The abyss of disappointments: what early crypto anarchysts are busy with these days. Part 1: Speculations are not cool anymore

After the Bitcoin price dropped from $19,500 to $3,500, a large portion of those who used to daydream about getting rich in the digital gold rush, found themselves in harsh disappointment. However, some technological advancements that gained steam within this popularity boost proved to be highly effective and usable

The decline of the crypto market is continuing since the very January 2018. Total market capitalization is down from $830 bln to $120 bln. Daily trading volume is 4 times lower than it used to be: from $68 bln to $ 16 bln. Depression has cast upon ICO market as well.

Remember how it used to be $1,2 bln in December 2017?

However, capitalization crisis does not necessarily entail technology crisis. We've been updating our readers on Twitter about all the latest signs of technology adoption in payment systems and other industries, as well as legislative steps towards adequate regulation of DLT.

Payment services and crypto ATMs instead of speculations

The never-ending decrease in cryptocurrencies' value for the whole duration of the last year has naturally cooled the heat of traders. By the end of 2018, trading volume on all exchanges has dropped on average 80% versus the beginning of 2018. VHCEx is not an exception here. Crypto-fiat exchange services have all organized massive layoffs the last year.

Despite the falling interest in trading, crypto payments infrastructure keeps on developing. In January, Lifewire has published the list of 15 companies accepting payments in Bitcoin or other tokens. And this list is now way bigger than it used to be even in the summer 2018 - which, in turn, was the great example of crypto sentiment boost.

The number of services that help to use cryptocurrencies in everyday life is also growing. In late December last year, Samsung filed an application for registration of the Samsung Crypto Wallet trademark with the UK Intellectual Property Office. Earlier, the South Korean electronics manufacturer declined to comment on rumors that a new model of Samsung Galaxy S10 will be built crypto wallet. In January 2019, the Swiss bank Falcon Private Bank launched a crypto wallets with the function of converting bitcoins and altcoins into fiat money.

Crypto wallets develop not only as one of the business lines of a technology corporation or a bank. Independent startups also contribute to the infrastructure of cryptocurrency payments. In particular, Wirex Wallet allowed its customers to store savings in three fiat currencies - dollars, euros, British pounds - and convert them into five cryptocurrencies - Bitcoins, Ethers, Litecoins, Ripple and Pigzbe tokens - right inside the wallet, having built an internal exchange service there. Users convert currencies in one service, without the need to withdraw funds to accounts of third-party exchangers.

Cryptocurrency payments also receive support at the state level. At the end of November last year, the authorities of the American state of Ohio allowed to pay taxes in bitcoins. Earlier, in May 2018, residents of Seminol County in Florida also received the right to pay taxes and fees through the BitPay service using Bitcoins and Bitcoin Cash.

Cryptocurrency payments go offline thanks to card-bound wallets and Bitcoin exchanges. Thanks to the converter, the same Wirex users got the opportunity to exchange cryptocurrencies into traditional money and withdraw funds to bank cards that are served by the partner financial company Contis.

The fall in trading volumes did not affect Bitcoin ATMs, which also contribute to the penetration of cryptocurrencies into real life. The number of devices in 2018 has doubled worldwide - up to 4188 units.