£0.00
Cryptocurrency will have an outstanding role in the future, but it will take more time than generally believed to be. Blockchain reduces digital transaction costs to nearly zero. This is the prime reason why it has a very undeniable role in business. Through smart contracts, the costs incurred for audit, legal, and compliance could be lowered to nearly zero. This boosts business situations and transactions. Cryptocurrency has, no doubt, become very popular among investors and financial institutions. But there would be a lot of changes in the future to make it more acceptable and legit.
The Future of Cryptocurrency
According to some economic analysts, Crypto has a very bright and decisive future. But the shape 
and importance will be changed as institutional money has entered the market. It is expected that crypto will be floated on the Nasdaq. If it happens, the reliability of Crypto will be furthered as a substitute for traditional currencies. To make it a reality Crypto would require a verified exchange-traded fund or ETF to be in place. An ETF would certainly make it convenient for people to invest in Bitcoin.
The futuristic viewpoint for bitcoin is a debatable subject. However, the so-called crypto-evangelists are propagating for a brighter future for Crypto. The experts advocate that the irresistible feeling among crypto-evangelists suggests that the market capitalization of cryptocurrencies could grow to $5-10 trillion over the next five years.
Rising Inspection
The advantages could be a base for many misadventures. The decentralized feature of Bitcoin has also made it susceptible to a range of unwarranted illegal activities that include money laundering smuggling, drug peddling, and weapons procurement. In the USA, these loopholes and misuses have caught the attention of authoritative regulatory and other government agencies. The agencies that are seriously monitoring the state of Crypto are the SEC, the Financial Crimes Enforcement Network (FinCEN), the Department of Homeland Security (DHS), and the FBI.
It is to be noted here that way back in 2013 FinCEN had issued a set of laws that made it clear that the virtual exchanges and administrators should be brought within the purview of government regulation as they are operating as money service businesses. The regulating authorities have displayed their biting teeth in this regard. In 2013 itself the Department of Homeland Security made an account of Mt. Gox (the largest Bitcoin exchange) blocked on the basis of the alleged breaking of anti-money laundering laws. 
Again, in the month of August 2013, 22 emerging payment companies were served with subpoenas by New York’s Department of Financial Services. Most of these companies were handling Bitcoin. The authority questioned regarding their processes and required actions to thwart money laundering, warranty consumer safeguarding, and showcasing the high level of transparency.
The Prospect of Crypto
Irrespective of related discrepancies and misuses of Cryptocurrency, there lies a better future for it. Experts believe that the problems and issues faced by Crypto would be resolved at the right time. Now, it is possible that your digital destiny could be simply wiped out by a computer crash. It is also feasible that hackers could ransack your virtual vault. But it is expected that these issues and problems could be dealt with properly by introducing state-of-the-art technologies.
Although the number of traders who acknowledge cryptocurrencies has progressively augmented, their number is low. Cryptocurrencies need to be accepted by consumers in a large way so that it gains popularity and get used in various ways.
But it is hindered for their apparent complications in comparison to traditional currencies which might discourage a large number of people, excluding those who are skilled with better technological know-how. To become a part and parcel of the mainstream financial system, Cryptocurrency will have to fulfill an array of legalities and criteria.
The bottom line
Cryptocurrency is still evolving and may take a few more years to be in the right shape so that it could be treated as an alternative to conventional currencies. Experts are very optimistic about the bright future but believe that technological intervention is what is required the most now. Through innovative technologies, the problems and issues related to Crypto could be addressed. Finally, one thing is clear, Crypto is going to stay and prosper in the coming years.
Yes, “Blockchain can add $1.76 trillion to global GDP by 2030: PwC”. It’s not a speculation or a mere prediction but a revelation from a recently done study by PwC (Price Waterhouse and Coopers & Lybrand).
According to the study blockchain technology through its extensive array of use cases will prospectively contribute $1.76 trillion to the global GDP (gross domestic product) in the coming ten years. The study also proclaims that, by 2030, blockchain alone would account for 1.4% of the global GDP.
The growing importance of Blockchain
Blockchain has been one of those few topics that have attracted our attention and warranted our action during the last fifteen years. Considering its far-reaching advantages and usability there is no surprise in this astounding popularity of blockchain. The actual acceptance of this innovative technology has become visible in several sectors that include finance, banking, insurance, law enforcement, real estate, energy, supply chain management, and virtually most of the business sector.
The PwC report
The PwC report reveals that the escalating attention on blockchain technology is mainly owing to the requirement for a better and efficient system that can incorporate confidence in practices that rely on mediators. In a different survey, PwC also got to know that 50% or more of the CEOs thought the hesitant confidence in the business practices was upsetting their organization. 
Blockchain is going to help organizations in multiple ways. According to PwC, blockchain will be beneficial to organizations invalidating contracts, certificates, identity documentation, agreements, and other records.
The economists at PwC have weighed up the prospect of blockchain across a variety of industries such as government and public services, healthcare, finance, manufacturing, retail, logistics, etc. PwC anticipates that, by 2025. most of the businesses operating in these industries will utilize blockchain technology in various ways.
The team from PwC has discovered that in the coming ten years blockchain will have five major uses. These uses are namely identity, attribution, disbursement and financial instruments, disputes resolution and contracts, and customer commitment.
It is forecasted that the use of Blockchain’s for attribution is going to add $962 billion to the global GDP. Through payments and financial instruments, it is expected that $433 billion will o be added. In the next ten years, the other three are expected to contribute $224 billion, $73 billion, and $54 billion, correspondingly.
The report further endorsed that blockchain will contribute $66 billion to the global economy by 2021 end. 
The report assessed that blockchain’s role will amplify 6.5 times by the year 2025 with a net contribution (from blockchain) of $422 billion.
The popularity, usability, and acceptance of blockchain would be different from nation to nation. China and the United States are believed to contribute $440 billion and $407 billion to their GDP through maximizing the use of blockchain by 2030. The other top hubs of blockchain innovation will be India, Germany, UK, and Japan.
The bottom line
So, undoubtedly, blockchain is awaiting its golden future when we would witness blockchain being used in an array of industries across the globe. Considering the edge that could be gained from blockchain, many developed nations including the G20 nations have dedicated resources to blockchain solutions. Blockchain is going to be a panacea for a variety of problems. The future of blockchain is going to be bright and brilliant!!!
Finally, the much looked-for “CoinGecko Q3 2020 Quarterly Cryptocurrency Report” is out. The report portrays the state of the matter related to cryptocurrency with a thorough analysis backed by data. CoinGecko is known as one of the biggest and oldest crypto data aggregators. The company is in operation since 2014. At present, it tracks almost 5909 tokens from over 403 cryptocurrency exchanges.
Q3 2020 Quarterly Cryptocurrency Report
The Q3 2020 report reflects upon the important, illuminating, and, illustrious time that was for the growth of Decentralized Finance (DeFi). 
Q3 2020 was very fertile for the cryptocurrency as the total crypto market cap continuously uptrend these days except a minor dip in the mid-September. The period defines the course of growth in this financial segment.
It was the period when you witnessed an array of new decentralized exchanges becoming popular. Credit goes to Compound that initiated the yield farming trend way back in June. Decentralized exchanges keep on to on the rise at a very rapid rate than its counterpart, centralized exchanges.
Crypto is marching ahead
The crypto world is transcending with an unbelievable speed, and Yield Farming is one of the catalysts for this development. Yield farming is the process of placing your assets to act across a range of Decentralized Finance (DeFi) protocols. The ultimate aim here is to get the best possible returns out of this financial arrangement. 
By using diversified strategies of different risk levels, it is possible to fetch a very high return of 1,000% Annual Percentage Yield (APY). This is the prime reason why Yield farming is gaining such astonishing importance.
At the end of Q3, capital inflow decelerated a little bit due to the lesser return from yield farming. Still, it is likely to maintain its growth trend so long as returns do better than the traditional markets.
The Q3 2020 Quarterly Cryptocurrency Report has brought insightful facts and figures on cryptocurrency and related operations. The key highlights of the report are described below.
Key highlights:
- Q3 saw Market Capitalization growing at nonstop speed (by 31% or +$75b). This has happened, irrespective of the September debacle due to COVID-19 and the upcoming U.S. elections. These two factors reinstalled panic into the markets that resulted in ‘sacrificing’ of some of the achievable gains.
- A marginal growth of (+8%) in the price of Bitcoin was reported in this quarter. On August 18th, the price of Bitcoin reached a new height of $12,272.
- Q3 2020 witnessed capital inflow to the volume of over $9 billion. This was possible by getting thrust from the yield farming movement opportunities that get you lucrative returns. The quarter saw capital inflow to the Ethereum blockchain at its biggest ever amount since its beginning.
- As DeFi grows in importance, Uniswap becomes stronger and shown its supremacy in the DEX market from 47% to 63%. During this period, Uniswap along with Curve stayed on as the leading trading opportunity with 80% of the DEX market share.