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The first successful cryptocurrency (Bitcoin – BTC) became successful after it was mentioned in Forbes magazine in 2011 and this brought on the revolution for all cryptocurrencies that followed.
Even though not all of them have been successful, there are an estimated 20,000 cryptocurrencies that currently exist, of which the top 20 have had the most significant contribution to the growth of the industry. We do expect more currencies to be introduced in the future and for crypto to keep growing.
According to a report done by Statista, between 2018 and 2020, crypto users have increased by a total of 190%. Even though there was a huge drop in growth in 2022, where over $2 trillion was speculated to have vanished, the growth spectrum has been exponential. Needless to say, cryptocurrencies have brought about the revolution of digital finance.
The growing uses of crypto
As our journey into 2024 begins, we look forward to the transformation of crypto and the many uses it will bring.
Low-cost transfersCryptocurrencies can be used to send and receive payments at low-costs, high speeds, and without the mediation of banks. Because of the low-cost transaction fees, digital currencies like Bitcoin Cash (BCH), Stellar (XLM) or Litecoin (LTC) are the best options to transfer funds to international accounts.
Crypto GamblingThe link between online gambling and cryptocurrency is growing stronger all the time, and there are now many crypto options here of casinos that accept Bitcoin and other crypto as a form of payouts and account funding. Various online gambling platforms have also implemented cross-chain compatibility, rewards staking and AI-driven personalization.
Yield FarmingMany crypto users use various cryptocurrencies to trade in order to gain profits. However, crypto trading for profits requires skills and experience, and is time-consuming. Because of this, many users prefer to hold onto their coins. But there are other ways to gain profits with crypto, such as yield farming. Yield farming includes generating funds from bonds and stocks. Some crypto users also gain profits from offering loans (DeFi loans) and staking.
Wealth StoringCryptocurrencies like Bitcoin can be used as a censorship-resistance to store wealth that is accessible to individuals with a private key.
InvestmentsInvesting in early stage, innovative tech companies is also something crypto users can do, by providing start-up tech companies with capital.
Private transactionsWith privacy-centric cryptocurrencies like PIVX (PIVX), Monero (XMR), and Zcash (ZEC), crypto users can transfer funds while staying anonymous. With the option of anonymous transactions, you do not have to explain anything to the banks, especially when transferring large amounts.
Non-cash remittanceThe blockchain startup company, SureRemit, allows users to send non-cash remittances to selected African nations from anywhere in the world. The RMT tokens used by SureRemit can be used to pay for utility bills, top-up mobile data, etc.
Payment for servicesSome freelance service providers can request payments in the form of crypto. Steermit (an incentivised blogging and social media platform) gives publishers the option to receive rewards in the form of crypto for curating on their network and posting social media content.
Paying for your lifestyleNewly established travel agencies, CheapAir and Destinia now accept payments in the form of Bitcoin when booking flights, renting a car, and paying for accommodation. You can also use cryptocurrencies like Bitcoin to pay for a new Lamborghini. Tesla also allows customers to pay with Dogecoin.
The growth of crypto
Crypto grew from anonymous trading on the dark web to becoming a worldwide sensation and household name in digital finance. In 2023, we saw big growth in crypto’s top players like Ethereum (ETH), Bitcoin (BTC), and the innovative platform Solana (SOL), who gained a lot of traction this year. So, we ask the question “what does 2024 have in store for crypto?”
Let’s have a look at some of the trends and predictions for 2024:
Bitcoin (BTC) and Ethereum (ETH) developments
In 2023, Bitcoin showed much resilience and grew by 67 percent, taking the lead in crypto evolution. Financial experts expect Bitcoin to keep this upward trajectory going into the new year. We look forward to the halving event coming in 2024, which might bring about more changes and a further price increase.
Furthermore, Ethereum marked a 50% price increase in 2023 and is expected to grow more in 2024 as it transitions into Ethereum 2.0. Ethereum is now leading the force in blockchain and its ongoing developments will attract an increase in users and a wider range of applications.
Crypto newcomers
Newcomer cryptocurrency Solana (SOL) has recently become noteworthy in the crypto market, with low transaction costs and a higher throughput. We expect more platforms like Solana to become more popular in the years to come, especially with the current demands in blockchain for efficiency and consistency.
The regulation battle
As with any sector or platform in the financial industry, cryptocurrency has had many setbacks and challenges, such as the battle for regulation of cryptocurrencies worldwide. More challenges are to be expected, especially with current compliance issues and government policies needing to be incorporated. The regulation of cryptocurrencies is crucial to the future growth of the platform.
The future of crypto
With the introduction of new technologies like Web3, smart contracts, NFT’s and more, we can see a shift towards more decentralized currencies. We can expect a change in the financial industry and how we interact with technology. We can expect more technologies like Web3 to be integrated into the various sectors of the financial industry.
Conclusion
As we can see, crypto technology is an ever-growing platform that has a lot of potential and game changing realizations. With the high number of users and uses, we look forward to high growth expectations and technological innovations in 2024.