In the world of cryptocurrency, changes can happen in the blink of an eye. New tech, markets, players, and trends constantly come and go. That said, great success is possible if one keeps a close watch on the unique opportunities brought by crypto. With just a few months left before we bid goodbye to this rather interesting year, here are the biggest crypto trends in late 2020 that are worth noting.
A quicker transition to a cashless society
Shifting to a cashless society is nothing new, but with the COVID-19 pandemic still wreaking havoc all over the globe, being able to make non-physical transactions for everything is now an urgent need. Thus, the shift to a completely cashless society may happen much quicker than expected towards the remaining part of the year.
Since the pandemic has paralyzed many industries around the world, it transformed how people approached their day-to-day lives. What used to be unorthodox options have now become part of the new normal, like working remotely and payments by cryptocurrency.
The rise of Bitcoin debit cards
With the upswing of cryptocurrency payments comes the rise of the Bitcoin debit card. It is expected to become one of the biggest crypto trends towards the latter part of the year as people clamor for the most convenient way to spend crypto. Using Bitcoin cards makes it easier and simpler to convert Bitcoin to cash and subsequently use it to transact with merchants. There’s now even a card that allows you to instantly spend bitcoin even in stores that don’t accept it. This card, created by the Berkeley-based company Lastbit, is now being tested in private beta.
Banks to join the crypto bandwagon
As developments in crypto are now happening at a much quicker pace, banks are also rushing to join the bandwagon through Central Bank Digital Currencies (CBDC). China spearheaded it, and now, six other Central Banks from around the world are exploring, studying, and experimenting with CBDCs – the European Central bank, Bank of Canada, Sveriges Riksbank in Sweden, Bank of Japan, Swiss National Bank, and Bank of England.
Decentralized finance will continue to become a trend
Decentralized finance (DeFi) has been a big trend since late 2019, and it shall continue to be so in late 2020, or even beyond. This sector has grown so quickly over the past several months that it has now reached a massive $6.7 billion total value locked. Many companies operating in the blockchain space, such as Balancer, Compound, and Curve have opened doors of opportunities for investors who are looking for affordable and modern financial instruments. With the insanely fast growth of DeFi, it appears that it will continue to become a trend for a little longer.
Also Read: Everything You Need To Know About Blockchain
Crypto will no longer be just for the geeks
Amidst the pandemic, the demand for Bitcoin soared. And along with that comes the rise of public awareness. People’s perception of crypto is changing on a global scale. With the realization that Bitcoin and Ether are here to stay, along with the fact that the market capitalization of BTC is now even larger than Intel and Coca Cola, more and more people are becoming aware of crypto and its benefits.
New convenient platforms for cryptocurrencies are expected to come our way. These platforms will be built for mainstream users, which means crypto will no longer be just for the geeks.
Even though Covid-19 has brought the world to a standstill of sorts, there’s no doubt that certain sectors are moving faster than ever – crypto included.
We’re all watching out for whatever else 2020 has in store for us. But whatever it may be, one thing’s for sure: new developments and trends in crypto are slated to impact our lives in ways we never even thought possible.