Today, cryptocurrency is a whole financial layer that is rapidly developing and attracting more and more new users. Digital coins have gone from skepticism to mass acceptance. But do many people understand its meaning and value, what to do with it, and how it can be useful in real life?
What is the future of cryptocurrency? Will they remain on the margins of the economy, or will they be able to displace the fiat money we are used to? Let’s break it down with the PaySaxas team.
About PaySaxas
The professional team is united in their mission to deliver world-class, industry changing solutions to help and improve international trade. PaySaxas is an all-in-one suite, bringing together previously fragmented features offering more services, to more jurisdictions than any other provider.
Company Overview
The experts offer traditional currency and crypto-based payments for global business, with integrated functionality to track, manage, and protect company transactions. This allows you to focus on your revenue.
The fintech company provides businesses in emerging markets with the financial services and products they need to thrive. They include multi-currency digital wallets, virtual bank accounts, worldwide payments, and currency exchange. PaySaxas values innovative technology, user experience, and service.
Expertise in the Crypto Market
PaySaxas is composed of experts in the fields of finance, crypto, payments, otc currency trading and platform analysis, and blockchain technology. With 10 years of deep crypto market expertise, they always work on a client-oriented approach. Its unique platform helps traders and investors access the digital market with relative ease and increased liquidity. Clients can safely work together with the company and be sure that they will always be aware of the latest developments and be part of the future of crypto.
Introduction to Cryptocurrency
Cryptocurrencies are digital assets that use cryptography to secure transactions and control the creation of additional units of currency. They are generally independent of central authorities such as banks or governments. Most cryptocurrencies are decentralized, meaning they are not controlled or managed by any organization.
It is important to note that cryptocurrencies also carry certain risks. The cryptocurrency market can be extremely volatile, and the value of cryptocurrencies can change significantly in a matter of minutes or hours. Digital assets have both positives and negatives. So does crypto have a future?
Current State of the Crypto Market
The current total capitalization of the crypto market is $1.63 trillion (+0.1% for the week). While the long-term positive trends remain clear, the short-term dynamics may be more challenging, which is what is causing hesitation among some traders.
Purpose of the Analysis
This market and topic are still not fully disclosed. So, the purpose of the analysis is to understand what is the essence of cryptocurrency, its advantages, and how relevant they will be in the future. Is cryptocurrency the future of money? We continue to explore this topic together with PaySaxas experts.
Increased Regulation of Crypto — The Unavoidable Future
Governments around the world are puzzling over how to regulate the crypto market as it becomes more widespread. The regulatory format for cryptocurrencies is like a patchwork quilt, with different countries stitching together their approaches.
Some, such as Japan and Switzerland, have thrown themselves into the cryptocurrency battle by creating a regulatory framework. Others, such as China and India, have been more cautious, either banning or severely restricting the use of digital currencies.
The Importance of Increased Regulation
Here are the main reasons that point to the importance of regulating the crypto market:
- Fight against crime. Authorities fear that criminals may use cryptocurrencies for capital withdrawal, drug trafficking, tax evasion, money laundering, terrorist financing, and other illegal activities.
- Preserving financial stability. Cryptocurrencies have already become part of the current financial system. Regulators fear that with the growing popularity of stablecoins, the authorities may partially lose control over the economy. This could threaten the country’s financial stability.
- Protect investors and reduce market volatility. Regulation should limit opportunities for financial fraud and, as a result, reduce the volatility of digital currencies.
Role of Regulatory Bodies in Crypto
Such bodies focus on protecting crypto investor interests, holding bad players accountable, and ensuring that cryptocurrencies cannot undermine financial stability. They also affect the overall market, value, and worth of coins.
This should also be taken into account when analyzing cryptocurrencies. The role of regulators is increasing every year, and they are gaining more influence on the market, which is bound to affect the future of crypto.
Promising Cryptocurrency Projects
DeFi and cryptocurrencies continue to have a huge impact on the digital world. Companies are looking for ways to use decentralized technologies to innovate and improve their products. With the advent of the meta-universe, even the video game business has begun to introduce blockchain technology, becoming one of the latest areas to launch such projects.
2023 has been a challenging one for most crypto coins, from Bitcoin and Ethereum to Ripple and Dogecoin. Most of them were affected by the unstable state of the industry and regulatory attention. Experts suggest that in 2024, the pressure may only increase.
It will lead to a new confrontation and, probably, another fall in the prices of key digital assets. But still, there remain cryptocurrencies on the list that have great potential and promise. Let’s explore them a little closer.
Overview of Deserving Projects
| Project name | Description |
| Bitcoin Minetrix | Bitcoin Minetrix crypto project supports two technologies at once — staking and mining. No wonder that the demand for such a coin continues to grow rapidly. Now, users can not only receive interest for staking, but also earn special credits at the same time. Another advantage of Bitcoin Minetrix over its competitors is the ability to mine BTC coins. At the same time, users no longer have to spend money on buying expensive equipment. |
| XRP | The Ripple project was originally planned as an alternative to SWIFT. At the same time, the developers added the ability to transfer ordinary cash into cryptocurrency. This successful token was in great demand in the market, until a court case between the company’s representatives and the SEC began in 2020. However, analysts are confident that the asset will still be able to grow in value. Moreover, they believe that if you buy more than 300 thousand tokens, you can become a millionaire. |
| Toncoin | The idea for Toncoin originally belonged to Pavel Durov, but then it was taken over by other developers. It can be used to organize payments and conduct several million transactions per second. Another feature of the project is the sharding technology. It allows dividing one massive database into several smaller ones. In this way, the developers simplified the control of all information and made the system more reliable and secure. |
| Wall Street Memes | Wall Street Memes is a project from a well-known team that allows you to make money from staking. Its presale has come to an end, and the token itself is preparing to enter crypto exchanges. At the same time, its value has risen to $0.05918. Immediately after its release, the token attracted the attention of Elon Musk and gained the support of the community. Its popularity continued to grow throughout the presale period due to its low cost and transparent tokenomics. |
| Dogecoin | Dogecoin is a coin backed by an active community and Elon Musk himself. It was created as a possible competitor for Bitcoin, and today it is one of the most famous meme coins. Like any other meme project, Dogecoin is directly dependent on the community. If it continues to support the coin, it can be profitable in the long run. |
Potential Impact on the Future of Cryptocurrency
Cryptocurrency has become a disruptive and innovative force in the financial industry. Digital coins have the potential to empower the unbanked by providing them with access to financial services.
Operating on decentralized networks, cryptocurrencies enable peer-to-peer transactions without the need for intermediaries, making financial services more accessible and available globally. Cryptocurrencies utilize blockchain technology, which offers robust security features.
The immutable and transparent nature of the blockchain significantly reduces the risk of fraud and unauthorized access. Let’s continue to follow the future of cryptocurrency 2024 together.
Crypto Market Predictions for 2024 and Beyond
Analysts predict that the crypto market will maintain a positive trend in 2024. The halving of the Bitcoin network will have a positive impact. As history shows, previous such activity was accompanied by a surge of interest in cryptocurrencies. Recall that the next halving of bitcoin will take place tentatively on April 6, 2024. So, what is the future of cryptocurrency? We’re slowly coming to a definite answer.
General Market Trends
Binance will cease to be the leader in the spot trading market in 2024. The company is expected to face serious competition from other exchanges: OKX, Bybit, Coinbase, and Bitget. Experts also predict that Coinbase will increase its share of the futures market from $200 million per day to about $1 billion. The total capitalization of stablecoins will exceed $200 billion. However, Tether could lose market share if the U.S. government takes action against Tron Protocol founder Justin Sun.
Predictions for Key Cryptocurrencies
In the second half of 2024, the first crypto coin is expected to rise and strengthen. Potentially, Bitcoin could reach $100,000 by December. In turn, Ethereum will not be able to become the leader in the cryptocurrency race, but it will outperform all tech stocks in terms of returns.
Ethereum’s EIP-4844 protocol update, also known as proto-danksharding, will reduce transaction fees and improve the scalability of L2 networks such as Polygon, Arbitrum, Optimism, and others.
Cryptocurrency Vs Fiat — The Ongoing Debate
Fiat money and crypto coins have several things in common. The main similarity is the lack of intrinsic value. Digital and fiat money are not backed by precious metals. Their value is based on general acceptance around the world. In addition, both types of currencies have a similar scope of use. They are used as a medium of exchange, they can be given, stored, sent, received, etc.
Arguments for Cryptocurrency as the Future of Money
First, it can be used for simple settlements and transfer of funds. Bank transfers are usually associated with several difficulties. It is a rather long and expensive process (especially international transfers). Moreover, banks act as operators of transactions with wide powers, up to blocking funds in customers’ accounts.
Crypto funds transfers are devoid of such disadvantages due to decentralization. Secondly, you can invest in cryptocurrencies to multiply your assets. In this case, it is advisable to choose an investment strategy and build a portfolio of numerous volatile cryptocurrencies.
Arguments Against Cryptocurrency Replacing Traditional Money
One of the advantages of Bitcoin is the ability to transfer large amounts for low fees. But this applies to transactions within the system. If the user wants to cash out, he will have to pay a commission for withdrawing assets to counterparties, such as exchanges or exchangers. On this action, you can lose from 2-5% of crypto or more of the transaction amount.
Digital currency is often referred to as a protective asset. However, it is difficult to be sure that savings in cryptocurrency will retain their value. The price of Bitcoin or any other coin at any moment can sharply collapse more than twice. On top of that, Bitcoin can sharply rise in price or fall in value because of some news, even indirectly related to the coin itself.
We have already written that decentralization is a plus. But it is also a disadvantage, because, due to this, bitcoin and other coins do not have a clear legal regulation. This limits users’ ability to seek legal recourse, for example, if they have suffered at the hands of fraudsters.
Understanding Decentralized Finance (DeFi)
Decentralized Finance (DeFi) is a decentralized, publicly available, and trustless ecosystem of financial applications/services based on public blockchain, primarily Ethereum. The DeFi ecosystem encompasses all aspects of financial services and transactions, including lending, borrowing, and trading within decentralized structures. Any internet user can interact with the ecosystem, and manage crypto assets through peer-to-peer (P2P) and decentralized applications (dApps).
Rise and Potential of DeFi
DeFi extends the foundational concept of Bitcoin, which emphasizes crypto coin. It creates a comprehensive digital counterpart to traditional financial districts such as Wall Street.
However, it avoids the huge overhead costs associated with such traditional systems — eliminating the need for expensive infrastructure, physical trading platforms, and extravagant bank compensation. The result is a more democratized financial platform that promises open, efficient, and transparent services to anyone with an internet connection.
Conclusion
The cryptocurrency industry is on the verge of major changes as more countries prepare to regulate it. The impact of regulatory measures on the cryptocurrency market is far-reaching, reaching businesses, investors, and consumers at large. However, navigating the fragmented and complex regulatory landscape can be challenging.
In the long term, tighter regulation of the crypto market will help protect investors, increase competition among its players, help combat crime in the sector, increase innovation, and attract new investors. At the same time, for users who value privacy, decentralized platforms and anonymous cryptocurrencies operating in less regulated jurisdictions will remain.
The crypto market can no longer escape the attention of the authorities. Financial institutions and large investors strive for an orderly and controlled environment in which to conduct business. Soon, we will find out if everything is as written will turn out to be in the future of cryptocurrency 2024.
Final Thoughts on the Future of Cryptocurrency
It is imperative to take the following steps to improve the future of cryptocurrency:
- Strengthen transparency and disclosure requirements for companies in the cryptocurrency industry,
- Toughen penalties for violations of financial market rules
- Establish closer cooperation with international law enforcement agencies.
Follow our news as well as articles so that PaySaxas can bring you the latest and relevant news from the world of cryptocurrency. Let’s contribute to improving the digital industry together.
