The days of doom and gloom in the crypto sector seem to be mostly over. Although technology has its fair share of detractors, and there are still a few end-of-day scenarios that swirl away in smug financial circles, cryptocurrencies seem to be here to stay. This naturally begs the question – where to go next? From the adoption of cryptocurrency as a way to enjoy Hindi Lightning Roulette to paying for goods and services, cryptocurrencies are shaping the world in which we live. So, here are some predictions for 2024 and what may follow.
1. Normalizing Cryptocurrency Payments
This year will be monumental as the world will have the opportunity to see whether digital currencies can really compete with FIAT ones. For the most part, consumers are still somewhat split on the idea.
Nearly half of all consumers are keen to make a move on cryptocurrencies, and they see them as a good potential investment vessel. Yet, many fear that they would fall prey to some underhand scheme, which is curbing adoption.
Therefore, the mission for 2024 will be for cryptocurrencies to be normalized. They are not very likely to overtake FIAT payments as digital money skepticism is another matter altogether, but seeing them as a viable payment option to resort to would definitely be something that we are going to see.
It will not be long before we start paying or seeing crypto as an option to pay for a variety of goods from e-commerce platforms, including legitimate ones like roulette77australia.com.
2. The Long Path Towards Legalization
We are not very likely to witness wider consensus from regulators on the matter of cryptocurrencies, but there will be clear indications of what to expect over the coming months. Surely, the approval of an ETF by the US Securities and Exchange Commission in the United States has proven a significant event for the industry and once again demonstrates that blockchain and crypto can survive where it’s least desired.
The SEC has not hidden its ambition to do away with cryptocurrencies entirely and it has been backed by some of the most powerful financial people in the world. Yet, cryptocurrencies, grassroots as they have been, have persevered, all the same, making even the most serious financial institutions sit up and listen.
Simply wishing away crypto won’t make it go away. In fact, nothing is very likely to have this effect on cryptocurrencies anymore. Instead of fearing crypto, crypto should be introduced into a more robust regulatory framework that allows it to do what it does best – remain decentralized.
3. Transaction Speeds Still a Challenge
Although cryptocurrencies have long been touted as cheaper and faster alternatives to the mainstream financial system one fact almost always escaped this explanation – volume. As volume on the Ethereum and Bitcoin blockchain continues to increase, a realization has long dawned that cryptocurrencies need to start looking closer at how to handle the influx of interest and ensure that there are no fees charged to the network, which are not unlike to the ones that FIAT systems charge.
This will lead to a number of rollup projects that are designed to help build alternative funneling channels that allow for transactions to continue uninterrupted and in the cost-efficient manner that the crypto industry has long been introduced to new consumers.
So, the world of crypto will change in myriad ways in 2024, but there are already some very big milestones that are hard to overlook and they bode well. In fact, 2024 may be the first year that we can confidently say that crypto is here to stay, no matter what new challenges may arise.