spy and steal from you…An internet where everyone has access to an open financial system…An internet built on neutral, open-access infrastructure, controlled by no company or person.” In 2019 we have seen the huge development regarding this intranet. We hope in 2020 the 2.0 version will amaze us with more exciting dimensions of transaction. The team has heard from the user community and come up with new ideas and developments. Not only that, but they have also given timely updates regarding their deeds. We love to see what awaits us once it comes into full operation.
Privacy Matters: You must be wondering how much private it is or how much secure it is. Well, it is not something that should not interrupt our mind while talking about digital platforms. Frauds, hacking, internet trafficking, etc. are some of the most heinous crimes of virtual space. You don’t need to worry about your transaction over digital currencies anymore. We, too, understand the risk in it. We are seeing the development regarding this aspect of various farms. Ernst and Young have developed such a program called Nightfall to secure and maintain privacy in Ethereum. During this year there is an excellent chance that the privacy option comes into full operation.
Friendly Regulations: We find everything very easy if the rules are easy to maintain. Like only for eating one bowl of ice cream if I give you 30 specific rules like, you need to hold the spoon in right hand; you cannot drip ice cream from your lips; you cannot share you bowl with anyone else, not even with your best friends and all; you will probably keep the distance from eating ice cream. But if I make the rule easy for you like, you can eat the ice cream as you wish only you cannot waste it; I think you won’t mind taking one bowl every day. A similar case is there with digital currencies. Some countries have typically very hard and fast rules for the online platform, as they know that they do not have such cybersecurity to prevent any mishaps. But countries like the USA, Germany, China, with great cyber security, are allowing the currencies to flow with the least number of regulations. Unless it becomes easy to use, people will not be interested to use it. The state of Wyoming in the US has only 13 regulations regarding cryptocurrency. And that is the reason behind its emergence as a Digi-hub for prominent market players. 2020 is going to be a game-changer for such unknown but potential platforms around the world.
Our world is changing, so are our needs. Cryptocurrency is going to make its way in our traditional economy very soon. The sudden and drastic changes in the world of digital space never stop us from being amazed. 2020 will make so many variations in our virtual behavior. We are hoping and expecting the best out of it.