Over $1 Trillion in Cryptocurrency Transactions Expected in 2017

A study from UK-based consultancy Juniper Research has found that the value of cryptocurrency transactions is expected to surpass $1 trillion in 2017, more than 15 times the level of 2016.

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The study is called "The Future of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term: Key Vertical Opportunities & Deployment Strategies 2017-2022". It reports that transaction values in the first six months of the year surpassed $325 billion, driven by the dramatic increase in Ethereum which saw it account for two-thirds of cryptocurrency transaction value in that period.

Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term are now typically seeing daily trades well in excess of $2 billion. Meanwhile, the research found that Litecoin experienced a surge in volume and if current levels are maintained it should exceed $100 billion in transactions this year.

Beyond volume

The research cautioned that a second planned fork in November, when the SegWit2x scaling solution is due to be implemented, may prompt a split in the community, potentially leading to depreciation.

According to research author Dr Windsor Holden: “There is no resolution in sight to the continuing and fundamental disagreements between many Bitcoin miners and Bitcoin Core developers over the future of the cryptocurrency. This in turn could lead to uncertainty about Bitcoin’s future and downward pressure on its valuation.”

The research, which also focused on new use cases for blockchain, claimed that ultimately the brightest prospects in the sector came from deployments of private blockchain technologies for permissioned ledgers, rather than the public chains running cryptocurrencies.