Much has changed since the launch of Bitcoin on January 9, 2009, from their general popularity, number of users, regulation, value and the technology they use.
Bitcoin is still the first cryptocurrency in the world, but with the loss of the technology race with other cryptocurrencies, it is increasingly losing share in the total market capitalization of cryptocurrencies, which is not surprising. Sending bitcoin is far more expensive today than it was at the beginning.
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Here is an example of one transaction from 01/29/2020: on $ 45 shipped in bitcoins, the transaction fee is just over $ 10, which makes almost a quarter of the amount sent.
Bitcoin is still far more cost effective when it comes to sending large amounts, but its blockchain still supports 5-7 transactions per minute, well below the modern standard. The very notion of decentralization has also been shifted, as almost every way of speeding up the operation of the bitcoin system requires some kind of centralization in order to ensure fast network operation.
Looking at the latest generation of cryptocurrencies, Ethereum revolutionized 2015 with the help of Smart Contracts that can be implemented in any field and speed up the work of any institution that uses it. Admittedly, due to the large number of new cryptocurrencies and applications running on its platform, since its launch until today there has been a congestion of the network and now it is being upgraded.
Now, the third generation blockchain is slowly being introduced and the fourth generation is slowly preparing, so we can expect far faster, more secure and more efficient cryptocurrencies in the future. The third generation (like SkyLedger) is far improving the usability, speed, and security of all cryptocurrencies that run on it, and the benefits of the fourth generation are yet to be seen.
Currently, the most current topic in the world of cryptocurrencies, which has a great impact on their usability in the future, is legal regulation. Although many countries around the world have allowed the use of cryptocurrency in one way or another, the utmost concern has been raised by complete anonymity, as money laundering, tax evasion and financing of various illegal activities have become far easier (certain terrorist groups have used bitcoin to fund their members in America and Europe).
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After the Council of Europe introduced a code of conduct for all cryptocurrency exchange offices, obliging them to have to implement the KYC procedure for all members (meaning all users must prove their identity), many countries in the world have applied the same practice. This is applicable to almost all exchange offices, but not to cryptocurrencies themselves, which can be used anonymously in everyday transactions.
Trends of the future
- Increasing popularity and usability of cryptocurrencies - As the number of cryptocurrencies is steadily increasing and competition among them is increasing, we can expect cryptocurrencies to become far more popular in everyday use by citizens around the world.
- Increasing Legislation - A growing number of states are introducing legislation to use cryptocurrency to prevent tax evasion and all other illegal activities.
- Technological Development of Cryptocurrency - As the next generation of mobile phones come out that are far faster than the previous one, so will we witness the further development of cryptocurrency.
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Posted via Steemleo