Where Are We Heading with CryptoCurrency: Bitcoins – Pros, Cons and Future Trends
Cryptocurrency looks scary to some and fascinating to many. The term is rapidly gaining the popularity among the public. This scenario is not much different from Credit Cards. With numerous assumptions, fears and curiosity, it was also not immediately accepted. Wondering what are we talking about?
Understand the Bitcoin and cryptocurrency landscape and know how you can get your Bitcoin app developed to leverage this futuristic technology from today itself.
What is Cryptocurrency?
Cryptocurrency is the digital currency, which is similar to our local currencies. However, it needs no authorized by the government. This currency is not stable but still, it is used by millions of individuals for the online shopping and other kinds of money transactions. You can always cash this digital amount by converting it to your country’s authorized currency. For this, some ATMs are also set up in America.
Cryptocurrency utilizes the concept of cryptography, due to which the security can be assured. There are various cryptographic digital currencies, forming an online finance ecosystem, called Blockchain. The first cryptocurrency was created in the year 2008, named Bitcoin. The inventor of the Bitcoin is Santoshi Nakamoto, who has developed peer to peer electronic cash system. Considering the scenario today, Cryptocurrency development services and companies are picking up.
New Trends in CryptoCurrency:
Mobile and web application development companies are taking more interest in integrating and developing Cryptocurrency projects. People get confused about Bitcoin and Cryptocurrency, sometimes, using the terms interchangeably. But, there are various new and old currencies, not as famous as Bitcoin, exist in Blockchain. Some of those are:
- Ethereum classical
- Made Safecoin
The Major Cryptocurrency-based development trends, which businesses are looking forward to:
- Bitcoin app development
- Customization of Cryptocurrency apps
- API implementation and Integration
- Bitcoin currency exchange marketplaces
- Trading applications
What is Bitcoin?
No, it’s not just another synonym for Cryptocurrency. Bitcoin is the most famous type of digital currency. It is very much similar to INR, Euro, Dollars, and many other currencies in our cash-based systems, which are all, the type of currencies.
Pros of Bitcoins:
In a decade or less, bitcoin app development will gain complete pace. It is probable that everyone starts using the digital currencies only. The forecast, we are making, isn’t unrealistic as this technology has countless good features to adore.
Some of those are:
- Freedom in the Payment:
It enables the user to send and receive the payment from any corner of the globe, whenever they wish to. You need not worry about bank holidays, which obstruct in transferring the money currently. Also, any central authority cannot restrict the limit of amount transfers.
- Full control as well Security:
The bitcoins allow users to take full control of their transactions. Without any prior notice, the merchant is not allowed to charge extra. They need to make users aware of the extra charges before they tailor the rules. The payment can be made and finalized without revealing anyone’s personal information. Hence, it ensures the safety of finances and owner of the amount.
- Transparency of Information:
The personal information is confidential, but the transactions in Bitcoin blockchain are always verified and encrypted.
- Low Fees:
It is estimated that remittance fees are low on the Bitcoin payments. The transaction process is also faster. You can also convert bitcoins in conventional currency with a minimal charge that credit card and PayPal. For e-commerce businesses, Bitcoin development can increase the revenue.
- Low Risk for Merchants:
Digital currency attempts to successfully reduce the chances of fraudulent. Secure and protected transactions save the merchants from the potential losses.
Disadvantages of Bitcoins:
With countless benefits, there are a few cons of using Bitcoins, as mentioned:
- Lack of Awareness and Understanding:
There is nothing as bad as lack of information, which leads to many discrepancies. Individuals are still not aware of the Bitcoins and digital currencies. Due to the unawareness related to the bitcoins, individuals are not able to use the digital currency properly.
The online currency system has limited number of the coins. Not being an infinite system, bitcoins are volatile. As the demand is increasing day by day, the scarcity issues may arise.
- Still in Development Phase
Most of the features of the bitcoins are still in the development stage. So, it may have some known or unknown shortcomings.
CryptoCurrency and Bitcoin: Current and Future
Apart from current implementations, there is a lot which you will be seeing in Bitcoin and cryptocurrency technology. Some are:
- Involvement of Traditional Banks:
Most of the traditional banks are moving towards blockchain development. It is, because, everyone knows that lagging behind in digital market may ultimately result in their vanishing from the future world. Hence, the traditional banking sector is putting up with the modernized system, instead of resisting to the changes.
- Increase in Value of cryptocurrency:
Based on the other trends, the cryptocurrency value will be increasing soon. Obviously, it is not possible to keep circulating the same number of currencies. With more users, the lack of coins will cause troubles and hence, the more coins will be made to exist in Blockchain environment.
- Demand will enhance Internationally:
The USA has got ATMs, and some countries are completely unaware of the existence of bitcoins and its marketplaces. However, future will not be like that. The interest of individuals is increasing in cryptocurrency day by day. Hence, expectations are that more and more countries will adopt for digital transactions, increasing the demand henceforth.
- More Applications and Marketplaces
Financial app for instant small transactions, as well as, the trading marketplaces – Bitcoins are going to revolutionize the app and web development service domain, adding a new genre to the IT development niche.
- Privacy protecting technique will be involved and implemented:
- The privacy will get to build up and increase by encouraging the wider number of the options.
- There will be mergers as well as the acquisitions.
Final Words: What is there for Entrepreneurs, Tech Pioneers, and Enterprises?
If the digital currencies are used in a proper way, it will change the economic system globally. To become the front-runner for an enhancing and excelling technology, you’ll need to begin early. For an idea, related to Cryptocurrency development, bitcoin development, or similar, you can connect with Xtreem Solution and get started at its earliest. Our developers can help you come up with the best implementation of Blockchain and digital currency ecosystems.