Cryptocurrencies: Infinite Opportunities And Equally Important liabilities.
Apr 17, 2018 Posted / 2537 Views
The long-lasting bubble of Bitcoins seems to have burst, over a past few days. Almost 60% of the value of the Bitcoin has fallen from its all-time high of $19,783, way back in December 2017. Currently, the price is humming at $8,524. The Bitcoin price had fallen down even previously and has proven to be volatile, but there's always a possibility that it would regain its value. In order to predict the future digital market, experts have been trying to study the graphs for well long time.
Cryptocurrencies are not just digital assets they are a promise to the investors for the betterment of the world. From a financial point of view, the profits would not require a huge investment of time. It is nothing but a product which has the capability of enriching its value by itself. The advent of cryptocurrencies has completely changed the view of finance and economy which the world had never seen before. Moreover, the concept on which the cryptocurrency is our founded is itself very prodigious. Blockchain Technology actually brings more freedom and security to the internet community.
Currently, the cryptocurrencies are in the situation similar to that of the medieval world. It undoubtedly is lacking hardcore standards. Also, the forms of the market created by the cryptocurrencies are also not stable, to which the media and the news propagators don't play an important role. Even after a decade of the invention of the technology many experts say that we are adjusting in an infancy stage. Blockchain technology is surely Revolutionary but practically still it is experimental. A recent study was conducted to rate the cryptocurrencies based on there adoption by the public and risk/benefit ratio.
The rating was done on a scale from A to F. Bitcoin the oldest cryptocurrency was the only one which entered the B- grade and no other cryptocurrency could make it.
Ethereum was rated at C+. These two cryptocurrencies where evaluated a number of times. Speed and scalability are the major issues of these currencies. Some of the cryptocurrencies like Cardano or EOS, with advanced technology, are still at younger stages. The study stated above was highly criticized by the cryptocurrency community.
The study stated above should not be misunderstood as a criticism to various cryptocurrencies. It is highly notable that the blockchain technology solved one of the most serious problems of the time, the IT security, with an inexpensive solution. Basically, a blockchain is comparable to the shared ledger and distributed Technology. Which indirectly means that there is absolutely no need to install huge servers in the cold and Scandinavian regions of the world to avoid overheating. The blockchain technology converts the nodes of the network only into mini servers.
Even at this point, the problem with the huge servers is its vulnerability towards the constantly motivated hackers. The concept of the distributed shared ledger introduced by the blockchain technology assumes that the hacker who wants to tamper the data must simultaneously attack majority the nodes of the network. This is more than a warship attacking a central server.
The possibility of applications of this technology is almost infinite. In this technology, the concept is really democratic since the power is distributed among the majority of the people also there is no way to manipulate the power. It is it can be applied to various fields like health, cybersecurity, elections and the list goes on.
According to studies, Bitcoin is adopted only by 1% of the world population. It is also estimated that practically only 20% of the world population would have adopted Bitcoin by the year 2030. Since the blockchain technology is not centered towards the economic model it is open handedly welcomed by the variety of fields for its application.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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