Top 4 Nano Price Predictions for 2018 ~ InvestingPR.com InvestingPR.com

Top 4 Nano Price Predictions for 2018

When Bitcoin first arrived on the scene, it promised an amazing world of cheap, instantaneous and private transactions, free from the external control of banks, governments, or any other third parties. Since then, cryptocurrency developers have been chasing that dream by creating new algorithms, authorization methods, and encryption technologies. Nano is one of the attempts that has come closest to achieving that dream. Focused solely on processing transactions, it is designed to offer free and practically instantaneous transactions. It is not alone in this quest, with many strong competitors, but it has a number of advantages, though with its own set of drawbacks. This article offers an analysis of the coin complete with several Nano price predictions for 2018.

What Are the Nano Price Predictions for 2018?

Practical Application of Blockchain Principles

The first cryptocurrencies wanted to offer their users quick and frictionless transactions with minimal fees. Over time, that has proven to be a difficult thing to do, with currencies suffering from scaling difficulties, security breaches, and high transaction costs. Nano aims to solve all of these problems, advertising itself as having instantaneous transactions, zero fees, and being infinitely scalable.

These qualities alone put it above many of the other cryptocurrencies now dominating the market, such as Bitcoin. It is also focused specifically on just being a transaction cryptocurrency. There is no added information overhead such as in Bitcoin, or a separate programming language that serves as a base for further apps, like Ethereum.

See: Top 3 Ethereum Price Predictions for 2018

This allows Nano to remain lightweight and quick to process, which enables its fee-less and instantaneous transactions. Its branching blockchain also allows it to easily scale, which solves some of the problems that both Bitcoin and Ethereum suffered recently.

More importantly, Nano developers have focused on making it very user-friendly, including for both crypto enthusiasts and users in the real world. The current major milestone being worked on is integration with point-of-sale hardware and smart cards, which will allow Nano to be as easy to use as conventional currencies for both buyers and sellers.

This tight focus on a specific problem domain and emphasis on practical applications provides Nano with a strong fundamental demand base, giving us some positive Nano price predictions. It has hit a recent low of $2.20 as a result of the general cooling of the market, but has been on the rebound in the last few weeks.

Recommended: Top 4 Bitcoin Price Predictions for 2018

As new applications roll out and adoption increases, a steady growth can be expected, putting Nano up to as much as $10 or $20 by the end of the year if the current trends hold. A stronger rebound of the crypto market could push it up even higher, as could a stronger showing by Bitcoin as well.

Hacking Scandal

It is impossible to discuss Nano price predictions without mentioning the big recent scandal that Nano was involved in. As a result of a hack on the BitGrail exchange in February, almost $200 million worth of Nano was stolen from investors, who are now pursuing an aggressive legal strategy to force a hard fork and recoup their lost assets.

As a result of the scandal, Nano prices have collapsed rapidly. It did not help that this occurred during a general cooling of the market, which pushed Nano down even further together with other cryptocurrencies. As a result, combined with its unusual structure, Nano is facing issues in getting listed on major exchanges.

For dedicated enthusiasts, this is not a problem when it comes to investing in a potentially profitable new technology, but Nano’s success relies on adoption by a wider user base, which is ultimately going to prefer getting their currency from larger exchanges. This limits the currency’s growth potential.

In terms of long-term Nano price predictions, it is unlikely that we will see strong growth until the security and fee structure concerns for exchanges are addressed. If they are not, then Nano is likely to end up closer to the $10 end of our predictions for the year, while rapid buy-in from exchanges could put it over the $20 mark for the same period.

Fortunes Tied to Bitcoin

Nano’s success in big picture terms can be reduced down to a simple question: will people be comfortable with using a cryptocurrency to pay for everyday goods and services. If the answer is yes, then Nano’s success becomes more a matter of “when” rather than “if”.

On the other hand, if the answer is “no”, then even the incredible technological advances made by the Nano team will not be enough to secure a position among dominant cryptocurrencies. In order to see the public’s view on using cryptocurrency, one only needs to turn to Nano’s oldest competitor – Bitcoin.

As users become more comfortable using Bitcoin for purchases, its price rises, which in turn signals that a market exists for Nano’s technology. As such, the price of Nano is closely linked to that of Bitcoin. Historically, it is easy to see Nano’s price track Bitcoin’s on the charts.

For most enthusiasts, it is clear to see that Nano is likely to overtake Bitcoin in the long term, but for now, Bitcoin forms a weathervane for the future direction of Nano. If Bitcoin proves to do well in the coming year, Nano will get the benefits of it, but if Bitcoin continues trending downward, then even Nano’s inherent growth is likely to get drowned out in the general market movement. This gives an additional hedge to our Nano price predictions for 2018, as it is difficult to project Bitcoin’s price fluctuations this far out, but if it does well, then so will Nano.

Consensus and Centralization Issues

Nano is a very innovative project, with many new approaches to old problems that have plagued cryptocurrency solutions for years. However, those new approaches come with a few issues of their own. One of the major ones are the issues that a decentralized branching chain is likely to have with consensus, as well as the network’s vulnerability to centralization.

In order to validate transactions, Nano relies on validator nodes, which are quite expensive and require a lot of computing power and bandwidth. However, at the same time, there are no real incentives for users to run validator nodes, as there are no transaction fees being paid out.

Furthermore, because there is no incentives for most users to run one, it is very easy to imagine a scenario where one entity ends up in control of a large enough section of the validator node network to exert control over the network, up to and including pushing fraudulent transactions.

These concerns point out just how early in the development process Nano currently finds itself. While those questions remain unaddressed, Nano is not ready for prime time. Investors are advised to remain positive regarding Nano’s long-term potential, but it is unlikely to see major adoption or price explosion in the near future. The technology is simply not ready yet.

Conclusion

As with most ambitious cryptocurrency developments, investors into Nano are likely to be looking well into the long term. With its many innovative technological features, Nano is clearly posed to be a strong player in the coming digital economy, but its many practical flaws leave it a little under-equipped for building a strong user base today. But as development continues, patient investors are likely to reap significant winning from betting on Nano’s success. Do you agree? Give us your take on Nano price predictions below.

(Visited 144 times, 1 visits today)


Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.