In this bear market, everybody's inquiring the same concerns. Why is Bitcoin falling? When will the market turn around? Is this the end of the crypto upsurge?
Having said that, before we can respond to questions like these, we need to step back and do a truthful evaluation of where our industry stands and what is really holding it back. Despite its growing popularity, cryptocurrency still struggles to gain mainstream appeal. While crypto has managed to distance itself from the early days, when it was used to buy illegal goods online, the currency still conjures up negative feelings for a lot of people unfamiliar with the technology-- and all too often, for good reasons.
Cryptocurrency is still relatively new, which means that many relaxed users are still exploring different ways to use crypto in their day-to-day lives. Unfortunately, this lack of knowledge leaves a lot of users vulnerable to scammers seeking to take advantage of their ignorance and inexperience.
We've contacted various types of people within the crypto community, surveying newbies, traders, investors, and professionals, asking what the biggest troubles in crypto are. We found there to be three primary problems holding the industry back:
- Scammers
- Failed projects
- Immature technology
Who hasn't been scammed at least once?
The crypto community is thrashed with scammers taking advantage of novice and naive users. What's more, cons don't only happen on an individual level. There have been numerous cases where ICOs were hyped up, only to disappear into thin air once investors put cash into them.
Then there's the trouble of failed projects. More often than not, this is an outcome of overly ambitious CEOs who have the technical knowledge to apply blockchain technology, but ...
- Are inexperienced in business and monitoring
- Don't know how to attract investors
- Don't focus on practical, real-world functions for blockchain technology
Ultimately, there's the blockchain technology in itself, which is still in its earliest stages. As such, there's little bit of efficient use for blockchain technology and real-world crypto usage. What's more, many blockchain start-ups focus on very specified, specific niche projects that have little to no appeal to the normal person. As a result, mainstream investors who don't totally understand the quality of blockchain are much more reluctant to invest in the projects.
Building a better blockchain community
The good news is that, as blockchain technology continues to grow, more we're able to explore new ways to overcome these issues and build a fully-inclusive community for everyone to appreciate. Want to learn more? Stay tuned for our upcoming post, where we offer a remedy for overcoming two of the problems mentioned here.
In the meanwhile, if you're looking to expand your blockchain startup, organize for an ICO, or just really need assistance getting your project off the ground, ICOSuccess can help. Visit our website today (https://www.icosuccess.com/) to learn more.