Why the Year 2023 Is Pivotal for the Future of Cryptocurrency?

After a dramatic end to 2022, this year will be critical for the future of cryptocurrency

After a dramatic end to 2022, this year will be critical for the future of cryptocurrency. Companies and investors are picking up after FTX's collapse, as they brace themselves for more scrutiny and regulations. Cryptocurrencies have been touted as the future of finance. Now they are in crisis. Bitcoin is floundering after a sharp sell-off. And, of course, there's the fallout from the catastrophic collapse of the cryptocurrency exchange FTX, which now is spreading.

We have been witnessing massive changes in the cryptocurrency market over the past decade. While the year 2022 is coming to an end, crypto traders around the world are experiencing their worst nightmares with FTX collapses and a decline in the crypto market. The crypto world is too rich with different cryptocurrencies and some of them can be a much better choice than Bitcoin. In other words, some of them are already achieving fantastic results and showing fantastic chances for an extremely large increase in their value as early as 2023. However, if we take a look at the crypto predictions for 2023, we could say the market will recover and that now is probably the best time to invest. The big question is: What happens next for cryptocurrencies in 2023?

What is the Future of cryptocurrency?

Technological advancements can in the future help the loss of all crypto portfolios that can happen right now due to a computer crash that wipes the information on it including the crypto wallet. The other way it can help is from hackers who can wipe all your holdings at a moment's notice. Advancement also helps in making it easily accessible to everyone and making it more understanding and inclusive for all people. Some businesses have accepted crypto as a form of payment which has increased its acceptance, more and more business acceptance will drive more people to use it and with new technologies, it becomes easier to use the technology.

Blockchain is not only used in cryptocurrency but also in insurance, fintech, and medical industries and more acceptance means more problems the technology can solve in our every day-to-day life. Governments have started creating their own cryptocurrency as a way to get into the technological revolution and a lot of regulations have come from a lot of countries to control the use of it which gives it more legitimacy as a currency to be used by businesses and individuals. More regulations will be seen and will fast-track the use of crypto in everyday activities.

A part of having currency is its security and cryptocurrency is very secure. Blockchain has never been hacked and it is open source which shows the level of security it has. The only way cryptocurrency can be hacked is by the companies in the ecosystem that have a vulnerability in their sites and with information linked that can be used to hack wallets, but generally, cryptocurrency is widely secured and can be used for a long time as currency for the future. 

Conclusion

As crypto matures, we will achieve a lot of stability which will make it easily transferable, and a store of value that will make it more used by businesses, the government, and everyone as a part of everyday life. Cryptocurrency is still in its early stages and some people are still skeptical about it but it is here to stay and has been adapted into our lives and will be a currency used by everyone which is only a matter of time. With the acceptance and how widely talked about it is, the future of crypto is sure to be bright.