Which Cryptocurrencies and Protocols are Going to Lead in the Future?

No wonder the demand for cryptocurrency is at an all-time high. We get to see the vast implementation of cryptocurrency these days. All this throws light on how currencies like Ethereum, Bitcoin, Litecoin, etc. would transform the future as far as blockchain and crypto applications are concerned.

No second thoughts about the fact that Bitcoin is the most actively traded cryptocurrency of all. Ever since the blockchain and cryptocurrencies became part of the financial markets conversation, Bitcoin has been a market leader. Along the same lines, Ethereum has rapidly moved up in terms of crypto valuation and other applications that are developed on this blockchain. Ether is following the same path as well. Today, a common scenario to observe is – the attention and focus laid on ether and Ethereum.

No doubt, Bitcoin has been a record-setter for its wide implementation. The prediction is that Ether and Ethereum could lead to the next stage of blockchain implementation. How true could this be? The talk of the town now is – which protocols and cryptocurrencies are going to lead in the future by taking the sector forward. Let us have a look at what the future holds as far as blockchain and cryptocurrencies are concerned.

• A lot of countries employ cryptocurrencies for transactions. Now the main issue to address is – or not crypto can actually be used for transactions, especially in those countries that have not yet given a green signal to the cryptocurrency market. How to go about taxation is yet another issue that exists and needs a proper regulatory system. The majority of the countries use cryptocurrencies as a medium of exchange. What is a point of concern here is that every cryptocurrency transaction attracts tax liability. However, there is a different side of the story as well. Ethereum blockchain has served to be a solid foundation for new use cases such as decentralized finance (DeFi), and non-fungible tokens (NFTs).

• Let's face the practicality – The number of cryptocurrencies, coins, tokens, and the array of crypto assets continues to expand. The growing number of crypto assets is worth a mention here because there is an ever increasing number of investable options. Also, many tend to believe that it is on the basis of Bitcoin that several applications are run. However, this is not the case. There are a number of applications that run on the Ethereum blockchain – Stablecoins, DeFi, and NFTs to name a few. As blockchain and cryptocurrencies are gaining immense popularity and their use is bound to diversify, it does make sense that capital will flow to this non-Bitcoin platform. In a nutshell, it is now time that we people from the traditional thinking according to which it is the only Bitcoin that is home to a plethora of options.

Let's now talk about the competition between Bitcoin and ether and how will the future look for both of them. This is nothing but talking about ecosystem versus a specific crypto asset. Coming to a conclusion as to which of the two is a better alternative is not at all easy. Both of them cater to the requirements in their own unique way. It is too early to conclude as to which among them surpasses the other. The kind of applications that come up in the days ahead would decide which of the two serves to be a better platform. Let that be left for the future. Today, what we can do at the maximum is to make the best out of them and take advantage of their innovation and creativity.