Cryptocurrency – Trends and Other Innovations of 2020

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Let’s be honest! Covid-19 has wreaked havoc on the economy, and the impact might get bigger in the coming months.

On the other hand, crypto-market is a different case. In fact, it has revealed its potential.

Yes, studies show that the stability of cryptocurrencies, including bitcoin, is uncertain. Despite that, the number of investing and trading opportunities have skyrocketed this year.

Whatever your skill level as an investor, crypto remains a promising venture to take into consideration.

More than the greater cryptocurrency diversification improved regulation, and better hardware, here are the other trading trends and innovations you should know.

Country-Specific Cryptocurrencies

Excellent blockchain security and swift transactions have contributed to country-specific cryptocurrencies.

Sweden, for instance, is planning to release e-Krona while China is on its final stage to release its own digital currency.

This is a good step for other countries around the globe to be inspired to promote hassle-free digital transactions and boost optimal security.

Related: Cryptocurrency: All You Should Know To Trade This Digital Gold

Bitcoin

In May 2020, a bitcoin halving event was conducted with a goal to change and improve the inflation rate.

With the unmatched effort and commitment of authorities involved, it has significantly increased bitcoin value.

For new investors, you might wonder what the event was all about. As the name indicates, the number of bitcoins released into the market is now halved.

Since crypto advocates have been doubling their efforts to mine and achieve other objectives, the value of bitcoin has drastically increased for the past months.

While the recent halving events have negatively affected bitcoin’s value, its price remains higher before a series of halving events take place. So, new investors are sure that the currency slowly improves.

State-of-the-art Mining Tech

It’s true that the digital aspect of mining is slowly developing. So, the technology utilized in the process needs to go with the flow to meet and exceed the demands of a continually growing client base around the world.

Before, mining was just a professional endeavor made for dedicated mining experts and companies. But things are different today.

Currently, mining is now accessible for any individuals out there. But investing in the right tech tools like bitcoin up should not be overlooked. In terms of functionality, reliability, and performance, this application got new and seasoned traders covered.

Cryptocurrency in Different Industries

Historically speaking, the cryptocurrency began as an investment opportunity, which is similar to precious metals like gold. Then, it has turned into an opportunity for retail chains.

While it is impossible to pay for groceries in gold in Walmart, some largest retail companies may introduce a cryptocurrency as a payment method soon.

Burger King in Germany, for example, has already been accepting bitcoin for deliveries and online orders.

Starbucks, on the contrary, used a payment app developed for letting valued customers pay for their favorite coffee in the form of crypto.

That’s not all! Hotel chains, travel platforms, and retail stores now accept bitcoin as a reliable and safe form of payment.

Economists and other experts expect the number to increase soon.

Banking

For decades, PayPal has been a go-to platform for transferring digital currency from one person to another. Used to buy online, PayPal allows individuals to conduct safe transactions on a global scale.

This 2020, there are other similar platforms in today’s market. While the functionalities are not the same, we cannot deny the fact that new tools are well-equipped.

FinTech companies, for instance, have released their digital banking systems to increase security, introduce trading transparency, and simplify transactions.

Bottom Line: Cryptocurrency Trends

When starting as a crypto investor, there are many factors to weigh in mind. But knowing some of the trends and innovations of 2020 will be of great help. We hope this article helps you throughout your crypto-investing experience.