There has been a lot of talk over the last decade about Bitcoin (BTC) and the future of cryptocurrencies. However, 2020 has been a key year for the industry so far, as today’s events provide what was previously expected.

The world of cryptocurrencies has historically been exceptional for Twitter matches and private Telegram chats. Despite the fact that Bitcoin gained short fame in the mainstream media, mention of the token was mainly a denial of its potential, with some celebrities describing the entire industry as a scam that is about to explode.

However, the wave of turbulent relations between traditional financial institutions and cryptocurrencies is changing. In 2020, former cryptocurrency experts such as JP Morgan expanded their banking services to bitcoin exchanges when the impressive performance of the regular cryptocurrency became undeniable.

Of course, influential leaders in the financial world have a certain impact on market trends. However, it seems that the cryptocurrency world in 2020 has defied most critics. Here are the best deals for 2020 that set this year’s trend. Some of them are prophetic, while others highlight the current state of bitcoin and cryptocurrencies or talk about what’s next.

Is crypto better than cash?
In 2013 and 2014, Bill Gates, a philanthropist and co-founder of Microsoft, said: “Bitcoin is better than a currency in the sense that you do not have to be in the same place and, of course, for large transactions, the currency can be quite difficult. “.

In 2020, the importance of Gateway Statement grows more and more as Bitcoin continues to play an increasing role in the world’s cashless future. Of course, cold and cash still prevail, but looking at global economic trends shows that the tide has changed. Cash transactions reportedly disappear in most countries, where cash accounts for 20% of all payments from Sweden and 14% from South Korea. In addition, health problems from COVID-19 are expected to bring the world closer to a cashless society.

However, it is also clear that the end of cash can cost a fortune. While criticism is in some ways enormous and difficult, it provides the easiest way to deal with the unknown. On the other hand, alternatives to digital cashless payments require an intermediary and do not provide confidentiality. As more and more governments push for a shift towards the central bank’s digital currencies, bitcoin and other cryptocurrencies are becoming the best private, anti-censored and targeted option.

Bill Gates’ comments on bitcoin are also better than cash in the bitcoin stock. With the coronavirus pandemic affecting large parts of the world by 2020, governments around the world have begun to print more money to curb the economic crisis. Meanwhile, Bitcoin experienced a recession in May. Mining bonuses halve the incoming currency. With this in mind, Robert Kiyosaki, well-known investor and author of Rich Dad Poor Dad, predicted that Bitcoin would hit $ 75,000 in the next three years.

Overall, events throughout the year have shown that bitcoin, altcoins and blockchain technology are at least viable alternatives to cash, as they can provide faster payment times with higher transaction volumes and lower costs. As Nassim Taleb, a statistician and former risk analyst, said a few months ago: “Bitcoin is the beginning of a great thing: a currency without a government, something necessary and inevitable.”

Ethereum beats Bitcoin
Despite Bitcoin price fluctuations in 2020, there has been a significant gain given that the current price fluctuates around $ 18,000. However, Bitcoin’s success seems minimal compared to the milestones achieved by Ethereum in 2020.

The excitement of halving Bitcoin has caught the attention of many in the cryptocurrency space most of the year. It was a crucial moment in 2020 when it was historically known that the price of bitcoins went up after falling in two. However, this conversation was soon interrupted by a new wave of tension around the developing sector of decentralized finance.

“DeFi” has become the new favorite word in the crypto space when developers create tools and financial institutions that run independently of computers and are accessible to anyone with a smartphone.

DeFi startup like Compound allows anyone to start earning around 7% per year in less than 30 minutes. DeFi platform users can lend and lend money using stable currencies without going through the cumbersome KYC verification that is common to traditional financial institutions.

With the huge success of DeFi projects, the book value of DeFi apps topped $ 1 billion for the first time in 2020. Today, the total value of DeFi projects has exceeded $ 14 billion.

Source: CoinTelegraph