How Will the Cryptocurrencies Change in 2020?
With 2020 coming up soon we can attempt to guess what might change in the cryptocurrency space.
We will likely see more central banks issuing a form of digitized version of their fiat currency. China was the first to announce such ambitions, but many are likely to join them. We could possibly see a digital Euro or Iranian Rial next.
The US elections are also on their way although this might not affect cryptocurrencies to severely. The SEC might issue some new rulings on cryptocurrencies to clear up what is permitted in the United States and what is not.
2020 In Cryptocurrencies
Bitcoin's halving is scheduled to occur. While estimating Bitcoin's price after the halving is difficult, most agree that this will be a positive event for Bitcoin's price.
The top 10 altcoins could grow alongside Bitcoin in 2020. "Altseason" could occur if one of the top 5 coins manages to outperform Bitcoin, as Ethereum did in 2018. If that does happen then we might see a flurry of ICO/IEOs and altcoins fluctuating wildly.
Facebook's Libra cryptocurrency project is due to launch in 2020. Whether it will actually see the light of day is at risk though. Many regulators from across the globe have vocally opposed the cryptocurrency project.
Blockchain oracles seem to be on the rise and will likely spread in popularity in 2020. Essentially, they connect select data from the internet & place it inside the blockchain. While Chainlink might be the best known blockchain oracle, Bitcoin Cash recently unrolled their own oracles. Oracles along with the use of smart contracts could be essential for DeFi (decentralized finance) and could have many other uses. Unlike with Chainlink, no unique token seems to be required to use Bitcoin Cash's oracles.
2020 will possibly be the most important year for Ethereum since its launch. Ethereum is anticipated to launch Ethereum 2.0 in 2020. This update could revolutionize Ethereum and make it much more friendly for enterprises and developers. If Ethereum 2.0 will be considered successful it could stop the migration of dApp to other platforms.
Censorship in cryptocurrencies also seems to be on the rise and will possibly continue into the new decade. While rumors of censorship have existed on specific Subreddits, it recently has been reaching Twitter. Unfortunately this trend might continue into
Let's hope that this new decade usher in a new era of decentralization and transparency. One thing is certain so far, after a decade of activity, Bitcoin & cryptocurrencies are here to stay.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado