The use of digital money is getting more and more popular by the people and regulated by many countries in the world, and as such, just like the governments adapted, so must we. That means that things are evolving, and most things about cryptos, at least those important ones, will undoubtedly change. As those experienced could witness, change is not always for the better, which brings many questions on what can we, crypto trades, expect in 2024 and the years ahead of us? Well, some things are certain, and it is just a matter of time when we will see those changes, which is why everyone trading cryptos should know the top three trends that will change crypto trading.
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1. Different fee prices
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One of the most important reasons why people are using cryptocurrencies more than ever is the fact that transaction fees are much lower than in any other transaction. There are many factors for that, but one of the crucial ones is for sure that there is no third party involved in any payment, and every transaction takes place only between the sender and the receiver. Every other payment method includes the bank, and every bank has its own fees, which sometimes can be higher than the amount of money we need to pay. But the fact is that those fees are probably going to change this year, and there are two possible ways to how it will happen.
One possibility is that new technologies will allow that fees can be even lower, which is something that every crypto user wants. That will probably attract even more users who are tired of paying more than they need. It would also be pretty beneficial for raising awareness of how important digital money really is and how it can make everything much faster and much easier. On the other side, those fees are already tending to grow, so the other possibility is that their price will continue to rise, and that is definitely something that no one wants to happen, except the exchange and trading platforms, of course. However, it is certain that something will change, and the only thing we can do is wait and hope that it will go in our desired direction.
2. 5G network is bringing some benefits
Source: coincloud.medium.com
With the appearance of the 5G network, all we know about data transmission changed rapidly and in an immeasurable way. Network data speed was something that limited our transactions and everything else we tried to do online, including mining. It was possible, but it was much slower than it will be once the 5G network is operational in every part of the world. Many people are still skeptical about this innovation, and there are many conspiracy theories, but once they try it, they will probably see how it can change the way they are doing some things. It is hard to make a transaction now because it depends on the length of the wire and the proximity of the server, but once the 5G network is here, all that would not be as important. The speed of transactions will not depend on the proximity of the server, and it will be possible to do it from every place on the planet. Since this new network offers ultra-low latency, the trading in which computer makes the investment decisions will be much faster and easier. Besides all that, the development of DeFi applications will be better, and it can change all the things we are used to. In the end, the whole concept of the 5G network, after they complete the installation, will affect a whole specter of online activities, and cryptocurrencies are not excluded. What this means is that even though we still need to wait to be sure that it will benefit us, there are many things to cheer and excitedly wait for.
3. Rules and regulations will lead to a taxation
Source: nomoretax.eu
When we speak about rules and regulations, that is something that has been around cryptos from the first moment they arise, but since a lot of people were glad to invest and deal with decentralized and digital currencies, some governments back down and adjust. But even so, today, when some countries (mostly China) are planning to launch their own digital currency, it could all be quite challenging for the BTC, as there will surely be different rules for state-backed cryptos and all others. The primary thing is that the users would have more access to these state-backed currencies, and since there will be better security, a lot of people would start dealing with them. Convenience is something that is pretty important today. It is expected that in 2024 many governments will change their laws regarding cryptocurrencies, and one of the very first things is about taxes. Yes, many governments will further regulate digital money as a means of payment, but there are two sides to every coin. On the one hand, that can attract new users that are still skeptical about the safety of cryptocurrencies, but, on the other hand, it may be a bad thing for those who are already using them since taxing means higher fees and more money spent. However, it is something that was avoided for a long time, and more users mean more attention, so it is time to change that.
What to expect
We cannot consider cryptocurrencies as a new trend anymore, but the trends about them are changing every year, so why would 2024 be an exception. New trends are here to improve them and attract even more users, and for now, they are doing their job. This year is bringing something new, and maybe it will change all we know about cryptocurrencies, but since it is something that is constantly evolving, we are all used to it. We are not happy about some trends like taxing, but on the other hand, it means that those transactions will be safer than ever, and what’s even more important, regulated and by the law. And when it comes to transaction fees, we can only hope and wait that new technologies will make them even lower. In the end, not every change is bad, and we can adjust to it as we are doing all the time.
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