2018 was a reality check for crypto Industry,2019 starts the crypto Comeback. Bitcoin is making a comeback after a hit after mid-2018. Cryptocurrency is also experiencing a resurgence in actual use, especially in markets and interest as seen in the latest Google search trends. Bitcoin is ranked 1 among various cryptocurrencies followed by Ethereum, NAGA, and XRP.
Blockchain gives us an open platform where anybody, anywhere around the world can write a program that will potentially change the world.
Bitcoin Transaction rate is going High
Blockchain’s (Most trusted and fastest growing cryptocurrency company) Data shows that the Bitcoin Transaction rate is currently at 3.8 transactions per second(TPS).It is recorded as the highest transaction rate since after going down in late 2018.
The Bitcoinist, in the last month, reported that Bitcoin daily on-chain transaction volume has reached to peak since 2017.Despite the increase,transaction fees have remained relatively stable on the lower end of the spectrum.The fact that BTC transaction volume has hiked shows the capacity-boosting upgrades like SegWit are having effect.
Countries like Venezuela and Indonesia are currently registering high bitcoin trading volumes on weekly basis.Bitcoin’s TPS isn’t the only thing on the rise related to the top-ranked cryptocurrency at the moment.There has been notable a significant increase in actual usage and interest of Bitcoin around the world.
Bitcoin usage is recorded high in emerging markets where the local economy is less stable. Also the P2P trading volumes across the world are steadily increasing as seen on LocalBitcoins.
On 3rd January, users around the world also celebrated Bitcoin’s 10th anniversary. The US online retailer Overstock said that it will pay some of it’s Ohio State taxes in Bitcoin which is opening another interesting door for tax payers around the world.
But we can't miss out on the emergence of stablecoins as well in crypto Industry.
The Emergence of Stablecoins
Cryptocurrencies meant to hold stable values are termed as “Stable coin”.
For example,Tether(USDT) is a blockchain based asset meant to trade for $1 USD.
There are a number of stable coins in circulation today and a number more have been attempted n the past.
Each stable coin has a unique set of mechanisms, but they all work the same way.
They hold collateral of some type and manage the supply to help incentivize the market to trade.
California based stablecoin startup published a report entitled “ The State of Stablecoins 2019: Hype vs Reality in the Race for Stable, Global, Digital Money” based on the information collected from 40 crypto and stablecoin firms. According to the report, Stablecoins will play a key role in the mainstream adoption of crypto technologies.
The study analyzes the key features of stablecoins which is believed to contribute towards the mass adoption of the crypto technologies:
Furthermore, the authors believe that developing countries like Venezuela and Angola will be the first to adopt stablecoins.
The ideal stablecoin should be able to withstand market volatility, be affordable to maintain within a value range.
Bitcoins are now getting a solid boost from the cryptocurrency and blockchain enthusiasts around the world and IBM Vice president of blockchain and Digital currencies commented on Bitcoin that he can predict Bitcoin(BTC) price will hit $1 Million.
Stablecoins will gradually find its place after Last week’s, US-based financial giant JPMorgan Chase announced that it will develop and release its own USD-pegged stablecoin, to increase the efficiency of international settlements.
Let's welcome stablecoin and Bitcoin once again!
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