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Crypto Technology Market Outlook for 2020

Crypto Technology

June 19, 2020 | 

JOHN K MWANIKI |  0 Comments| 

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Understanding the crypto technology market is critical for investors looking to get into the sector in 2020. As a highly volatile sector, looking into the projections and market outlook helps to make informed investment decisions.

Here is an in-depth look at the crypto technology market for 2020;

Production 

Other than the newer coins getting into the market, most coins are not fancying the token production. The coins understand that the lesser the tokens available, the more the demand hence higher prices.

For example, Bitcoin has halved reducing the amount for mining, thus fewer miners. This has increased the value of Bitcoin, as there is still more demand than ever. 

The market also becomes stable with a few new coins coming into the fold. So far, only Facebook's Libra is set to launch later in the year. This is different from the other years when new coins were introduced to reduce the older ones' inefficiencies. 

cryptocurrency technology

Instead of focusing on production, the coins are looking to improve systems. For example, Ethereum is planning to launch Ethereum 2.0 with better scalability and faster transactions. 

Application 

With a generally slower production, you might be wondering what the demand looks like. The world is taking up to cryptocurrencies, unlike any other time before. The traditional financial institutions have realized the solutions of blockchains like Ripple for faster transactions. 

Several countries are also embracing cryptocurrency. 2020 has seen an incredible increase in the use of crypto in North America. Ohio has become the first state to introduce a Bitcoin tax system. Europe and Australia have also seen a surge in the use of the coins. 

The same influx has been even more extensive in the Asian countries of Japan and China. Other than being leaders in the creation of the coins, they are also embracing them. 

The growth of the crypto has been so high that Bitcoin is already becoming a mainstream currency. Other than in Wall Street, other financial institutions and businesses are using it as part of regular transactions. 

Regulation

While the growth of the crypto technology market has been immense, regulation is still a challenge. The users appreciate the benefits like secure and faster transactions. On the other hand, it comes with anonymity, which aids in crime like drug and human trafficking and money laundering. It also limits the abilities of governments to implement sanctions. 

The major challenge in regulation is that being a new currency, most governments don't have laws governing the crypto world. Therefore, the nations are mostly looking to commercial law systems and other experts in crafting the regulations. Some countries have also banned the use of crypto.

The best bet is for the countries to include the crypto as part of the traditional money system then use the available regularity measures

Bottom Line 

After a shaky start to 2020 due to the Coronavirus pandemic, which slightly affected the crypto technology world, everything is back on track. The market looks even better with most financial institutions adopting the blockchain technology.

The application of blockchain in more areas other than the financial sector also looks to buoy the market even further.

The only concerns remain with regulations. Otherwise, with systems in place, governments will find an amicable solution. 

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