Five Bitcoin and Blockchain Predictions for the Year of 2017
At the beginning of the year, economic analysts from all around the world, alongside with members of the digital currency community, tend to make predictions in regards to what will happen during the following year. The beginning of 2017 has seen a wide array of interesting predictions, some of which are bound to become true given the continuous evolution of the blockchain and the digital currency market.
Without further ado, here are 5 great predictions that are likely to come true during this year.
Supply chain blockchain network have been discussed in the past, considering the fact that the blockchain technology can make them considerably more efficient, but also cheaper to operate. Perhaps the biggest challenge that the supply network has to face is regulation, as certain regulatory changes are surely required to enable both settlements, alongside with the ability to clear funds on a decentralized ledger system. Not only this, but members of the blockchain network also have to convince banks, businesses and other financial institutions that this is indeed, the way to go.
Seeing private blockchain networks converge will definitely be a positive influence on the market, as a single system could be used to handle a lot more than what it has been designed to deal with in the first place. While permissioned and private blockchains do not have to join forces completely, it would be a nice addition to see more partnerships spark up, thus taking the potential of the blockchain network to the next level.
Ethereum has had its ups and downs, after initially starting with a lot of potential, and failing after the hard fork and The DAO hack. Yet, the concept behind smart contracts and Ethereum as a whole still has a lot of potential, as it offers a new solution on the market. Seeing more willingness to change and fix the issues that have affected the network in the past will surely allow Ethereum to figure things out, get its act together and finally get back on track, perhaps stronger than before. This could also lead to a growth in value for Ether, and encourage more people to invest into this special digital currency.
At this moment in time, most blockchain and bitcoin-based startups are happy to receive quite a lot of media attention, considering the fact that there aren’t many similar entities, or competitors on the market. This has also lead to huge investments being made. While this is definitely good for the well-being of the blockchain and bitcoin ecosystem, chances are that the increasing number of bitcoin and blockchain startups may lead to a decrease in popularity, thus creating a battle where only the strongest and most unique concepts survive. This will indeed affect the network of start-ups in the short term, but will surely benefit it on a larger scale, as more funds will flow in, and better companies will survive, thus offering considerably better services for all members of the community.
Not long ago, we published an article explaining how bitcoin may touch the $2,000 in February 2017. Judging by the fact that the digital currency is rapidly growing, and has already exceeded the $1,000 mark, this still remains a possibility. Yet, if it does not happen in the second month of the year, the bullish growth will surely continue for a while, thus hopefully taking the digital currency to new highs that it has never seen before.
Based on everything that has been outlined so far, what do you personally think about these 5 predictions for the future of the bitcoin and blockchain network? Which do you think will come true? Let us know your thoughts in the comment section below.
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