Find out What Will Drive BTC in 2020
Whenever we think about what the new year will bring, it’s a must to consider technology as well. Going even further, one could say that among all the predictions people make for the new year, cryptocurrency has earned its spot. And if you put these two together, you have a fascinating topic that can shape a lot of things around us, even though we might not realize it just yet. We’re looking at how the crypto industry will grow in 2020, and what are the main influences that could shape this growth. Just like in 2019, the biggest topic around crypto in 2020 should remain the adoption of cryptocurrencies on a broader scale. And here’s how that could become a reality in 2020.
AI and IoT to Change Everything
Despite the industry, AI is definitely going to play a major part in developing the future. The multiple applications of AI and machine learning, coupled with the Internet of Things, could lead to a fourth Industrial Revolution.
Crypto works hand in hand with AI, and technology can help to make cryptocurrencies even more attractive. One good example in that direction is optimizing energy consumption during the crypto mining process. It could increase profit margins for miners, and that will lead to a lowering of transaction fees.
If to add AI into crypto mining, it could calculate the probability of a node performance and decide if it could be faster and cheaper to mine for that node or go for another part of the blockchain. With the help of IoT, multiple nodes could communicate among themselves and optimize the entire process. Imagine having a cryptocurrency project with half the costs. That would make the entire subject a lot more attractive to the broad public.
More and More Investors Are Getting Interested in Crypto
There are already countless crypto-related projects all across the globe. However, most of them involve relatively small investors or entrepreneurs that feel the potential of crypto and want to take it to the next step. 2020 can bring more high-profile investors into the crypto area, and the signs are already good.
Santander and other Spanish banks tested the blockchain payment advantages and declared they are pleased with the results so far. Furthermore, the cryptocurrency industry is booming in the US, with JP Morgan issuing its customers the JPM Coin that aims to facilitate international money transfers.
Also, Morgan Creek Digital Assets recently partnered with two pension funds with over $5 billion in assets, and they reported they raised $40 million that would go into investing in Bitcoin and other blockchain businesses.
Increased Cashless Transactions and Microchipping
Judging by the data from 2019, it looks like 2020 is the year when cashless transactions will finally become predominant. All around the world, a cashless society is starting to take shape and pick up speed. Banknotes are replaced with electronic transfers or plastic, and that could only mean good news for cryptocurrencies.
For example, Sweden is so efficient in using cashless solutions (the cash in circulation dropped under 1% of GDP) and planning on abandoning cash payments altogether by 2030. Even more than that, the Swedish central bank made plans to come up with the e-krona, a digital version of the Swedish Krona traditional currency.
If you are to invest in crypto, following the trends of cashless payments is obligatory since everything surrounding cryptocurrencies is about technology, interconnectivity, and transparency. Another country that achieved remarkable advancements in cashless payments is China. They reduced cash transactions from 96% just 8 years ago to 15% as of last year.
The crypto-asset in a cashless society is even more important. Cryptocurrencies will be able to provide a hedge against a cashless movement that involves the government or third parties. Allowing people to make transactions without intermediaries is one of the biggest advantages of crypto, such as Bitcoin and others.
More and More Entertainment Companies Use Bitcoin
Crypto news boomed all around the world when companies like Karma Automotive announced they would be accepting Bitcoin payments for their vehicles. And even though Elon Musk’s Tesla is still considering these options, plenty of other companies in the entertainment sector happily accept cryptocurrency transactions.
In recent years, more and more online casinos started accepting BTC transactions, and that proved to be an excellent idea. This move brought them even more customers, and with the anonymity that comes with cryptocurrency deposits, people are more keen to use the services of an online casino. In case you’re wondering how BTC casinos work, there’s no difference to regular ones. You just enjoy complete anonymity and, possibly, even more wins, as the crypto price fluctuation can further increase the amounts you receive.
Even though there aren’t that many crypto investments in the casino industry, we’re sure that 2020 will bring even more development in this area. If up until a few years ago only the shady casinos were operating with crypto, nowadays, the biggest names happily promote that BTC, ETH, or LTC are accepted for payments.
These are the main ideas about crypto in 2020 and the various fields that could influence the way this industry looks like in the future. Without a doubt, AI and IoT will do their part so that more people will take an interest in how to invest in Bitcoin. Also, the big companies supporting crypto will help the widespread use of cryptocurrencies in a growing cashless society.
If you have experience in this domain, feel free to share your thoughts on this matter using the comments section. Our readers are known to start exciting discussion threads, and we’ll love to hear your ideas.
Thomas Glare is passionate about cryptocurrency ever since he used his first paycheck to buy some ETH that then boomed in value with over 100x. Far from making him a rich person, this event triggered a desire to learn and understand the marvelous world of cryptocurrencies and blockchain. He’s writing about the subject as well as he believes having more people involved in the phenomenon will bring benefits to everyone.