With the arrival of The Internet of Things (IoT), the world of online technology has seen a change, it has transformed the world into a gigantic, ever-evolving information exchange and online transaction cryptocurrencies such as Bitcoin and Ethereum are now commonplace. The number of Bitcoin investors around the globe is increasing and Bitcoin is on the verge of entering the general financial market. This has prompted The Chicago Mercantile Exchange (CME), currently the world’s largest derivatives exchange, announced on October 31 2017 that it plans to begin initiating the futures trading of Bitcoin. This development is yet to have the approval of the US Commodity Futures Trading Commission (CFTC), but the futures trading of Bitcoin is widely expected to commence, considering the CFTC’s tendency. When Bitcoin is finally traded on the futures market, interest in Exchange Traded Fund ETF is expected to also increase. In several financial media, the world regards Bitcoin as “the key currency of cryptocurrency” as Bitcoin is being included in new investment assets by key investors.
Why Invest in Crypto?
As far back as July 2010 Bitcoin was traded for $0.08, in five days, the price grew 1000%, rising from $0.008 to $0.08 for 1 bitcoin. By July 2011 Bitcoin was being traded for $31.00. From January to November 2017, the value of Bitcoin has risen by more than 600%, during this period in time, investments in gold and silver futures stopped rising at 11% and 7%, respectively. However, cryptocurrencies are not yet recognized as a formal form of currency (fiat), but successful trading in the CME means that they are recognized as investment products such as gold.
The number of businesses accepting cryptocurrencies continues to increase as it gains more legitimacy among lawmakers and legacy financial companies. For example, Japan passed a law to accept bitcoin as a legal payment method, and Russia has announced that it will legalize the use of cryptocurrencies such as bitcoin. Trading in cryptocurrencies still has a high volatility risk and even now, prices are fluctuating in a short period of time. It is not assured whether cryptocurrencies will become a stable payment method anytime soon. This hasn’t stopped short-term investors from putting a high value on it as they consider it a useful asset in everyday life. Cryptocurrencies are expected to have better everyday use than gold or silver.
The Future of Altcoins
Investments in altcoins (alternative to bitcoin) such as Dogecoin, CryptoNote, and Ethereum has also grown steadily. There are some good reasons to pay attention to emerging alternate cryptocurrencies, as the different cryptocurrencies function more or less effectively in different scenarios. For example, while Bitcoin’s ingrained anonymity strikes a fine balance, a user who wishes to have a higher degree of anonymity has the option of CryptoNote, which promises near-total privacy via built-in one-time wallets and group signatures. While Freicoin is often used in situations where deflation is not ideal, and currencies like 4C can be used to tackle political issues like global warming.
Ethereum is a very clear altcoin leader in the first half of 2017 and with its technical superiority, it was expected to beat Bitcoin or at the very least, stabilize itself as the second largest currency in the market. This wasn’t to be and although ETH / BTC ratio reached 0.15 in June, it currently remains at 0.058. So far, it has been affirmed that no existing cryptocurrency can be used in daily life that is capable of replacing Bitcoin.
Welcome HDAC, the Future of Blockchain Transactions
Hdac solves the problem of current cryptocurrencies such as Bitcoin and Ethereum, it is linked to everyday life and serves as a cryptocurrency that will have uses far beyond just an investment method. It is predicted that the cryptocurrency digital innovation will prosper and the fourth industrial revolution will create a highly connected society where digital currencies will play a major role. The Hdac protocol utilizes advanced technology by merging veriﬁed encryption currency, the blockchain, and IoT (Internet of Things) and is expected to vitalize the future community. Hdac is not just an investment cryptocurrency, its developers realized that the success of cryptocurrency depends on how frequently and conveniently it will serve in everyday life. Hence, Hdac is widely used as a payment method that enriches daily livelihood.
Hdac is based on the IoT Contract platform which promises a much quicker transaction speed than other virtual payment methods today. Funds can be transferred almost instantaneously onto another IoT device environment using Hdac. The goal of this system is to dramatically improve the process of payments in contracts, settlements, loans and investments, taxes and bill payments. Hdac is poised as a trustworthy solution in the upcoming fourth industrial for efficient payments, an integrated blockchain and IoT Transaction innovation.