Bitcoin was the very first cryptocurrency that launched the blockchain and blockchain technology companies into the mainstream. While many more cryptocurrencies have emerged since then, Bitcoin remains one of the most influential elements in the market, and these four trends are worth watching out for anyone interested in the industry.
4 Major Bitcoin Trends to Watch Out For
Cryptocurrency and blockchain technology are not a futuristic concept anymore. They are now a game-reality, with many new developments including:
- Bitcoin-compatible ATMs
Expect more and more people to use Bitcoin in daily life with the rise of Bitcoin ATMs in many countries such as the United Kingdom and the United States. These machines make it easier to buy Bitcoin using debit cards after passing a strict approval process.
Since Bitcoin ATMs offer an easier and more convenient way to deal with cryptocurrency, experts predict greater engagement with cryptocurrency from the general public.
- Increased involvement from central banks
Central banks are increasingly supporting bitcoin which further legitimises the blockchain and cryptocurrency market. This is mainly because blockchain technology is what we call a “trust-minimised solution.” This means that its integrity and transactions are not based on trust between parties alone; all financial transactions are resistant to modification because no single entity controls the data registered on the blockchain.
This makes cryptocurrencies an excellent alternative to traditional currencies. In fact, in 2018, the managing director of the International Monetary Fund (IMF) has already stated that central banks should be open to issuing cryptocurrencies.
While we are still away from full-scale adoption, increased acceptance from governments and central banks shows the long-term sustainability of blockchain technology.
- Bitcoin-centric tourism
Another interesting piece of blockchain news is that tourists are being encouraged by numerous localities and companies to spend bitcoin when they travel. For instance, Germany’s tourism board has started to accept cryptocurrencies last March 2018. More recently, a beach town in Central Queensland, Australia became the first-ever tourist town to be digital currency-friendly.
If this trend continues, then Bitcoin can eventually be a significant addition to currency exchanges, and even eliminate the need to bring traditional money during travel.
- Smartphones designed to store cryptocurrencies
Cryptocurrency and modern smartphones – two of the most ground-breaking technological advancements in recent years – are set to collide. Tech brands are starting to design devices that offer integrated cryptocurrency wallets.
In 2018, the Exodus 1 was announced by HTC. This bitcoin-focused phone can only be bought with cryptocurrency. The Samsung Galaxy 10 is also rumoured to have a crypto software wallet via an innovation called the Samsung Blockchain KeyStore. These smartphone developments are still at the early stages, but they hold great potential for more widespread use of blockchain technology and cryptocurrencies.
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