The Relevant Question Here Is: Is The Cryptocurrency Dead For Good?
Skeptics commend that cryptocurrency is dead for good. Find out if it is true from this write-up.
The Situation InCryptoCurrency Trading
The fact is that since it was created nearly a decade ago, Bitcoin and the cryptocurrency market it spawned have faced a constant stream of doomsayers thereby declaring the coin dead or headed for obsolescence. Thereby ten years later, a single Bitcoin is worth four figures and appears to have found some stability in tandem with its growing maturity. Here the same can’t be said for the sector that now includes thousands of coins and tokens where each of which exhibits a varying degree of success.
Therefore for all their promise, the cryptocurrencies still can’t seem to break into the mainstream with still very few merchants accepting crypto payments, and most financial services continuing to be settled in fiat currencies. Thereby critics say crypto may have been a flash in the pan. The signs are clear for supporters that even with the current culling of the crypto ranks, the sector will emerge stronger.
What Do The Skeptics Say
The truth is that thereafter, the number of those cryptocurrencies on the market is lying somewhere above 2000 as it should be a clear signal that the sector is booming but the numbers are deceptive and according to a CNBC report there are more than 800 of those are essentially dead as they’re worth less than a penny. Regarding those that remain only a small number are relevant as not to mention reports of rampant scams and fraud in the initial coin offering market, there are other signs of trouble for the sector.
Here is where the trouble starts as the Bitcoin is the cryptocurrency facing substantial difficulty after reaching stratospheric heights with a near $ 20,000 valuation. Thereafter Bitcoin prices came crashing down and have struggled to reach its previous highs. It is then added the value of crypto transactions carried out which was astronomical in the first quarter of 2018 collapsed by nearly75% during the second quarter. This is where due to lack of acceptance, especially in the investment arena it can partially be attributed to the US SEC’s denial of more than a dozen applications to list Bitcoin exchange-traded funds. Whereby more importantly the leeway and freedom cryptocurrencies enjoyed as unregulated commodities are rapidly coming to an end. Here there’s been a drastic upswing in regulatory efforts as with countries across the globe taking a more serious and deliberate stance. Whereas according to this, many skeptics say it could be yet another nail in the coffin stifling growth and limiting the sector’s true potential as a disintermediating force.
The Argument for Cryptocurrencies
Consequently, Bitcoin prices as well as by extension most other cryptocurrencies indeed crashed in early 2018 where the volatility that once defined the market appears to be gradually fading with the bad news for speculators comes as a piece of excellent news for institutional investors who many believe are the key to unlocking crypto’s future. It was observed that thereafter these cryptocurrencies and blockchain, in general, are starting to garner more of the mainstream adoptions as merchants remain wary of digital currencies banks, major tech firms, and other corporations already started employing them.
According to the Ceek VR CEO, Mary Spio, cryptocurrency is nowhere near dead, as it’s just scratching the tip of the iceberg toward mainstream adoption when companies offer purposeful real-life value and integration of cryptocurrencies we begin to see the next wave and resurgence of cryptocurrency. Here the concern is all about creating more natural demand as well as less speculation and hype. It may indeed seem that many of the cryptocurrencies that have faded were those based on hype and little else. This is where while many have shot down the idea, that Bitcoin and the crypto market are mainstream the sector is determined to prove them wrong. Hereafter cryptocurrencies may still not be a standard for payments and value exchanges where the technology that underlies them blockchain is quickly becoming a standard in different sectors and industries.
This is where perhaps more crucially the services these tools provide are all based on and powered by cryptocurrencies and tokens. Therefore as companies continue to fix pain points, and uncover new frictionless solutions to an old problem with blockchain, crypto will flex its muscles even further.
The Bottom Line
Subsequently despite its many doubters and doomsayers, the crypto market has continued to plug along and thrive as where prices have fluctuated wildly and in some as enormously to the downside as the sector is finally starting to stabilize and increasingly appears to be leaving its infancy behind.
Therefore as more companies discover users for crypto and blockchain and more users accept them as a way to simplify their lives, it is sure they will remain a central point of conversation in technology. Hereby more interestingly as it better demonstrates its value in a variety of situations, from banking to buying coffee, the technology will further ingrain itself. Thereafter, these coins may come and go whereas many cryptocurrencies as these are indeed likely to fall where the sector will continue to forge ahead unabated.