Crypto is still bringing people together. For example, in 2022, a small town in rural America came together to form a community-wide mining operation to get through the economic downturn. Who would’ve guessed it: a bunch of farmers and woodworkers mining Bitcoin?
Positive stories aside, 2022 has been a historically bad year for cryptocurrencies due to a number of high-profile hacks and scams, which have shaken investor confidence and led to a drop in prices. The market has also faced a bearish trend due to market saturation and too many projects.
Despite these challenges, many investors and analysts are still hopeful about the future. But as you’re saying farewell to 2022 and welcoming 2023, there are a few things you should know: from the public perception of scams to the best cryptocurrencies to invest in 2023.
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1. The public is better at recognizing crypto scams and fads
“Many individuals and organizations have made efforts to educate the public about the dangers of crypto scams and how to spot them”, reports CNBC.
It’s getting more difficult for scammers to lure people in because of increased awareness and education. Additionally, regulators and law enforcement agencies are cracking down on crypto scams and taking steps to remove and prevent the spread of scam-related information. So, we’ll probably see fewer scandals in 2023.
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2. The technology is getting better
The crypto industry is seeing a lot of innovation and advancements in both technology and UX, which is making it more accessible and user-friendly. For example, projects like Uniswap and Aave now make it easier for users to access DeFi services.
As more resources and talent are poured into the crypto space, you’ll see significant improvement in 2023 crypto.
3. Scalability and privacy are still the biggest concerns
“Imagine if all of your Amazon purchases were visible for the world to see. Thanks to the boring internet infrastructure work of SSL encryption, we can shop online safely. That’s entirely missing today from the blockchain ecosystem,” says Paul Brody, the executive at Ernst & Young. “That’s job #1.”
Scalability and privacy issues will still haunt cryptocurrencies in 2023. Both of these concerns are actively being addressed by developers and researchers in the crypto community. But there is still much work to be done to ensure that blockchain networks can scale and provide adequate privacy for users.
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4. Ether is likely to outperform Bitcoin again
Everyone in the crypto space is asking, “what will Ethereum be worth in 2023?”, as well as “what will Bitcoin be worth in 2023?”. It’s impossible to predict the exact number, but many things suggest that Ether will outperform Bitcoin in terms of percentage gain. It has done it before, and it’ll probably do it again.
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If you were to choose between the two, go for ETH. Its flexibility and potential for more use cases make Ethereum a more attractive option for developers, investors, and businesses.
5. Cryptocurrencies that will explode in 2023
Ethereum and Bitcoin are always in experts’ rosy predictions. But aside from these major coins, which cryptocurrency will rise in 2023? There are at least three to keep an eye on:
- Polygon (MATIC) aims to provide a more scalable and user-friendly experience for dApps by using a system of sidechains to offload transactions.
- Toncoin (TON) is developed by Telegram, a popular messaging app, to provide file storage and micropayments.
- Quant (QNT) aims to create a decentralized data marketplace where users can buy and sell data securely.
All three projects are actively developed and have their own use cases and potential. However, it’s important to note that the crypto market is highly speculative and risky.
In conclusion, many investors believe the long-term potential of crypto far outweighs the short-term setbacks and volatility. In other communities, opinions are more divided; but ultimately, time will tell.
Sources:
Scammers have been around forever. Then came crypto, Grid News
Bitcoin, Ether did better than you think in 2022, CoinDesk
5 cryptocurrencies to keep an eye on in 2023, CoinTelegraph
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