How and what will crypto do to gain true acceptance?
Apr 05, 2018 Posted / 1016 Views
Cryptocurrencies have managed to be in the limelight for long now. And because of many reasons like this, they have always managed to score some very good points be it their not accepted status or their falling prices or the dynamic fluctuations in its price.
This has led many people into believing that cryptocurrencies are quick money and return is almost instant. Their dynamic nature is something which won’t provide any simplicity to settle in.
Earning through bitcoin is not only exciting and full of learning, but comes with an associated risk too. What happens wrong is that people sometimes blindly depend on them, and enter into micro earning, not realizing its feasibility to them.
For blockchain to grow in the current financial markets, a lot of acceptance has to be brought and not just by the government, but by the people too.
To give you a quick understanding of the term “adoption” here is a glance:
After the prices for bitcoin started falling in 2018, all the media coverage has gone for a toss. What seemed like an overrated trend, now doesn’t even exist and is difficult to be found. Still there is something which holds all new investors, and in fact is building on its strength to gain more and better people.
The hype is low, and so is the adoption. People are now getting swayed by its unrecognised status and hence, the government regulation and the tag of not being a “Scam” is suddenly more important than ever. It is something which holds the pottential to hold a lot of influence over the masses.
When one talks about investment, the crypto currencies available already have started enjoying a lot of attention and early maturity stage. The liquidity has simply increased and is free flowing allowing allowing the increase in capital investment. In 2017 alone, the total crypto market the total valuation of this market raised from $18 million to half a trillion dollars which is not only huge, but quick too for something which is this new. Coinbase, a japanese cryptocurrency exchange, recently reached more than 10 million users worldwide and became the most downloaded app on the U.S. Apple Store.
What are the numbers?
When one looks at tit form a technological point of view, the growth is still slow and stagnated and has a lot of potential to grow.
Due to the availability of fewer crypto specialists, the growth of many crypto-projects has been limited. Issues like scaling are the one which still remain the core of all the problems and have to be sorted out ASAP. it is still observed that the current blockchain networks are still not capable of handling the high transaction volumes that could rival that of large industries and financial institutions.
If the right scaling solution is not brought about, a lot of loss to the goodwill of blockchain will be suffered. This has already started to happen as a lot of cryptocurrencies are now running on Ethereum than on blockchain, creating an alarming situation.
The early stages of development
There is still a lot of time for crypto to evolve and come about. Even if the plattform is promising and the enjoys the status of perfection, it still has a lot of scope of improvement and can always move ahead. All cryptocurrencies which are currently out yet are constantly being improved and the cycle keep going on unless the change is satisfying for quite longer time than simply a year or two.
Usage and scalability
Cryptocurrency rin today’s time are a privilege and not every consumer has the ability to operate on them, or for that matter even own them. It has to simplify a lot and create awareness about itself as well.
Making the crypto scalable is what the designer or the cryptographer looks forward too. For them it is difficult to convince the user to switch to a new product instantly, unless the RoI is too great to overlook.
Future of Crypto
Blockchains or ethereums are not the only crypto which will survive in the end. There will be many, and there already are many. What is to be noticed is that they are all the more latent but will rise up soon and fast.One of the biggest benefits blockchain technology brings is decentralization, and having one supreme chain would not only provide a level of centralization, it would (at least for the near future) be inefficient.
The scope however is too far reached and can work on a plethora of platforms and can widen the operating ecosystem for it too. They for sure hold the capacity to run internet like the many of the present internet giants.
Investment in them should be controlled and reserved, but investment to build them is always a fair chance and should be given a go ahead.
Control on Blockchains
Sustainability and customer education
What is a blockchain? It is nothing more than a digital ledger. It not only records the transaction of all the participants on the network, but also puts them in the loop, avoiding any kind of mallactivity of wrong information, which makes at least the money to be trailed, if not tracked.The transaction happens in a chain and not on paper, hence making it viable and reliable both. The best part of it is that since the system is distributed and encrypted, it’s difficult to tamper with or hack.
Not just this, but making these technology financially self sustained should be the ideal and the ultimate goal so that working on them makes it easy and can go down longer.
Crypto currently enjoys the status of ultimate brainy privilege and is not open for any average human being to deal in. Making the consumers aware of the usage and the science behind using the crypto will help it in the longer run, making it more sustainable and easy for the common average man to use and trade in.
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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