As you might imagine, the year of 2020 has been a challenge for every industry. Very few industries, outside of perhaps sofa companies and video call software developers, have found this year to be a boom year. Most industries have found themselves in trouble, and even strong industries such as the cryptocurrency industry has seen a bit of a drop-off. This kind of challenge, though, is supposed to breed innovation: has it?

What has changed in the year 2020 for Bitcoin? And have the changes been a positive overall?

A new view of cryptocurrency

2020 has posed a raft of questions to society as a whole, and one major question revolves around what kind of currency we wish to come out of the COVID-19 crisis using. One discussion has been around the solidity of the cryptocurrency industry, with many of the cryptocurrency names out there coming through a March drop-off in value to resurgence for the vast majority of the year.

Once seen as a form of gambling by many, today it is fair to say that Bitcoin and cryptocurrencies as a whole have a new, more trustworthy perspective in the eyes of the public.

New rivals in town

One of the most interesting challenges that we have seen in the year of 2020 is the raise of alternative coins to Bitcoin gaining traction. While this has happened for many years, altcoins are beginning to genuinely draw enough interest that Bitcoin might not remain the main show in town for much longer.

As we move into 2021, you might find that new rivals start to pop up who can legitimately challenge Bitcoin, creating new opportunities.

A software revolution

This year has shown us that the current way of managing finances is not sustainable or going to be retain the guarantee of safety for the majority. For that reason, many forms of cryptocurrency are looking to make getting involves easier, developing software to do just that.

For example, the official BitQT Software has all the tools and features that one would need to get a quick and effective taste of what using Bitcoin can be like, and how easy it is to use.

Stable currencies are rising

Alongside other cryptocurrency options from third parties, we are seeing some pretty impressive Central Bank Digital Currencies rise up and take their place on the market at the moment. For one, we are beginning to see programs such as Tether gain massive traction, with the rise of the ‘stablecoin’ creating a whole new challenge for the likes of Bitcoin: a hybrid cryptocurrency that is backed by something tangible, just like ‘real’ currencies are.

Lightning Fast

One of the biggest changes for Bitcoin, though, has been the development of the Bitcoin Lightning Network. This has been a long-running plan, but it looks very much likely to become a genuine industry tool in the next few years.

It will make it much easier for transactions to made in lightning quick time, ensuring that lightning transfer speeds can become the norm and ensure that one of the major issues with cryptocurrency can become eradicated in the long-term.