In the past several years, the online payment environment has consistently shifted towards new possibilities. In the present moment, payments can be made through simple forms in which you add some information, click a button, and poof, you’re done. However, every payment that we make bounds us to our bank accounts.

Most of the money that we earn, own, or spend is being tracked by the government. There are lots of taxes and lots of “rules” made by the big boys. Unfortunately, the present financial system is often disadvantaging us. Why? Because it often collects more than it provides.

Times are changing though, and the world as we have it right now, in 2017, is going to change a lot. Cryptocurrencies are changing the rules. This is not an explainer article, so if you don’t yet understand this concept, you should check the previous link and head back here once you’re done. However, as a simple explanation, cryptocurrency is an anonymous financial environment or system which allows people to hold and transfer their money in the most secure ways.

Cryptocurrencies are becoming the next hit. Nowadays, you can find “Bitcoin payment” on a lot of ecommerce stores, airline companies, and so on. This trend is progressive. It won’t stop here, so all the entrepreneurs who are looking for a bright future should aim their attention towards this amazing change in the financial sector.

In today’s post, we’re exploring 7 trends in the cryptocurrency sphere. Pay close attention and note some things down. The future is coming. As an entrepreneur, you must welcome it with open arms, so let’s see what it has to reserve to us:

Pay Attention to the New Players

Even though Bitcoin is the most significant player in the market, new coins like Ethereum, Litecoin, or Ripple are coming from behind. And it’s not just them. As of July 2017, there were over 900 active cryptocurrencies governing the anonymous financial market. Here’s Wikipedia list of the current, most popular and accepted cryptocurrencies. Pay attention to the new players, as you never know when their value is going to skyrocket, exactly how it happened to Bitcoin.

The Governments Are Getting Involved

As the new financial system of cryptocurrencies has taken the world by storm, the government has to do something in order to control what’s going on. However, the entire point of this system is to eliminate the government from the equation, permitting anonymous and secure trades, exchanges, and payments.While the governments cannot control the cryptocurrency owners through intrusive means, they’ll sure contribute to the shifting and modeling of certain currencies.

Cryptocurrencies Eliminate a Lot of Hassle

No more taxes, no more declarations, no more hassle. Cryptocurrencies have sophisticated systems that allow for a great exchange system that never gets compromised. The blockchain technology is evolving extremely fast, and along with it, the cryptocurrency sphere will grow significantly also.

Most of the people, if asked, would opt for Bitcoin payments; why? Simply because it’s more convenient. The only problem is that not everyone’s familiarized with this concept. Not everyone knows how blockchain technology works, not every person has a cryptocurrency wallet, so we still need time in order for the full implementation of these coins to occur.

Bitcoin and Ethereum Will Remain Popular

Bitcoin can hardly go down. As a matter of fact, right now, early November 2017, the Bitcoin’s price is averaging around 5000 EUROs. Ethereum is around $300. These cryptocurrencies have already gathered a lot of supporters and traders that are extremely interested in their specific blockchain technology. As the numbers and the present moment shows, these coins are showing a continuous, steady growth.

Exchanges are Replaced by Wallets

Cryptocurrency exchanges are not that safe as they might look. Certain leaks and errors have already caused thousands of people to lose their money. However, digital wallets are becoming more and more popular. By using a wallet, you can minimize the risk of a security breach because that wallet is personal. An exchange? Not so much.

The Traditional Banks Must Catch Up

The traditional banks cannot fall behind. And instead of rejecting the cryptocurrency trend (which would be useless), today’s big banks are investing their money into in-depth development and research which are all related to the cryptocurrency applications. Many banks are even partnering with different cryptocurrency organizations in order to better understand the blockchain technology.

Cryptocurrency Will Consistently Grow

Hannah Janson, CEO and Co-Founder at Essay Geeks, suggests:

“Cryptocurrencies represent the future; as you can see, they’ve made their first appearance a few years ago. Now? One bitcoin is worth $5800. That’s extremely impressive. With this growth, we can expect Bitcoin to grow over 8k by the end of the year. New coins are showing up in the marketplace, and the trends will constantly shift!”

Takeaways

Cryptocurrencies are here to play a huge factor of change in today’s economy. If you’re flexible enough to see it, money will take a different form in the next several years. Many entrepreneurs will become rich because they’ve invested in the right cryptocurrency at the right time. Be wise and do that too!

About the Author:

Chris Richardson is a journalist, editor, and a blogger. He loves to write, learn new things, and meet new outgoing people. Chris is also fond of traveling, sports, and playing the guitar. Follow him on Facebook and Google+.