142 shares, 355 points

Experts have made a number of predictions about the future of Bitcoin (BTC), NFTs and money in general, and where it will go in 2022. We can tout cryptocurrencies as a world-changing technology with the potential to create new ones and empower unbanked populations everywhere. On the other hand, critics point to crypto’s huge environmental footprint and its popularity in online crime. It seems difficult to bridge the gap between these views. Details at Kriptokoin.com .

Bitcoin and NFTs

1. Crypto is moving towards mainstreaming. Big corporations are trying to figure out how cryptocurrency fits their business. Everyone from hedge fund managers to Starbucks executives is making moves this year that could affect how we use digital money. Denelle Dixon, CEO of the Stellar Development Foundation, said:

I hope we’ll see more focus on benefit. Instead of focusing on a few use cases that generate a lot of excitement, we will see a greater focus on use cases that create real value and more discussion about financial inclusion.

2. NFTs create new ownership opportunities and reorganize old ones. NFT, or immutable token, is a popular term that many of us first heard about in 2021. A new way to determine ownership of digital property using a blockchain ledger, NFTs are becoming increasingly popular in the art and collectibles scene. But the potential of NFTs goes far beyond eccentric works of digital art. NFTs are also used for digital land purchases and next-generation music ownership, licensing and publishing in virtual worlds. Some observers see a future where NFTs offer access to exclusive sales or limited edition products. How about using the NFT as a concert ticket? Or when you log into your favorite video game online? We expect to see all of these in 2022.

OpenSea co-founder Alex Atallah said in an email, “The possibilities for NFTs are endless, as they can be used to register ownership of any unique asset. “We’re already seeing early use cases where NFTs are used as a reliance on interactive experiences, whether it’s a series of events, software licenses, fan club memberships, or otherwise.” Some of America’s biggest brands, including Nike, are already trying to expand their NFT applications. But NFTs used in consumer products may be just the tip of the iceberg.

The $85 billion video game industry could be one of the most fertile areas of potential for NFTs. Some of the larger studios are already experimenting with them. NFTs can serve as building blocks for a next-generation digital world. On the subject Atallah says:

“Gamers are already accustomed to dealing with digital products, so the potential of NFTs is huge: a few million NFT users compared to almost 3 billion players. We are seeing some exciting developments when it comes to the intersection of NFTs, gaming and metadata.”

3. Bigger attacks and bigger ransoms. In 2021, cryptocurrencies were used to facilitate millions of dollars in ransomware payments. This is because digital currencies contain features that make them attractive to criminals. They’re hard to watch, have no boundaries, and once the payment is made, it’s nearly impossible to withdraw. Gurvais Grigg, a senior technology officer at Chainalysis, said in an email:

It looks like we’re going to see more criminals turn to cryptocurrency and servicedollarsers that promise to hide illegal funds due to a misunderstanding of total anonymity. Bitcoin appeals to criminals for the same reasons it appeals to those who use them for legitimate purposes: It’s cross-border, instant, and fluid.

Grigg and others expect decentralized finance, a thriving but booming industry on the cryptocurrency frontier, to be a popular target for cybercriminals in 2022. Decentralized finance, or DeFi, includes finance that operates independently of a central authority or institution. Instead of relying on a bank or credit card network, people can connect directly to DeFi products over a distributed network. “Criminals are likely to discover DeFi as both a target for hacking and a tool to attempt money laundering,” Grigg said.

Stablecoins will become common

4. You will hear more about stablecoins. Bitcoin and other cryptocurrencies hit the headlines because of their volatility. You can become a millionaire or lose it all at the hyper speed of the internet. But try buying a latte with Bitcoin and that volatility can mix things up fast. This subcategory of cryptocurrency, whose stablecoins are tied to an underlying asset, reduces much of this volatility. Stablecoins can play a vital role in transforming cryptocurrency into something we can easily use to run the usual transactions of daily life. Rachel Mayer, Circle’s vice president of product, said:

People should start paying attention to trends in stablecoins, both as a means of payment and a dollar digital currency. Use cases for cross-border payments, relief discount, instant pay payments are starting to evolve in 2021 and we’ll see more in 2022.

5. New crypto rules appear on the horizon. In December, executives from six crypto companies were called to testify before the House Financial Services Committee, where they discussed potential avenues for future legislation. Lawmakers in the US have expressed interest in a range of issues, including whether stablecoin issuers should be considered banks, when to tax cryptocurrency, and how to create functional rules in a highly technical and complex industry. This is a difficult thing. It will take time to generate the correct standardollar yellows.

“I think there will be a lot more talk about crypto and blockchain,” said Dixon, one of the executives who testified before the parliamentary committee. There may be more milestones to be reached before Americans see a comprehensive framework for crypto-focused legislation. But if industry leaders and elected officials can work together, regular cryptocurrency users and investors can benefit while addressing environmental and safety concerns. As the cryptocurrency industry grows, it will continue to change in ways we can’t even imagine. But one thing is clear: Crypto will be a part of our future.

Like it? Share with your friends!

142 shares, 355 points

What's Your Reaction?

hate hate
confused confused
fail fail
fun fun
geeky geeky
love love
lol lol
omg omg
win win
Michael Lewis



Your email address will not be published. Required fields are marked *

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Voting to make decisions or determine opinions
Formatted Text with Embeds and Visuals
The Classic Internet Listicles
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Upload your own images to make custom memes
Youtube, Vimeo or Vine Embeds
Soundcloud or Mixcloud Embeds
Photo or GIF
GIF format