Cryptocurrency adoption; the advantages and the hurdles.

[David84 1191]

First of all I would like to congratulate you for the name you chose or yourself "Encyclopedia" is such a unique name and you must be very expert in the cryptocurrency field to look at yourself like this. Then you topic is very detailed and informative and the best advantage of cryptocurrency world is that it gave people a chance to earn money without the need of applying to a job and having interview after the other without getting any real supporting income.

[MoralStories 1127]

I think the hurdles are over now and the cryptocurrency is being adopted by most of the people in the universe that is why it will go high and high in the future

[Rabby66 27]

It is important to know that set backs are not too heavy because security issues are always present in every currency but hacking is always possible or even a threat to Fiat currency being online.  So it has to be done for good.

[Raqeebzy 6456]

6 hours ago, Whited35 said:

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. 

Of those countries at the top of adoption index and cryptocurrency usage and trading, there is highest of probability it was due to economic crises faced in those countries and especially in the time pandemic. Ukraine, Venezuela and big parts of Africa affected by this especially.

With time, there will be fewer restrictions and but more regulations imposed to reduce total dominance over fiats.

[Whited35 15285]

23 hours ago, Raqeebzy said:

Of those countries at the top of adoption index and cryptocurrency usage and trading, there is highest of probability it was due to economic crises faced in those countries and especially in the time pandemic. Ukraine, Venezuela and big parts of Africa affected by this especially.

Yes, at least government is supporting the crypto and blockchain technology in such countries where Crypto Adoption Index is high. I am still wondering to see, some EU countries are still loving to impose restriction against crypto. In case of Ukraine, I think an absence of stock market and technically expert based manpower have helped adopt crypto massively there. Additionally, unstable economic condition can be another key reason. 

Edited January 8, 2021 by Whited35
Minor error in texts.

[Raqeebzy 6456]

3 hours ago, Whited35 said:

Yes, at least government is supporting the crypto and blockchain technology in such countries where Crypto Adoption Index is high. I am still wondering to see, some EU countries are still loving to impose restriction against crypto

To be honest, I am too and some have actually taken some huge step of imposing some heavy tax on all profit making cryptocurrency actions or organisation like Belgium's 33% on profits made from trading cryptocurrency by both private and public entity. To me, it is sick.

3 hours ago, Whited35 said:

In case of Ukraine, I think an absence of stock market and technically expert based manpower have helped adopt crypto massively there. Additionally, unstable economic condition can be another key reason. 

I really have no idea about the absence of stock market in Ukraine particularly. There is also number of countries with similar faith. That might have played some part too. All in the advantage of crypto.

Edited January 8, 2021 by Raqeebzy

[annayks 2314]

The adoption we see all this time should be different. Only Defi had some decent ideas and it was very early though and very hasty made, had too many problems and is losing population lately. The other projects, which one has been adopted for what they claim. It is all about investing and making money for investors. Bitcoin too , it is not adopted for being a currency but for something else. Everyone will have something else to say that it can do, but not exactly sure.

[Jromz 2158]

Great topic, mate. Thank you for sharing this comprehensive information. Despite the big advantages they offer, cryptocurrencies are not free of having some hurdles as you highlight. To me the biggest one at the moment is that they primarily base their value on speculative activity, which causes huge volatility that dramatically hinders its global adoption.

[Msh9 84]

Yes, my friend, cryptocurrencies have made many achievements and development in this field and people have earned very large money and wealth that helped them secure their standard of living and were able to eradicate poverty and hunger, but some countries fought these currencies thinking that they pose a threat to the currencies of countries and their economies.

[Whited35 15285]

19 hours ago, Raqeebzy said:

I really have no idea about the absence of stock market in Ukraine particularly. There is also number of countries with similar faith. That might have played some part too. All in the advantage of crypto.

I knew it while reading reports published by blockchain analysis company Chainalysis. There is actually unstable economy in Ukraine which further inspired the tech-savvy citizens(Especially) to get attracted toward blockchain technology as well as the cryptocurrency trading. 

19 hours ago, Raqeebzy said:

Belgium's 33% on profits made from trading cryptocurrency by both private and public entity. To me, it is sick.

Awh, you are not far from me if so 😂! 33% on profit is insane. I wonder, maybe EU-based countries eventually get attracted towards stablecoins if they are getting afraid off volatility of Bitcoin 😜 !

[Raqeebzy 6456]

43 minutes ago, Whited35 said:

Awh, you are not far from me if so 😂! 33% on profit is insane. I wonder, maybe EU-based countries eventually get attracted towards stablecoins if they are getting afraid off volatility of Bitcoin 😜 !

Check on this article on bitcoin.com - https://news.bitcoin.com/belgian-tax-authority-going-crypto-investors/. All that is aimed at providing more governmental control on cryptocurrency.

The EU?. Yes, the volatility of crypto is the threat to legalization not only to the EU but other regional authorities. That might have tempted the idea of digital Euro. And that seems to have been swept under carpet now.

58 minutes ago, Whited35 said:

knew it while reading reports published by blockchain analysis company Chainalysis. There is actually unstable economy in Ukraine which further inspired the tech-savvy citizens(Especially) to get attracted toward blockchain technology as well as the cryptocurrency trading. 

Time for me to be serious with chainlysis reports. They are looking like one of the most reliable and informative.

[Abideen 659]

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

Wow, what an experience write up, I fact this your post is supposed to be published in a news paper, as it is properly written. You know I'm still a brand new members so I don't know much about what you are referring to. Lastly, I will advise you keep it up. Have a great weekend.

[jaydeen443 153]

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.

Exactly you see what have been telling people this especially those around me that they should start learning about cryptocurrency because in some years this cryptocurrency will take over the world whether develop countries or undeveloped countries.

There will be a time where those coins will be more valuable than paper currencies because the way those coins is rising these days is really fascinating anyway @Raqeebzy thanks for sharing all these with us.

Edited January 9, 2021 by jaydeen443

[yonkii 3205]

I have done most of my research lately on NFTs, and exchanges for these like OpenSea. Cryptokitties was looking amazing, but I saw that while there was some interest for a limited time, then it faded quickly as price of Bitcoin was skyrocketing. I hope that there will be a renewd interest soon, as I think this market will have a lot to give and too many will be looking forward to start trading NFTs and play some of these games. I also think that with NFTs there will be one day another wave of adoption when the popular games embrace this idea of having ownership on game items, and NFTs are the solution that can be used.

[Farukatie 1271]

Thank you so much my dear friend for sharing this great knowledge in your great publication many of the people know a lot about cryptocurrencies from your this publication and I agree with you that if we work hard in this forum then the administration of this form will give us more opportunities to earn more and more in cryptocurrencies.

[Samotokika 1780]

On 10/25/2020 at 2:30 PM, 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.

you are right thank you so much for your post as it really helped many members to get the main points and importance of Bitcoin and cryptocurrency dude there are a lot of advantages in cryptocurrencies but there are some hurdles that everyone had face because of his digital nature 

[Raqeebzy 6456]

On 1/9/2021 at 3:48 PM, Abideen said:

Wow, what an experience write up, I fact this your post is supposed to be published in a news paper, as it is properly written. You know I'm still a brand new members so I don't know much about what you are referring to. Lastly, I will advise you keep it up. Have a great weekend.

I am flattered but thanks anyways. Actually, CryptoTalk deserve beautiful write ups like this and even more. Check out, there are tens of better ones from me and other top members.

On 1/9/2021 at 8:54 PM, yonkii said:

 I also think that with NFTs there will be one day another wave of adoption when the popular games embrace this idea of having ownership on game items, and NFTs are the solution that can be used.

Though I agree with you. It is somehow too early to think NFTs are dead. Blockchain games are still very young and the implementation will follow suits as the adoption of games increases. 

[Obliv0n 333]

Definitely your topic has a lot of information and I find the lockdown section interesting, I knew that my country (Colombia) was on that list, something that makes me particularly happy, since society may already be realizing the advantages related to cryptocurrencies.

 

Answering the questions, I consider that since the creation of bitcoin and the rest of cryptocurrencies, there has always been the threat of hacks, scams, etc. But people just ignore it, because it is not unique to the crypto world.

 

Ultimately it's all about adapting to what's new and making the most of opportunities.

[P A Ashif 2409]

The major problem in crypto currency adoption is that people are afraid of scam and hack projects. Actually its considered that crypto is very riskier thing. But we must not neglect the fact that if there is scam and hack in crypto its all same with the real money. Banks can be hacked. Robbery and theft can also be there.

[Quickbee 26]

Thank you for explaining the advantages and hurdles for earning Cryptocurrency

[yonkii 3205]

  

2 hours ago, Raqeebzy said:

Though I agree with you. It is somehow too early to think NFTs are dead. Blockchain games are still very young and the implementation will follow suits as the adoption of games increases. 

I didn't say they are dead. Quite the opposite. In fact what I said is that I think this is a great chance to start learning about them now, when not too many are looking. It could be a great opportunity. My only remark is something that happens, there was an ignition but it didn't take off, so there will be interest coming in NFTs some time later.

[Serbberq 724]

Cryptocurrency is growing which there are many ways we are benefiting from it and also some challenges which we face, but we always sees the advantages and making effort to over come any challenges that we may face from our Crypto activities 

[Kanji 965]

@Raqeebzy @Mutivo I dont think adoption is taking that rate and we need to go with it so to me we need to define the key to adoption this is really important and we need to grow with it , I believe if there is a better campagn then this is going to be one of the greatest thing that happens to us and the growth is going to be phenomenal. But the future is really bright and everything is just going to be right

[Alsh9 1007]

I have provided a detailed explanation of the features and components of encryption and cryptocurrencies. The future may have another opinion and may be adopted by governments. You cannot bring a correct expectation of what will happen in the coming years. I hope that cryptocurrencies will be generalized and adopted all over the world.

[Raqeebzy 6456]

16 hours ago, Alsh9 said:

I have provided a detailed explanation of the features and components of encryption and cryptocurrencies. The future may have another opinion and may be adopted by governments. You cannot bring a correct expectation of what will happen in the coming years. I hope that cryptocurrencies will be generalized and adopted all over the world.

Intelligent point but then, there is always room for projections and speculations in crypto world and rightly done, can be accurate to some realistic extent. Cryptocurrency adoption is clearly becoming stronger day by day and it is becoming more clearer our direction towards adoption.

20 hours ago, yonkii said:

  

I didn't say they are dead. Quite the opposite. In fact what I said is that I think this is a great chance to start learning about them now, when not too many are looking. It could be a great opportunity. My only remark is something that happens, there was an ignition but it didn't take off, so there will be interest coming in NFTs some time later.

Okay, I misinterpreted your reply. Now I get it. Blockchain games are becoming the next generation gaming platform. As that increases, adoption of NFTs increases too.