Reasons: Why Crypto-Currency Here To Stay

  • By xcrypto
  • November 1, 2018
  • Comments Off on Reasons: Why Crypto-Currency Here To Stay

Crypto-Currency

 

Crypto-Currency is just the first application of the blockchain technology as;

the proof-of-concept.

However, the upcoming future applications of blockchain  will not be

isolated from cryptocurrencies,

they will use cryptocurrencies as their base layers.

As, there is an increase in the number of people get involved

with cryptrocurrencies in many ways.

Not only the professional investors or traders but also the retail particulary

that keen an eye on the industry.

Right now, the crypto market facing the bull-bear situation from its all time high.

Where, its not just “Bitcoin” they are looking at but the whole crypto-space.

It’s based on a global, trustless network, and it’s worth 500 billion dollars.

 

Despite this lucrative sum of money, Bitcoin itself has never been hacked.

The crypto-space has continued to develop with initial coin offerings (ICO).

Initial coin offerings (ICOs) are a way for companies to raise money

by issuing a new digital token in exchange for CryptoCurrency

such as bitcoin or ether or any.

 

There is a clear risk with ICOs as many of the companies are looking

to raise money without having any products made yet.

In several jurisdictions, regulation around ICOs is in a grey area,

but some countries have looked to bring them into the regulatory fold.

 

Cryptocurrencies are the champions of innovation.

 

“Cryptocurrencies are the face of the innovating maelstrom around blockchain

technology that is bringing both massive price volatility and

a constant trial-and-error of new products try-outs and also failures.”

 

Blockchain:

 

Crypto-Currency

Blockchain, the technology behind most cryptocurrencies —

is so revolutionary because it allows to exchange value directly between parties.

It doesn’t require that these parties trust each another,

or that they trust an intermediary.

 

Because, it replaces trust in central organizations with trust in source code.

 

Only the large and open blockchains backed by valuable platforms that

provides sufficient amount of trust for large-scale projects.

 

The blockchain technology allows to scale governance to a large number of people.

 

Therefore the answer is “almost anything that governments and

corporations currently do, and more.”

Because of smart contracts, people will be able to participate in

decision making directly, by voting with their tokens.

At the moment, we continuously hear concerns from the many

who are feeling left out of the “control loop” over their countries, lives,

and the future in general.

For good or for bad, blockchain-based technologies provide an option

for the average citizen to become more directly involved in decision making.

It’s up to us to make the political decision whether to use this option.

Almost in any case, those with more money and influence will be able

to capitalize on their powers through also obtaining larger stakes

in the upcoming decentralized autonomous

organizations of the future.

 

 

Why The Existence Of Crypto-Currency Is Important:

 

-A report released today by consulting firm Greenwich Associates says

that over 70% of institutional finance executives surveyed believe that

cryptocurrency will have a place in the future of the industry.

 

The new survey found that the majority of the 141 institutional investment

executives it polled believe that a regulatory framework will develop

around cryptocurrencies.

Almost, Leading to growth and innovation, or that a few Crypto-Currencies will

survive and thrive, even more if many others fail.

10% of respondents believe that cryptocurrencies will remain

a fringe asset class without mainstream adoption,

and another 10% said that a regulatory crackdown

will eliminate the market altogether.

 

-Also, In the report of J.P Morgan Bank;

the bank agrees that cryptocurrencies are here for good and

it would take a lot for them to just disappear from today’s financial space.

 

“Crypto-Currencies are in contrast to disappear completely and

could easily survive in varying forms and shapes among players.

Who desire greater decentralization, peer-to-peer networks and anonymity,

even as the latter is under threat.”

 

It goes without saying that the technological advancements that

cryptocurrencies have brought us are immeasurable.

J.P. Morgan acknowledges that, saying

“the underlying technology for cryptocurrencies could have the greatest

application in areas where current payment systems are slow, such as

across borders,  as payment, reward tokens or funding systems

for other blockchain innovations and the Internet of Things.”

 

Its not just the J. P Morgan but there are many other banks that

appreciate cryptocurency and blockchain.

 

-According to the New-York Based bank,

“Blockchain can be applied in not just the financial world, but others as well”.

 

The Fundamentals :

 

What Crypto-Currency Has Going For It?

 

Crypto-Currency

While the internet enabled the peer-to-peer exchange of digital communications,

blockchain technology enables the peer-to-peer exchange of value,

without needing a trusted third party to authenticate transactions.

 

Blockchain technology instead provides a system of trust vested in a process:

of open source software, a digital peer-to-peer transfer system,

checks and balances, math-based incentives, software encryption,

and an online chain of public transaction records.

 

Blockchain technology thus promises a myriad of applications to

instantaneously transact,  initiate contracts, update ledgers, or share databases,

in a way faster and cheaper than current alternatives.

 

While, Bitcoin represents the first blockchain application and

the first cryptocurrency, promising secure, efficient digital payments.

 

At its current stage, Bitcoin has particular appeal in emerging economies that

lack a secure, robust system for financial payments.

 

Both digital payments and cryptocurrency represent only one of the countless

potential applications of blockchain technology.

 

As Bitcoin and other cryptocurrencies evolve to achieve “scalability,”

to process tens of thousands or more transactions per second,

even more applications will likely proliferate that integrate Bitcoin and

other cryptocurrencies, as notably in the rapidly evolving fintech space.

 

 

Why Crypto-Currency is here to Stay???

 

1. Meeting World’s Needs:

Crypto-Currency

There are regions where many consumers have a strong incentive

to transact in cryptocurrency.

 

Either because their country’s current banking payment system

is inefficient and unreliable, and they lack a bank account altogether.

Globally, 1.7 billion adults remain unbanked.

Two-thirds of them own a mobile phone that could help them use cryptocurrency

to transact and access other blockchain-based financial services.

 

According to the Data of Developing World Consumers,

to cryptocurrency as a transaction medium.

The Asia Pacific region has the highest proportion of global users of cryptocurrency

as a transaction medium (38%), followed by Europe (27%),

North America (17%), Latin America (14%), and Africa/The Middle East (4%),

according to a University of Cambridge estimate.

 

Although the study’s authors caution that their figures may underestimate

North American’s proportion of global cryptocurrency usage,

they cite additional data from LocalBitcoin, a P2P exchange platform,

suggesting that cryptocurrency transaction volume is particularly growing

in developing regions, especially in:

-Asia (China, India, Malaysia, Thailand)
-Latin America (Brazil, Chile, Colombia, Mexico, Venezuela),
-Africa/The Middle East (Kenya, Saudi Arabia, Tanzania, Turkey)
-Eastern Europe (Russia, Ukraine).

If the Blockchain develop such easy system and facality to use cryptocurrency

in order to buy and sell goods or services.

At lower cost and in expanded markets then the young people

will respectively come to age with new technologies.

 

2. An Alternative To Governments And

Central Banks:

 

Fiat currencies have no intrinsic value as they are supported by trust in governments and central banks.
Cryptocurrencies, on the other hand, are supported by distrust in governments

while one can used to hedge the other.

 

Governments and central banks around the world clearly don’t have

the best interest of their citizens in mind.

Through the history, this has always been the case for some countries.

Now, for the first time in history, citizens of these countries have the choice

to opt out of their systems —

for example, by storing their savings in cryptocurrencies instead

of a hyper-inflationary fiat currency.

The oppressive, corrupt or incompetent governments don’t have as

much power as they had before.

These governments have a competition, in the form of alternative

providers of financial and even more other service,

on which the governments so far has had exclusive monopolies.

 

They cannot easily censor or shutdown their private competition anymore,

due to it’s based on a resilient and distributed technology:

while, there is no single central point to censor or shutdown.

 

3. Financial Opportunities:

 

Crypto-Currency

 

Making bank off of different forms of finance is not a new development,

a process going on for thousands of years.

 

What is new, is the opportunities which crypto represents.

As a new development, this is one of the few opportunities which modern mankind

has ever had to get in on the launch of a new global currency

and maybe its surrounding infrastructure.

 

This has opened up an entirely new world of possibilities,

with many proven success stories and well-respected authorities

like MoneyUnder30 detailing how new and even more experienced users

likewise are able to capitalize for significant financial rewards.

 

 

4. The Power Of Versatility:

 

Both major and minor cryptos have long since also moved from creation

into widespread acceptance.

 

Similarly, we have now reached a place where a significant proportion

of industries are starting to realize the potential.

 

Initially hampered by an unsure public, crypto now enjoys many of the

same possibilities of fiat currencies, including the ability to purchase a wide range

of goods through websites like OpenBazaar, to travel, and even more in real life restaurants.

 

Although a powerful purchasing tool, crypto is becoming more desirable every day,

with even better acceptance and adoption being a matter of when not if.

 

 

5. Moving Towards The Inevitable:

 

Crypto-Currency

With so many forms of crypto on the rise, the only real question which

remains is how far this new form of finance could go.

 

A much-increased interest, visibility, and also acceptance within the technologically

uninformed is an inevitability, but as a result the end point is much harder to predict.

 

The world has never seen a form of finance quite likewise crypto before,

which makes users all the more excited for the possibilities which the future holds.

 

6. Bringing the Technology to Scale:

 

Bitcoin and certainly other cryptocurrencies are still developing the

capacity to function at a mass scale,

due to which process tens of thousands of transactions per second.

 

But technology such as Plasma, built on Ethereum, and the Lightning Network,

a second layer payment protocol compatible with Bitcoin, are being tested.

That could enable cryptocurrencies to execute almost faster, cheaper payments

and settlements than any other payment method.

 

Making cryptocurrency even more scalable would probably

unleash an explosion of new applications.

 

For the reason, that would boost adoption by allowing consumers

and businesses to more easily take advantage of Crypto-Currency.

 

It can be integrate with debit and credit payment systems – again,

to execute transactions, update mutual ledgers, execute contracts, and access records.

While, Such financial activities would likely happen more quickly,

cheaply and efficiently.

 

Because there would be no banking

intermediary needed to validate the transaction and take a cut of the fees.

This could improve the cost and efficiency of commerce – between businesses,

between businesses and consumers, between governments and consumers,

between non-profits and consumers and even more

in every combination thereof.

 

The seeds for this transformation of commerce have been planted,

and it seems like the internet before it, can innovate in ways

we can’t fully anticipate.

 

Crypto-Currency

Conclusion:

Crypto-Currency are Poised to Change the Business World.

 

Because of all the several reasons the existence of Crypto Currency

is the most noteworthy.

While there are also many another reasons too.

 

Although as blockchain technology faces challenges;

“the technology is changing many sectors in the U.S. and around the globe,

from financial services and healthcare, to international shipping and economic development.”

 

According to Accenture, “The use of blockchain technology by

financial institutions already reached the early adoption phase in 2016.”

And it’s estimated that fully 10% of world GDP could be stored on

blockchain technology by 2025, according to a World Economic Forum

(or by 2027 according to Deutsche Bank.)

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