Although not yet at scale, 2023 has seen crypto take further steps towards mass adoption.
Last year was again a massive year for cryptocurrencies. There were several highs and huge breakouts, as well as a few lows. However, 2023 can be seen as a year in which crypto took another leap forward.
that you wanted exchange cryptocurrenciesinvesting or simply wanting a new way to buy and use services and products, some of these developments are set to transform the crypto world in 2023 and beyond.
Ethereum 2.0 is the next step of Ethereum which was “finalized” a short time ago. ETH 2.0 was not a one-time release but rather a change that happened over the past few years. One of the biggest changes is the incredible transaction speed.
One of the most frustrating issues is the time it takes to process transactions and crypto transactions. ETH 2.0 revolutionized transaction speeds by enabling up to 100,000 transactions per second. Although this is only part of the evolution of Ethereum, it should have a broad effect on many crypto-based systems.
One of the biggest hurdles crypto has faced in recent years is the lack of mass adoption. While some businesses have started accepting crypto as payment, it has not reached the level of a recognized currency in any country.
El Salvador took the decision to recognize Bitcoin as legal tender, and while it hasn’t been without a hitch, it shows that adoption at this size is possible. This was seen as the first step towards global adoption.
Africa has lagged behind the rest of the world in terms of crypto adoption simply due to lack of internet access, computers and smartphones. However, a developer in Africa has created a revolutionary solution to this problem.
Machankura is a non-smartphone application that allows users to trade cryptocurrencies, namely Bitcoin. The platform works via SMS and eliminates the need for internet as mobile access is the only thing needed.
Rise of DeFi
DeFi, or decentralized finance, is the combination of traditional financial systems and blockchain. Using smart contracts and blockchain, Challenge allows us to send money at lightning speed without intermediaries.
DeFi also eliminates all fees associated with banking and instead uses a peer-to-peer system. DeFi uses automated machines, which completely replace what a bank would do.
NFTs have been on a rollercoaster ride over the past two years. Many people see them as a scam or a way for the rich to hide their wealth; although this is true in some cases, NFT have a lot more versatility than you might think.
NFTs can offer a lot for several industries including gaming. Developers want players to own what they earn in a game. Fortnite is a prime example; skins have no real value but turning them into NFTs allows them to be traded and earn their owner’s real money.
Although not yet on a large scale, 2023 has seen crypto takes more steps in mass adoption. Businesses around the world allow customers to use cryptocurrency to purchase goods or services they provide.
Regulations are also part of the adoption process. With crypto regulations becoming more discussed and mainstream, mass adoption quickly became a matter of “when” not “if”.
Many companies and institutions have considered coins like Bitcoin and Ethereum to be too unstable and unreliable in some way. Therefore, they took the initiative to create their own tokens instead of adapting existing ones.
This allows them to have more control over the value of said coins while still being part of the cryptocurrency blockchain ecosystem and allowing their customers to use crypto to purchase products.
After the recent FTX disaster, consumer protection has once again become a hot topic. Part of the crypto regulations will ensure better protection for crypto traders when buying and selling on platforms.
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