Seeing the long run of cryptocurrencies after the introduction of Bitcoin’s first virtual currency in 2009 gives hope for a new era of the economy. Cryptocurrencies are the future of fiat money without the power of any centralized authority. The development of cryptocurrencies provides a noticeable outcome where the number of cryptocurrencies is more than 2500.
Therefore, when I measure the growth that matches the rise in cryptocurrencies, I’d be right. Growth should be accomplished with the adoption of the cryptocurrency.
Since 2009 to 2019, these 10 years of cryptocurrency travel show sometimes slow growth and sometimes huge upstream chart variations. The adoption of cryptocurrency comes after the awareness of cryptocurrency in the world.
According to Dalia research data in 2018, the percentage of people in some major countries such as the United States, the United Kingdom, Germany, India, South Korea, China, Japan and Brazil is more than 60%. Awareness of cryptocurrencies means that the future of crypto capital is brighter. The overall level of awareness based on a survey of 29492 Internet users is 74%, which is a good number. Growth has proliferated more by this year.
At present, the growth of the crypto-industry is growing in every region, but the mass adoption of cryptocurrency as real currency is a long way to go. The crypto companies are offering strategies for the adoption of cryptocurrencies on a larger scale. The mass adoption of the network should be sufficiently broad to allow millions of transactions to be carried out without Lagging.
Okay, improvements have been seen over the past few days, but safety is the main issue that is howling and becoming a roadblock in mass adoption. To solve the problem cryptocurrency subordinate industries such as exchange platforms, wallets, and new thought custody have been launched. If there are still some security issues left over from the purchase of Lloyd’s insurance policies, Aon is a keystroke to get maximum security assurance. Now with the crypto solutions of these supporting sectors, the acceptance of crypto has been moved further.
New projects, focused cryptocurrencies, are giving a major boost to cryptocurrencies in the economic sector. There is still one thing that you can’t ignore when thinking about the acceptance of cryptocurrencies. Crypto-market volatility is a key factor that needs to be addressed.
The fluctuation of the price of cryptocurrencies subject to market risk on an hourly basis. So, in exchange for cryptocurrencies, the real market does not want to trade any physical goods. I think their point is right, and if some asset value is volatile like cryptos, it generates a massive trading threat.
How do you think anyone can make the value of cryptocurrencies stable?
A clever solution, just for bitcoin, recently exposed on the market, with institutional investors in mind. Bakkt industries are going to provide future contracts of bitcoin’s predicted value. As the price is highly unstable, the contract period is one day or one month. Institutional investors can, therefore, seek security by predicting the future price of bitcoins by buying daily or monthly contracts.
For more information about Bakkt read this article:
bakkt the buzzing investor industry know all about it
If everything goes well, the retail business will accept the cryptocurrency. And when that happens, ordinary people will buy their daily needs using cryptocurrencies.
Even though the market has spread all over the world, it is a preliminary stage of adoption. The major challenges are going bigger and bigger because of its decentralized nature. Apart from security and instability, the regulation is another scenario that is holding back the cryptocurrencies adoption.
As the cryptocurrencies are the possibility of the highest return in the trading platform. Crypto trading has become popular in these 10 years. The central authority is afraid of losing control over monetary power. This fear leads the country’s leader on the verge of three different paths. They have three options and it is up to them which one is suitable for them
First, the total ban of cryptocurrency from the country. Holding or trading in crypto will be considered as a punishable offence. Stop people from adopting new technology-based currency and prepare a strong law against the holders. However, the decentralized nature of blockchain-based cryptocurrency is not possible to ban. Still if country pass the law and somehow you get caught dealing in cryptocurrencies then it will be an act against law.
Ceasing growth of the cryptocurrency will not be fruitful for the future. The technical revolution will create a loophole to reconnect with the market. So, banning of cryptocurrency will not only affect the economic growth of cryptocurrencies, it may decrease the GDP rate.
If the first option is not acceptable then the other two are the best in suggestion.
Second, regulate the existing cryptocurrencies. Over 2500 cryptocurrencies are present in the market and regulation will demolish the currencies decentralized nature. The first blockchain protocol which offers completely away from any central authority this regulation will maintain the cryptocurrencies under the regulation of a government body. However, to remove the possibility of terror funding, and to protect the customers’ digital assets, the government is progressing to the regulation of cryptocurrencies.
Third, the last and best in my view is creating a centralized cryptocurrency using blockchain technology. That not only accelerate the cryptocurrency mass adoption as a trusted body will issue the coin but also build the country economically strong.
North Korea and China are now planning to launch its government-backed crypto-currency.
To know more about the regulation of different countries read this blog on medium:
global stance on cryptocurrency
For mass adoption, cryptocurrencies need to wait for more. However major industries are taking initial steps towards cryptocurrencies. Facebook, JP Morgan, Goldman Sachs, telegram like major institute are interested in launching their cryptocurrencies in the market.
If these Economic Giants cryptocurrencies fly above the sky then the no one will stop the adoption process in future.
Check out these article for more information about more companies and their plan of launching cryptocurrency:
top 9 companies are about to launch or launched explained-reasons
While the cryptocurrency market and its mass adoption are always affected by volatility, they should always adopt the view of global leaders. Well-known traders and traders have a massive impact on acceptance. Current views and future cryptocurrency projects are expected to encourage new cryptocurrency stakeholders and traders.
Well, not all international faces positively embrace cryptocurrencies. Unlike Mr Donald Trump, Warren Buffet and so on are not known to be blockchain or bitcoin resources or their waste of time. Nonetheless, Mark Zuckerberg, Elon Musk is the names that always positively see this innovation and work accordingly.
The following article will give you more clearance on their views on cryptocurrencies:
leaders on cryptocurrency evolution are it a sign of success
It is uncertain when mass adoption can raise the global market. As stated if the above facts that are troubling cryptocurrencies mass adoption will be overcome then the time is near.
I’m closing my article with a closing note from CEO and Founder of Cypherium. “It will be a long time before blockchain really enters the mainstream”.
However, if it is cryptocurrency then anything can happen.