2020 is going to become a memorable year for the cryptocurrency industry.Covid019 pandemic changes the whole world now. all the world and business are changed by this pandemic. the crypto industry is also going with lots of changes. let's discuss the new changes that 2020 brings in industry.
1. Bitcoin halving:- we saw this year's very famous Bitcoin halving in May 2020. Bitcoin halving is a process that happens every 4 years and reduces the current bitcoin block reward. last time Bitcoin halving happened in 2016 and that time Bitcoin halving reward came down 12.5 from 25 bitcoins. now, this 11 May 2020 halving brings down the reward 6.25 bitcoins from 12.5 bitcoins per block.by this process community developing more demand for bitcoins in the world and raising the value.
The 630000th block in the Bitcoin Blockchain, with 6.25 Bitcoin Reward, was found on May 11, 2020, 19:25 PM. this is one of the major events in 2020 which have a big impact on bitcoin can crypto as now bitcoin miner will get only 900 bitcoin in a day instead of 1800 bitcoin.
2. DEFI is booming:- DEFI (decentralize finance) is becoming very popular now in the cryptocurrency industry in 2020.
Defi is now a new trend in the cryptocurrency market. people have even not trust in central exchange and central govt. for the safety of their cryptocurrency, so they are now investing in decentralized platforms. DEFI, is short for decentralized finance—it's the notion that crypto entrepreneurs can recreate traditional financial instruments in a decentralized architecture, outside of companies' and governments' control.
Compound, MakerDAO are very famous and useful Defi platforms that gave huge returns to the customers instead of bitcoin.DAI is a currency that is backup by US $ using on decentralized platforms. The compound is a crypto version on money market funds letting users earn interest. Now people investing more money in DEFI.
3. Staking:- Staking will be an upcoming trend for cryptocurrency in the future. Ethereum(ETH), cardano(ADA), Matic are some of big-name who change their blockchain and now giving the staking on coins. Staking in simple world user of cryptocurrency holding the coins for the security, confirmation of transactions, and to support the coin network and they get the reward of coins for this. 2020 is very import year for staking also as world number 2 cryptocurrency Ethereum (ETH)and topmost crypto Cardano (ADA)both are entering in Staking field and its look like now more top crypto coins and the new upcoming project will going for the staking industry so 2020 is a very interesting year for watching the future of crypto will decide by proof of work algorithm of by proof of stake algorithm.
4. CBDC coin or Stable coin:- 2020 is maybe also a year for the growth of CBDC ( central bank develop coins) or Stable coins. more and more Govt and financial institutions now keen to work in blockchain and crypto technology but they don't want to use bitcoins for their services in their country. they want to use Stable coin which may be power by CBDC coin ( Currency of Govt.) or maybe power by US $. 2020 is a very remarkable year for CBDC as this year China is ready to launch its central bank developed cryptocurrency. they are already testing it in some cities they can launch it any time this year. lots of big financial institutions also launching their own cryptocurrency that can be backup by US $. like Facebook maybe launches any time this year it's very famous stable coin Libra. Tether and DAI stable coin is already in use in the crypto world. Stable coin and CBDC now become a hot topic in the financial world between all govt.
5. Decentralize Social Media requirement:-today in the current world social media have very big power. people using social media platforms like Twitter , Facebook, Whatsapp as a tool to spread their messages, businesses, political and religious view. lots of talented people using youtube video streaming services to showing their skill.but all these platforms are centralized platforms. now they are becoming mafia. they are selling our private information to the corporate and to the political parties. so not have so much privacy left here second now lots of platforms not allowing to use their platform to promote the cryptocurrency like Facebook and Google now not showing the crypto-related ads. the same thing happening on youtube. lots of crypto influencers have to lose their video what they made on crypto and bitcoin promotion as a violation of terms of youtube. even bitcoin cash owner Roger Ver lost his own personal youtube video channel due to the promotion of bitcoin cash. in 2020 its need for the time that the crypto community has to create their own big social media platforms like Facebook and Twitter. there are some platforms that are already available here like Sola, Minds, are more like decentralize facebook and Mastodon is more like decentralized twitter. Dliveand LBRY are like decentralize video platforms like youtube. we need to use these platforms more and more and have to change the scenario of social media in 2020.
6. Altcoins giving more returns than bitcoin:-Bitcoin is the king of the crypto industry and no one can deny this . all the crypto coins follow the bitcoin. but last year in 2019 we saw lots of top 20 coins on Coinmarketcap gave better returns than the bitcoin to their holders. It means top altcoins getting more trust and strength also like bitcoin in the community in 2020 like if we talk about Binance, Chainlink, are some are top coins last year who gave better return to their holders than bitcoin.
Binance is shown over 150% growth in the whole year 2019. in January 2019 Binance was at 6$ price but now at this time, it's over 15$. so it's overall 150% growth for the investor. Chainlink a coin is now on 13h place in Coinmarketcap and maybe soon reach in the top 10 in Coinmarket Chainlink is one of the top altcoins in 2019 with 700% for their investors. 2020 can be a game-changer for the altcoins and people can invest more here.
7. Bitcoin is safe haven or not:- 2020 is also can give the answer of very common and famous equations of crypto industry form a long time is bitcoin is safe heaven for investment or not? lots of people supporting this idea that bitcoin is the safest haven to invest at this time. you will get multiple growths here and no one can trace your money also. but till march as we saw due to COIVD19 impact on world cryptocurrency also gave negative return to new investors and it's not safe as haven now as per new investors. after that till today bitcoin jump back a lot and trying to get back in the momentum as soon as possible. Nevertheless, it may still be too early to make a ruling on the safe-haven idea. How bitcoin and other cryptos perform at this moment could significantly alter how we view them moving forward.
8. New method to invest in crypto and bitcoin:-A few years ago, investing in cryptocurrency basically meant one thing: buying and holding it. In 2020 though, it can mean a few other things as well, such as CFD and futures investing. Plus500's overview of CFD Trading explains some of the details of this practice, which allows people to trade in both directions (buying and selling), and which is active 24/7. As for futures trading, meanwhile, it gives investors the option to buy crypto assets in the future at prices that are already agreed upon — another way of betting on movement without actually buying coins.
these are some updates that the crypto industry facing at this point in 2020. we are now end of June 2020. so half of this year is passed already .any major impact and change that have a major effect on the crypto industry we will also update to you about that.