2020 is the year of unexpected changes, and every sector is witnessing negative and positive changes. The world is rapidly advancing towards digital transactions and becoming purely digital. The first half of 2020 witnessed the rise of cryptocurrency to an extreme level because 75% of people have turned to digitization. Moreover, the crypto will get mainstream even when this Corona crisis gets over too. The trend is going to stay as cryptos are not physical assets, and they can be digitally stored.
Even a renowned company like JPMorgan Chase is also welcoming the digital currencies on its platform. The digital platform came into the scenario because of the financial stress witnessed due to COVID-19.
Let us now see how crypto is going to get recognized in the year 2020.
Reshaping the Digital Payments
Many people are in a dilemma regarding the cryptocurrency situation. A few are unaware of the existence of cryptocurrency and Blockchain technology. Even the asset value of the companies like Apple is not comparable to the cryptocurrency. People are not even aware of whether investing in cryptocurrency is good.
With big companies like JPMorgan Chase recognizing crypto investments, the investors are looking forward to opting for this peer-to-peer transaction method. The reason being, this Distributed Ledger Technology is becoming the driver for system enhancement. Moreover, the big brands are looking forward to paying for their services through cryptocurrency. It will not only reshape the payment system, but it will remove the middleman, more accessible services will be provided, and there will be secured transactions.
Transformation of Banking System
The world is witnessing the banking and financial change because of the COVID-19 pandemic. The digital transactions have seen a significant high because people are looking forward to earning good money and include Bitcoin for general use. Moreover, there are no untoward charges that one has to pay to the bank. Like, you need to pay up to 4% of charges. Bitcoin is a frictionless transaction as it, along with other tokens like Ethereum, Bitcoin Cash, and Tezos are increasing in value. Even the Bitcoin price will grow to almost $250,000 by the year 2022.
Drastic Change in Crypto Industry
Cryptocurrency is being used in the gaming sector, especially the iGaming, for much time. Most casinos and online gaming websites render Bitcoin as the source of payment. The esports sector is also adopting the Blockchain technology. Even the latest developments in this field make the crypto industry a perfect spot. In the coming years, different online systems will consist of DLT-based investments. The reputed Epic Games that is the studio behind Fortnite is researching to incorporate Blockchain technology.
What the Future Beholds?
Bitcoin and Blockchain technology is going to stay here. Most of the brands and industries are investing in the cryptocurrency. Moreover, crypto is building credibility with the security feature and anonymity that the users are getting. Even the cryptocurrency has attracted government scrutiny so that it can come into the mainstream financial system across the globe.