In recent years, the cryptocurrency market has developed and gathered a great deal of attention from existing and potential users. Numerous trends have influenced and prompted the adoption of cryptocurrencies, such as making use of them for quick payments as well as to avoid huge transaction fees from intermediaries, whereas others make investments where they hope the values rise.
Cryptocurrency Trends That Would Influence Crypto Transactions
With the various cryptocurrency trends, even more people are now showing interest in cryptocurrency. As per Cambridge Centre for Alternative Finance, about 3 million individuals actively engage in cryptocurrency trading at any period. At present, the industry of cryptocurrency is going through immense transition, while central banks continue to cast their doubts on its integrity. So, what are the principal cryptocurrency trends expected to happen this 2020? Below are a few:
On Cryptocurrency Regulations
While governments around the globe are now recognizing and acknowledging the enormous potentials and possibilities that cryptocurrencies presents, they have begun to draft regulatory structures for cryptocurrencies. Last, year, in the federal agencies’ part, there have been an increasing recognition, awareness as well as understanding that digital currencies are starting to become a fundamental element of the society rather than just a component of it. With the rising interest of governments around the globe on cryptocurrency as well as the recognition of having safe and secure transactions using cryptocurrency, new frameworks on crypto regulation will most likely be presented in many nations such as the United States and China. The regulations on crytocurrency will considerably vary from nation to nation. Currently, digital currencies aren’t regarded as a legal tender.
On Integration of Artifical Intelligence and the Blockchain Technology
Players in the cryptocurrency industry will make plenty of effort with regard to integrating artificial intelligence as well as machine learning into the blockchain technology which would fuel cryptocurrency transactions. As the blockchain uncovers the higher value of artificial intelligence, AI will all the more make transactions using cryptocurrency much safer and securer. In terms of mining for cryptocurrency, crypto miners will have to undergo numerous computing cycles so as to discover a certain block for a certain coin. Hence, the impacts of machine learning arrangements were indirectly utilized in cryptocurrency mining. Several analysts in the crypto industry anticipate an increase in companies to use and maximize the capabilities of the integration and collaboration of these technologies.
On the Halving Events
Halving is the quantity of coins that crypto miners get for adding to the new transactions into the blockchain that is cut in half. From 12.5 bitcoins, this will decrease to 6.25 bitcoins and will again halve with an interval of 210,000 blocks up until the year 2140 where the very last bitcoin is mined. This is to facilitate an upsurge in cryptocurrency demand. The halving event took place in May of this year.