As we approach the half-way mark in the year, how will cryptocurrency shape up in Q3 and Q4? Here’s our insight into the future:
With the combined market cap of $17.7bn at the start of 2017 shooting up to $613bn by the year’s end, 2018 has a lot of potential to be another landmark year for cryptocurrency.
Here’s a quick snapshot into what the remainder of 2018 has in store for cryptocurrency and whether you should consider joining the revolution.
Tougher measures and regulations are coming
With the head of Europe’s policy agency revealing that criminals in Europe are using cryptocurrencies to launder around £4 billion in illegal money, expect even more regulations to come in.
To stay compliant, you’ll be expected to follow the four anti-money laundering pillars. This includes having:
- A system of internal controls to ensure ongoing compliance.
- Independent testing in place to check your compliance procedures.
- A designated person or team managing compliance.
- Training in place for all applicable personnel.
You can read more about anti-money laundering regulations in our previous blog.
Tougher measures could be perceived as positive and negative. For instance, some regulatory procedures should drastically reduce the number of anti-money laundering cases, with regulators cracking down. On the flip side, if you delay using cryptocurrency, there could be a lot of ‘hoops’ to jump through before you can even start trading.
Expect price fluctuations
While cryptocurrency and bitcoin are continuing to steal the headlines on a weekly basis, it doesn’t always benefit the market. With negative headlines like the $20m cryptocurrency heist, bitcoin and cryptocurrencies will continue to feel the impact of speculations.
In light of this, you should always prepare for the ups and downs by formulating a robust plan. This should contain active solutions to flexibly deal negotiate any slight dips in the market.
Simplified decentralised platforms
The launch of the EOS platform will enable developers to build decentralised applications in a public environment.
This advancement is set to simplify the process and support thousands of different commercial decentralised applications. Scalability becomes a reality and the cryptocurrency uptake will boom as a response.
EOS’ 2018 price prediction is around $37 at the end of 2018 and is set to shoot up to $137 over the next five years.
So if you’re sitting on the fence with cryptocurrency, this sharp increase is definitely worth considering.
Cryptocurrency has the potential to streamline manual processes and create a more secure method of payment. However, while the boom is looking like it’s going to continue flourishing well into 2018, it’s vital to assess every element before using any digital currency.
Whether it means making sure your business is compliant through the eyes of the regulatory authorities or offering transparent advice on how to maximise opportunities within the market, you can’t afford to leave any stones unturned.
Putting an extensive strategy in place will not only safeguard your business, but give you the platform to explore new profitable opportunities too.
Seeking the help of an expert in the cryptocurrency field can provide you with the ongoing support you’ll need to thrive in its ever-evolving world.