The record highs of 2017 lead to a bearish 2018 in the world of cryptocurrency trading.

What’s perhaps mention-worthy is the fact that some of the major coins incurred huge losses in their value in the fag end of the last year.

While Bitcoin was 74 per cent down, Ethereum and Ripple saw a steep decline of 84 per cent — and the trend has continued into the start of 2019 for other coins as well.

However, the bigger picture is that the declining market may work as a stepping-stone for the creation of new value products and services using blockchain.

The pundits expect the market to be quiet for some time before investors and developers start creating future value products for the masses.

The expected developments through blockchain

Cryptocurrencies are the wonders of blockchain but the question remains — have we been able to explore it to its fullest potential?

The industry experts are of the view that more companies, charities, and financial organisations may start accepting cryptocurrencies in the near future.

Also Read: Batam’s TOP100 winner is on a mission to destigmatise disabilities

The blockchain market is expected to be worth US$20 billion by 2024. Billions of dollars are being spent on blockchain to utilise its effectiveness in financial services, cybersecurity, and other blockchain-based solutions.

Did you know 69 per cent of the banks are already experimenting with this technology to make their services more transparent, secure, and seamless?

Ventures like Resistance are the face of blockchain technology as they are based on the core values of privacy and decentralisation.

Its founder, Anthony Khamsei, believes in adopting an open-source policy that ensures the project remains transparent. “Transparency and privacy are critical for the success of a crypto project”, he quipped.

The company has come up with a platform that helps people to trade in cryptocurrency while maintaining their anonymity and privacy – the essence of promising blockchain technology.

Crypto still has a lot to offer

Cryptocurrencies have received a lot of flak from financial critics for volatility but the truth is, there are numerous other commodities in our day-to-day life, which can prove to be equally unpredictable.

These critics fail to realise that cryptocurrency is only the start of the journey for blockchain technology. This is just the tip of an iceberg!

There is still a lot of room for development because no matter what, Bitcoin and other forms of cryptocurrencies will never be a complex form of technology.

Also Read: The Philippines rejects Go-Jek’s appeal for ride-hailing licence

With the introduction of complex codes in blockchain, we can expect a lot more.

For instance, the principles behind blockchain can be taken up by large corporations to enhance the security and privacy of their data as well as smooth execution of the projects.

Cryptocurrency is still at infant stages in terms of credibility in the financial world, but the attention it has managed to garner from the masses indicate a positive step in discovering further underlying blockchain functionality.

Conclusion

In simple words, cryptocurrency is still an interesting case study for people that are still unsure about its future.

While some people think that it will meet the same fate as the dotcom bubble, others regard it to be the invention of the future.

Image Credits: aurielaki

e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.