What Changes can be Expected with Bitcoin in Coming 2020?
Cryptocurrencies have been the most unpredictable and exciting markets to invest since inception. Over the years crypto prices have seen huge price fluctuations, yet it’s garnering attention from every section. 2018 was a very important year for Bitcoin, even though its price trends raised eyebrows. Huge developments took place for the crypto to fiat exchange platform, one doesn’t have to wait long to see its results. Many new features have been added to the Bitcoin network, in days to come it will make the crypto purchase fast and easy.
One of the biggest restrictions when it comes to decentralized services is online exchanges or trading platforms that people use to buy digital currencies. Not many realized that these online exchanges are centralized which defeats the main aim of cryptocurrency to achieve decentralization. Like any other traditional centralized institute or organization taking advantage of the situation, centralized exchanges have been doing the same thing. Crypto buyers have to pay huge trading fees, making purchases at times tough. As such high exchange fees being collected from users, online crypto to fiat exchanges or trading sites are stripping off your own money.
However there are many decentralized crypto trading platforms in the market that one can use, but those exchanges also have flaws. One main flaw when it comes to these decentralized exchanges is the non-availability of sufficient trading pairs. Not many traders are using these decentralized exchanges; availability of trading pairs is one huge concern. What’s more, the fee changes are generally fixed and users can’t set their own fee on the trading platform. These are some of the important areas of concern, the Bitcoin platform needs to work in suitable ways.
Developers have been testing many new features, one such feature is atomic swap transaction within the network. So this new feature allows users to send Bitcoin to any other cryptocurrency address easily. This new feature will help the receiver get an equivalent amount of the cryptocurrency on his or her wallet. The all-new Atomic swap feature will potentially make all digital currency exchanges obsolete and promote decentralized exchanges of cryptocurrencies. Atomic swap feature involves no middleman for the conversion process; all you need is pay for nominal miner-fee for the transaction. So by the end of 2020, this new feature will add up to the system and help crypto transactions. Unnecessary conversion fee can be eliminated that often users pay using normal centralized exchanges. In short, trading cryptocurrencies will become faster and cheaper.
A new online exchange or OTC Trading Platform like AusFinex will enhance the experience of crypto traders. These platforms are easy to use and are constantly trying to offer the best exchange rate and new facilities.
Alongside this, the Atomic swap feature will solve the problem of trading pair unavailability as its no more necessary now. Though not yet implemented Atomic swap feature will be a game-changer feature that will make Bitcoin more popular among crypto enthusiasts. Presently this new feature is being tested; by 2020 end this new feature may be added. Apart from these features, there are numerous bug fixes lining up for the network.
Developers are also working on numerous ways to decrease the energy consumption for the Bitcoin mining process. Crypto mining is hugely popular around the world but its energy consumption is a concern. The year 2019 will see more merchants accepting this popular digital currency, luring people to use Bitcoin. Since the implementation of SegWit, there has been a drastic increase in transaction speed and a decrease in the Bitcoin transaction fee. Though the price of Bitcoin is hovering around $9,790 while writing this article, the Bitcoin price surge is around the corner. True Bitcoin believers have been supporting this dominant digital currency for years, now that new features are adding the stage is well set for next Bitcoin Bull Run.
Aren’t you excited to know about these new Bitcoin features and changes?