Cryptocurrency adoption; the advantages and the hurdles.

[Raqeebzy 6456]

      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.

[Calvinpriva 17296]

5 hours ago, Raqeebzy said:

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.

Yes @Raqeebzy there will be a big adoption in cryptocurrency despite all the challenges and the hurdles. Maybe this will happen because many new companies still accepting cryptocurrency as one of their payment systems. Imagine if Paypal will allow all their users to use crypto in their wallets, Paypal has more than 300M users who are active, I hope among them there will be many new crypto users because of PayPal... apart from PayPal, there are other companies too. So I hope companies and other business owners will help in boosting crypto users in the future.

[Syedbesharat 5423]

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.. 

[Oxygen99 1930]

Cryptocurrency has a bright future ahead because it is getting popular in every part of the world and due to the Corona virus pandemic many people are now using Cryptocurrency which is why i believe sooner or later Cryptocurrency will dominate the world in the future and everyone with get adopted to the currency.

[Jaafar Fahad Hassan 114]

2 hours ago, Oxygen99 said:

Cryptocurrency has a bright future ahead because it is getting popular in every part of the world and due to the Corona virus pandemic many people are now using Cryptocurrency which is why i believe sooner or later Cryptocurrency will dominate the world in the future and everyone with get adopted to the currency.

That's true, many knew the worth in the pandemic,to me honest I was among, many countries that banned the use it cryptocurrency are getting to let it be legal, many under developed countries and getting to understand how it operates, soon am also sure it will conquer the world 

[Projectcrypto 4382]

16 hours ago, usamah said:

Yes, it is true that cryptocurrencies are almost the survivor of the global crisis of Corona, that cryptocurrencies are the next future and I think that the countries that prevent and fight cryptocurrencies will suffer a delay in the future

Sure mate because day by day Cryptocurrency is growing faster is those countries that adopted it and cryptocurrency in the future will become something unique just like the gold and that time many people will regret ignoring it.

[Oxygen99 1930]

2 hours ago, Jaafar Fahad Hassan said:

That's true, many knew the worth in the pandemic,to me honest I was among, many countries that banned the use it cryptocurrency are getting to let it be legal, many under developed countries and getting to understand how it operates, soon am also sure it will conquer the world 

Cryptocurrency is very good both for a nation as well as the citizens because working in cryptoworld will enable citizens to have an alternative source of income and the nation will have opportunity to earn some tax from traders which will be in form of revenue which the country can use to support some projects.

[Jaafar Fahad Hassan 114]

2 hours ago, Oxygen99 said:

Cryptocurrency is very good both for a nation as well as the citizens because working in cryptoworld will enable citizens to have an alternative source of income and the nation will have opportunity to earn some tax from traders which will be in form of revenue which the country can use to support some projects.

That's true, only countries that understand it importance and it can contribute to the development of an economy of a Nation also, many youths engaging into crypto world would not have time to fraud or do other illegal things 

[Oxygen99 1930]

18 hours ago, Jaafar Fahad Hassan said:

That's true, only countries that understand it importance and it can contribute to the development of an economy of a Nation also, many youths engaging into crypto world would not have time to fraud or do other illegal things 

That is true my friend because engaging in cryptoworld will make citizens self employed which will also reduce the rate of unemployment in the country and by that citizens can also sustain themselves financially.

[bogdanoff 3173]

A very good article and deserve recognition from us. I have to say about cryptocurrencies that they are first of all money. Money is what people think it is. We think that money right now is bills, paper fiat money. We also think it is numbers in our phones. Humanity always needed money to ease trade. So crypto is today the best and most modern money we have. It can be used for everything and it is not restricted by anybody. This is why it will succeed.

[Sykkuno 2887]

Bitcoin has not still reached the kind of adoption it deserves. It will be far more adopted and used in ways we don't even think right now. The rest altcoins are only following and do not have anything similar to Bitcoin, they lack decentralization and security, but Bitcoin will be very hard to be considered a currency as the system needs small inflation to keep the economies running. It can be used as hard money for big trades but not for everyday transactions and not for international trades. It will be difficult because it has a big price potential and everybody thinks price will be higher the next year so they limit investments and purchases to accumulate more Bitcoin. This will not be ideal for economies and development.

[Jaafar Fahad Hassan 114]

3 hours ago, Oxygen99 said:

That is true my friend because engaging in cryptoworld will make citizens self employed which will also reduce the rate of unemployment in the country and by that citizens can also sustain themselves financially.

Exactly good friend,you understand where am heading, most countries that has high unemployment rate, the youths can easily engage into this forum and earn differently, well the lazy youths also would find it difficult

[Oxygen99 1930]

4 hours ago, Jaafar Fahad Hassan said:

Exactly good friend,you understand where am heading, most countries that has high unemployment rate, the youths can easily engage into this forum and earn differently, well the lazy youths also would find it difficult

Working in this great forum is not meant for lazy people and to avoid posting useless contents was why we are being paid for our work in the forum and even cryptoworld is not for lazy people because trading and Investment require hardwork to earn profit.

[Digital 387]

10 hours ago, Sykkuno said:

Bitcoin has not still reached the kind of adoption it deserves. It will be far more adopted and used in ways we don't even think right now. The rest altcoins are only following and do not have anything similar to Bitcoin, they lack decentralization and security, but Bitcoin will be very hard to be considered a currency as the system needs small inflation to keep the economies running. It can be used as hard money for big trades but not for everyday transactions and not for international trades. It will be difficult because it has a big price potential and everybody thinks price will be higher the next year so they limit investments and purchases to accumulate more Bitcoin. This will not be ideal for economies and development.

Yes, Bitcoin has not still reach the kind of adoption we expect but more people are participating in the system almost on daily basis within a few years to come it will be fully recognized and gain widely asoption Because of it numerous advantages.

[Jaafar Fahad Hassan 114]

18 hours ago, Oxygen99 said:

Working in this great forum is not meant for lazy people and to avoid posting useless contents was why we are being paid for our work in the forum and even cryptoworld is not for lazy people because trading and Investment require hardwork to earn profit.

Yeah you have spoken well, hard work and focus leads to success, let keep that in mind ,let keep the hard work here to make the forum develop, let unite and do this one. Am sure we can achieve this aim

[talo122 735]

For sure we will see even more demand for all crypto not just bitcoin, simply cus it solve many problems and that what the big companies are begin to relize as we saw in the past days PayPal for example. 

[Oxygen99 1930]

21 hours ago, Jaafar Fahad Hassan said:

Yeah you have spoken well, hard work and focus leads to success, let keep that in mind ,let keep the hard work here to make the forum develop, let unite and do this one. Am sure we can achieve this aim

I believe if we work well the administration will introduce more ways of earning in thebforu such as the signature campaign which will for sure enable us to earn more money in the forum while working because the administration are determined to make the forum a better place for everyone.

[tienda 8776]

On 10/27/2020 at 3:18 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

You are right @overkill11 I think still we are not prepared for large scale with cryptocurrency. There are many things need to be developed in cryptocurrency. For example the traceable transaction is indispensable there are many governments and institutions who are not ready to adopt Bitcoin because of the no traceable transaction. The idea is great but we need more times!

Edited October 30, 2020 by tienda

[Dark Shadow 295]

5 hours ago, Oxygen99 said:

I believe if we work well the administration will introduce more ways of earning in thebforu such as the signature campaign which will for sure enable us to earn more money in the forum while working because the administration are determined to make the forum a better place for everyone.

You are correct @Oxygen99 it is likely that the administration will introduce more ways of earning if we work hard in this forum. By working hard and creating useful content we will be helping the forum to progress so this will be very for the administration and they will give us more rewards as well.

[Oxygen99 1930]

22 hours ago, Dark Shadow said:

You are correct @Oxygen99 it is likely that the administration will introduce more ways of earning if we work hard in this forum. By working hard and creating useful content we will be helping the forum to progress so this will be very for the administration and they will give us more rewards as well.

Yes my friend and that is why we all have to concentrate towards creating helpful topics and making useful posts that everyone will benefit to make there own contributions in any of the listed sections of the forum because we need this forum to reach the level of bitcointalk soon.

[duncun007 3577]

On 10/26/2020 at 10:06 PM, usamah said:

Yes, it is true that cryptocurrencies are almost the survivor of the global crisis of Corona, that cryptocurrencies are the next future and I think that the countries that prevent and fight cryptocurrencies will suffer a delay in the future

not just crypto my friend because a lot of the markets have surged with crypto as well, but the difference that crypto always give better gains in long term while other stocks and markets tend to go down a lot.

[Mwangi 5611]

I see my country is there and am so happy about that and so the good thing about this is that you still have to look at what is happening in the world , what necessitates the change of anything, look at so many things around, there are so many countries that are looking at this options look at what happening china,. so to me adoption may take some time , but when global leaders in every sector start taking it in then its going to really be something of beauty so we need to really be working as hard to really make sure that everything works as perfectly

[Froshk 1828]

Well, to me the advantages have been more than the disadvantages although the hurdles remains constant, also the recent updates and developments is gradually making the disadvantages negligeable 

[minoooo5 76]

I think that in the future, cryptocurrencies will be adopted mainly as a substitute for paper money. Countries will understand that the use of cryptocurrencies in their economic dealings is inevitable to keep pace with global development, but the total dependence of cryptocurrencies will face some difficulties that will disappear with the passage of time.

[Ridam 7455]

@Raqeebzy As the future is going towards digitalism, Crypto is best way for digitalisation of money. Public companies are investing in Bitcoin, Government like Iran is pushing miners to buy Bitcoin, PayPal is integrating Bitcoin custodial service which clearly shows the global adoption is happening very sooner. And this opportunity shouldn't be missed in my opinion.

And on blockchain the whole system could be redesigned and the possibilities are diverse, we will see more product based on them in future 😊.