Crypto adoption had a significant breakthrough in the year 2021. Although the regulation of cryptocurrency is still debatable, the increasing interest of people and businesses has taken it to new heights. As Ethereum is at its peak value, countries like the USA are amending laws and are about to introduce new financial regulations for cryptocurrency.
With the recent events like Russia-Ukraine War, Majority of the Russian population was seen investing and trading in Bitcoin and cryptocurrency in Gulf States. A sudden influx of massive investment in UAE helped strengthen their economy-piqued interest in neighboring countries to regulate bitcoin to sustain the current inflation and energy crisis.
However, as the crypto industry is still in its nascent stage and is rapidly evolving, the uncertainty of the value of Crypto going up and down still raises questions that if it is officially regulated, people can claim their loss from their governments. Therefore, it’s hard to predict what future beholds for crypto and Bitcoin in 2022.
But we have highlighted some latest trends for you to decide if you want to take this risk
2022 will be the trendsetter for 2021, with deep pipelines of crypto-enabling companies to go public. As of 2022, there is a wide array of business practices in which Crypto is the main focused financial currency. Since the Metaverse is in full swing and with NFT hype, businesses are taking Crypto as an authentic mode of transaction. Fintech solutions are the perfect platform for digital asset miners and payments like Crypto to thrive.
NFTs had a breakthrough in the third quarter of 2021. But we believe that still NFTs are not explored at full potential. Many users having interested but unable to access NFT platforms is one of the main reasons for holding back from NFTs. The development companies need to work on building a user-friendly interface for any non-crypto native to understand and participate quickly.
When it comes to money, people take time to trust. But the more control they will have over their transaction will help them make informed decisions. That’s where the smart team of developers at DIVSYNC cut’s in over others as we focus on maximizing user convenience and keeping high development quality intact.
You may want to read this: 4-Ways to Earn Passive Income from NFTs
The second reason for preventing widespread adoption is that it’s like bulking your digital wallet with nowhere to invest. With some cutting-edge applications coming to market, Esports, loyalty points, and sports ticketing are the next stop for NFTs to impact. With smart contracts in place, auction and premium seat lotteries will get more engagement and a new trend for Casinos.
Ethereum and Bitcoin both use “Proof of Work” (PoW) to verify information on Blockchain to prevent attacks. However, for 2022, Ethereum plans to shift from PoW to Proof of Stake ( PoS)-dramatically altering the landscape for Ethereum Miners. Although moving the PoS will be environment friendly and will have excellent network access, it will lessen the profit margin for Ethereum Mining, and miners will have to move to a greener pasture.
Unfortunately, misguided and ill-informed concerns continue to plague the cryptocurrency industry because of its mining and carbon footprint; a new wave of NFTs has given a new cap to the same market to grow. People like to own things. With NFTs offering exclusivity and the owner of NFTs also knowing that they own the actual value for money and have the best quality of products and services, wins trust of users to invest in NFTs.
Although the current energy and peace crisis, Crypto, Bitcoin, and NFTs can call the shots. Worried about weak consumer protection and money laundering issues, regulating Crypto will be “Wild-West” for Blockchain-based banking services. However, you can still buy NFTs to enjoy the peace that you are paying for original, and whenever wanted can resell the product at the same price with NFTs.
There is no doubt that cryptocurrency has gained momentum in 2022. Still, incidents like China banning Crypto and USA’s unable to regulate Crypto for their banking services threaten the open and broader acceptance of Crypto and Bitcoin officially. But if you want to join the bandwagon, it’s safe to start buying NFTs and further invest it as a passive income stream to buy more digital assets.
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