Cryptocurrency adoption; the advantages and the hurdles.

[Mike1515 2977]

I agree on you in one thing, to shift the whole economy to shape a new central system of money transfer then that is and can take a lot of time , it also has to be keenly checked because when you look at what goes around, anything new usually can be a problem and so we need to check on it and make sure that we do not fall into a trap

[Syedbesharat 5423]

On 10/27/2020 at 7:18 PM, overkill11 said:

Cryptocurrency widespread adoption seems like a good idea enough for it to be rushed and implemented immediately but the world isn't ready for such a large scale change in financing. We need to be prepared

It's now well know for all people because crypto make huge roar in 2017 .For implementation it need good frame work because it's centralised based system this need practice before huge scale implementation. Any country will be damage if it does not handle carefully. Where the whales suddenly pump and dump their crypto currency. 

[khan22 3478]

On 10/27/2020 at 12:34 AM, Syedbesharat said:

The global effect  of corona make governments to think of legalization of cryptocurrency and  now working on it where the currently usage  is increases and in U. K 80% people's order online item. So the crypto currency can be use as a payment and can run smoothly but the biggest problem is hacking and control because over night anyone can become poor if the coin dump. So  the real journey of crypto hasn't started yet for me. The up coming challenges  will be more tough and we need to work through it ,to make digital  asset economy adopted society.. 

Crypto currency is the world great business and this is true that corona is going to effect on all over the world again and this time crypto market is going to be legal in all over the world. Crypto transaction is so much fast and also we pay low fee if we send 1000000$ or 100$ we pay same fee.

[saradz 2259]

On 10/25/2020 at 10:30 AM, Raqeebzy said:

      When (pseudonymous) Satoshi Nakamoto created bitcoin (which is considered the first cryptocurrency by the majority) in 2009 and presented (the white paper) to the public, there was whole lots of doubt on how a new system of completely decentralized digital currency based on 'mere' cryptographic proof would survive; can it be effective as the banking system (which is based completely on the trust of a third party)?. Several questions about the blockchain network and mechanism of operation of bitcoin (PoW) also popped up and presented to him. Although he (satoshi) tried to explain as much as possible, it was far from being totally convincing. Would bitcoin and blockchain technology be the key to financial breakthrough? Only time will tell.
 

Over the years
      Then (in the early days of bitcoin), the debate was based on its viability and survival considering previous similar centralized systems failures - doubt there was any speculation by anyone on if it would be widely accepted and recognized as a payment system or method. Well, maybe Mr. Nakamoto himself.

Few years after bitcoin had its value in 2010, perspectives changed (though, few investors still considered it a 'mere bubble') from being an untested/unrealistic project to prospective investments to many. As time progresses, adoption was growing organically, undeniably affected by several factors:

Decentralization as a major edge
      Rather than in a financial system, centrally controlled by a few groups of people or an institution and having a little control over personal funds, the decentralization of bitcoin and the privacy it brings provided a major headstart to its widening adoption. An opportunity to be the lone controller of one's savings isn't one that comes by often.
Satoshi was right all along - the centralization of previous similar systems was the main cause of their failures. The decentralization of the digital currency system was the key to financial freedom. 

 

Economy crises
      Venezuelans hit by hard-living conditions due to economic crisis and inflation have seen a haven in more 'investment reliable' bitcoin. Rather than holding the local currency, they would rather buy into bitcoin which saw the later hitting an all-time high trading volume in 2019 across the region.
      A survey carried out recently by Paxful shows more than 70% of participating Argentine believe cryptocurrency is a better investment and financial solution in the lingering economic crisis in the region. These and similar scenarios in other regions like Greece, Cyprus, and Zimbabwe have prompted the search for a solution to the financial crisis - in bitcoin. 
And relatively the bitcoin hasn't disappointed, becoming the top-performing assets over the last decade surpassing the stock market and US S&P 500. 

The lockdown effect
      Amidst lockdown and failing economies around the world as a result of a global health crisis, the cryptocurrency looks to be one of the biggest winners of it as its engagement multiplies rapidly in several folds across different regions. In those moments where contacts seems a lot risky, cryptocurrency was the perfect solution; transactions and payment of essential needs and services are done contactless without exposure to risks. It was also seen as an ideal source of income to already closed down businesses. 

 

Source: Chainalysis

India, Russia, the US, and Ukraine are among the top countries with increased crypto trading and investment as a result of the pandemic. 

Blockchain games
      Apart from finance, massive interest in blockchain technology has emerged from the gaming industry in recent times, directly contributing to cryptocurrency usage. One of the earliest blockchain games, CryptoKitties is built on the Ethereum blockchain. CryptoKitties uses ERC-721 standard Non-Fungible Token (NFT) the in-game currency in the purchasing of kitties contributing more than 10% congestion to the ETH blockchain network in its early days in 2017. 

Source: Kitty explorer

As of this time, over 680000CK  has been sold, worth more than 60000 ETH (Data : Kitty sales)
Apart from in-app purchases, some blockchain games provide tradable cryptos as rewards to gamers for completing gaming tasks.

 

The setbacks
      Though there are lots of positives, the cryptocurrency road to adoption hasn't been a smooth one with lots of downs and challenges. From technical (scalability and complexity), security (cyber-attacks, fraud, and irregularities) to governmental regional restrictions and heavy taxes; just to mention a few. 
 

How will cryptocurrency make use of the advantages and overcome the hurdles? Do you think there will ever be a global adoption? 
Share with us what you think.

We do not deny that cryptocurrencies have an impact on the international financial system, especially in the crisis of the Corona virus, and the reason of course is that these currencies are decentralized and enjoy greater freedom in dealing even though countries are still fighting them. I think governments must be convinced that digital currencies are essential and they must be accepted and try to regulate them in line with the global financial system.

[pablomarwan 3082]

Bitcoin has become the best investment project. In history, even if it decreased, this does not mean the end of the process, but rather the opposite of that the beginning of growth again in order to start a new, better phase. As if she's trying to tell us she's down in order to give the little ones a chance. This is just an imaginary vision. But with the increase in trading in it, so do other profits and opportunities. It has become a safe haven for almost all countries. Satoshi was studying the problem carefully and came up with a solution that would limit the problem presented by the central institutions.

[Mansoor sumaan 29 0]

Well I think that adaptation of cryptocurrency has more advantages and disadvantages are very less.

Adaptation of the cryptocurrency will lead the world towards the digital world. The transaction and the exchange become a very easy and it's a fee is very low you can easily send and receive money from all over the world. Trading at investment has also become a lot of easier.

[Gluttony 1775]

If we strive further and we improve our technology, I will say that there is always a possibility that the global adaptation of crypto currency would happen in the future. They could not change the fact that we are always seeking for convenience when it comes to transactions in our daily lives which our governments wanted it to become like that as well. However, the only thing that would be a problem is the conflict in the economic power of each individual countries upon the adaptation of crypto currency which would risk the deletion of their own fiat currency in each country.

[Shaza Ahmad 1682]

The world's view of cryptocurrencies has changed after the Corona crisis, as the search for ways to earn income away from mixing with people has led many to enter the world of crypto in search of a source of income, your article is wonderful as you always do, thank you.

[godislovefll 1880]

It is really difficult to determine when they will be allowed without so many restrictions, because this is why the cryptocurrency project is not so important in the world, leading this as a great disadvantage because this generates fear in the face of new people who want to meet but out of fear of Knowing that it is illegal they don't, and this is something that doesn't help much.

[cryptovlek 2597]

I don't agree that coronavirus helped cryptocurrency, it was the SEC and the decisions to reach negative interest rates together with the print of money and the airdrops given to corporations to secure higher stock prices. This is a disaster waiting to happen and it will even if it takes five or ten years.

[Michar1 1693]

If the first cryptographic currency to be known, it was the bitcoin currency, but it is also true that it was something unknown to people, since it was something different that not everyone understood and that not everyone knew what value it would have.
It was something new and not fully understood by everyone, but it is true that the adoption of cryptocurrencies has been increasing.
Good article, very complete and varied, greetings.

[Ameralsamt 2558]

Dear, in order to adopt cryptocurrencies globally and establish exchanges, banks and others in the name of currencies, Cryptocurrencies must be made safer and more comfortable for everyone, without restrictions and without whales, so that no one can manipulate their price, and it will eventually be my friend. 

[Raqeebzy 6456]

On 11/15/2020 at 8:11 AM, sarahmoses202020 said:

Bitcoin has gone through a lot of price movements over the years and some of them happened like a joke. So with what we have seen so far happening to bitcoin. We can easily say that it is a very good technology to invest into. The blockchain also assures us that our funds are safe.

Not really am I talking about how good an investment in bitcoin.

Please make sure you check on the topic first page and look at the discussions, I see you are a bit lost.

Here, in this thread, we are trying to figure out cryptocurrency adoption over time; what advantages and challenges it has faced and what likely does the future holds for cryptocurrency adoption in general.

[percare 3192]

I am more than happy that the latest adoption of cryptocurrencies happened mostly from people coming from poor countries as they found a way to escape their conditions and later they didn't regret it with prices for Bitcoin ethereum and other cryptocurrencies a lot higher the profit helped them a lot.

Decentralization is important as this way we are owners of our money, it is like holding cash in our hands but more secure than that. We should learn to behave financially and not allow banks to have control over our money.

[zhoutong 2188]

Time only can answer if cryptocurrency and the blockchain technology will be the top priority for financial institutions in the future. In our times everything moves very fast, one day we had a phone in our hands and the next day this mobile device turned to be a smart device offering the internet, video and songs and communication with all the world. The next step is finance and it will be in our hands, however we don't know what will be decided to be the best form of money.

[Muhammad Mujtaba 229]

Today, if we are looking towards the global world, then we will know to what extent the crypto currency has been successful. But the thing is the same, we can see how long it took for cryptocurrency to succeed. Bitcoin was made in 2009 and today is 2021; It is about 10 11 years, so in so many years, Cape Town bitcoin should be used as much as it can and we can see the value of bitcoin today. How many faces have all the crisis faced and will see how far the value of Bitcoin is and everyone wants to take time in this month of Bitcoin purchase and succeed in trading.

[yulitzacalvete 1366]

Yes, everything is very complicated, but the reality is that those who in the past thought that cryptocurrencies would not be accepted today allow them, so they understood the potential that there is in cryptocurrencies at this time and what comes will be much better.

[jappy 1129]

The disadvantages that cryptocurrencies have without a doubt is that many countries still do not accept them and have them as illegal so this is counterproductive for them because for this reason many people do not enter this market.

[Fixfin 2569]

I think after 2020 cryptocurrencies are now having a different image to the world, it is very possible that real adoption for the use case will happen, however this demands advanced technology with speed for transactions and very low cost to use, something that many projects are trying to solve with Ethereum being in the front and experimenting with sharding while also removing proof of work as a mining method. It seems this will work for Ethereum and probably more projects will follow later. Adoption requires this and I am glad many are not just sitting and doing nothing but are trying to develop.

Edited January 6, 2021 by Fixfin

[Haley 832]

Cryptocurrency has overcome many hurdles and now it is accepted by many countries. As many analysts said that cryptocurrency will be the future currency so, the countries which have accepted this currency will not face any difficulty in future. This pandemic (corona) have also affected crypto world a lot. Countries which have not accepted this currency till now will surely face many difficulties in future. 

[Roan 2166]

I have written the history of cryptocurrencies from the beginning and the difficulties that faced this field until we reached this day

Cryptocurrencies have spread and have become essential in our lives and dealings, and the demand for them has increased so that some companies recognized them and began to deal with them, and this is what made us more confident in this new field

Thank you for this subject, my friend

[Choudhary umer 0]

In the world everything has their advantages and disadvantages so I tell you that the adoption of the cryptocurrency have more advantages rather than the disadvantages I want to tell you that if you adopt the cryptocurrency you can get a handsome profit on the trading of the cryptocurrency

[RoyalHouse01 9]

still the biggest hurdle in the adoption of the cryptocurrency is the governments of the world they are not seem to accepting it and without it the cryptocurrency can not do its best.

[Whited35 15285]

On 10/25/2020 at 3:15 PM, Raqeebzy said:

India, Russia, the US, and Ukraine are among the top countries with increased crypto trading and investment as a result of the pandemic. 

Amazing to see, Ukraine is at the top spot. Raising economic power India is also looking cool to adopt cryptocurrencies to their mainstream financial system. Actually, the stat is exhibiting the good signs for the adoption of the cryptocurrencies. Those countries which are attempting to put more regulation against cryptocurrencies, I think eventually they will come to adopt cryptocurrencies. 

[khan22 3478]

There are so many advantages if the BTC is adopted becasue in the crypto market when we send our money we pay just some fee in the crypto currency and also this is so much secure ad good way to send and receive the money.