Cryptocurrency adoption; the advantages and the hurdles.

[BraveHeart01 1569]

The set backs are not too heavy as the the security  isues are always  there in each currency amd also the hacking is always possible  or a threat even to the fiat currency  that is online. 

[khan22 3478]

Crypto is the best market and there are so many advantages of the crypto market and in this market we can send millions of dollars in just a low fee and in just a small time the millions of dollars coins will be send.

[Amiami 1362]

It is clear that with the passage of time humanity will put aside Fiat money, however, it could not ensure that Bitcoin will be the currency that is adopted worldwide and is the center of everything, currently Bitcoin is recognized worldwide by What you could say what overcome many hurdles and is now established as a long-term investment asset.

[Teminali69 1081]

On 10/27/2020 at 5:18 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

I was also thinking the same thing, the world is not yet ready for cryptocurrency it threatens the rule of law and government and financial stability of a country.

[Moaz 7239]

The number of users of cryptocurrencies in the world will increase in the coming years, and they will be legally recognized and accepted for payment and purchase along with fiat currencies and reliance on them as an essential part of the global economy.

[Khan 1414]

On 10/27/2020 at 12:06 AM, 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

Don't depend on that digital currency too much because the crypto currency are never trusted between public and only few people are able to use it and know the fact of the crypto currency.

[BrolySSJ 7899]

I think that a global adoption in crypto is inevitable in the long run. Although there are many disadvantages, or as you have called them here, hurdles in the cryptoworld, I think that these can be rectified with time. For example, the issue with legality is quickly changing as governments are realizing that there are many that choose to use crypto continuously despite the regulations, and therefore they are now starting to enforce tax on crypto. This in itself shows they are changing their stance on the acceptance of crypto as they are willing to also profit from it. Furthermore, the lockdown effect is a good way to describe it as this pandemic has taught us to go contactless in payment and crypto can do this and therefore some countries might reconsider for this reason alone. 

[SuperCrypto 7193]

Some lawmakers and regulators are currently working to provide the security factors that encourage support for cryptocurrencies and blockchain. Cryptocurrencies will be widely adopted and spread, and reliance on them will eliminate the role of central banks.

[Brandonsaw 1973]

The adoption of cryptocurrency around the world would be very great since we would be advanced countries because we would already use technology to pay but the obstacles are that there will be more hackers and that cryptocurrencies cannot be traced, of which there will be a lot of theft, that is  the bad.

[Nezar 7169]

We all know that the encrypted currency is very useful to all countries and countries of the world, but there are a large number of countries in the world that are ignorant of the importance and benefit of these currencies, but the Corona epidemic had a positive role in a large way, as many countries knew the importance of the encrypted currency during the complete closures that occurred around the world and I I hope that Bitcoin will become a popular currency and be used all over the world

[Raqeebzy 6456]

7 minutes ago, RAFUCHOO said:

 ......

Hi @RAFUCHOO. Looks like you are new here or not, you are not just conversant with how things are done here. 

When you need to quote a comment/topic, please kindly quote the selection you wish to pass comment on instead of the whole text. I am sure you won't like it here if everyone does the same. 

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[MuhammadSh 3067]

These cryptocurrencies projects are affecting directly on the current international financial system! especially when we see that the numbers of people who believe in bitcoin's project and even other projects is increasing day by day.. also when we see that there are more companies all around the world accept using cryptocurrencies in their financial transactions so we can say that these projects on their right road! 

[Khan 1414]

On 10/27/2020 at 12:11 AM, Jacobabram said:

This is true. All what has been mentioned about the features of the currency, and cryptocurrencies represent a strong factor to take the place of physical currencies in the future, that this matter is imposed by the rapid development in economic technology, and imposed by the global desire to use advanced technologies that achieve methods of speed and ease in completing projects and transactions.

There are still a lot of hurdles as the government is not approving it as the legal currency and the user are suffering from the COVI-19 as the Fiat money is also effected from the virus.

[khan22 3478]

No one know that who is the owner of the crypto market but the transaction is fast, sending fee is low and also it is most secure and trusted becasue in the crypto market so many peoples now use it as also a part time job and they make good money in it.

[Guru2050 8284]

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

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.

Why not!!! Certainly we are currently experiencing massive attention and acceptance of crypto currency system from the different region world wide not there will be a global adoption, already that is what is taking place, massive adoption globally considering the population that is joining the world of crypto currency. You and I knows before bitcoin community was not big as today this is simple indication we are growing day by day. As people continue to understand the significant value of crypto currency definitely it keep increasing

[malik6314193 5449]

Very helping and informative topic. I think one of best adventag of adoption of crypto currencies is ,it will boost up their economy and second it will help in control over unimployment. 

But disadvantage is that by adoption of crypto currencies it will make easy way to money loudering.

[sarahmoses202020 251]

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.

[scofield64 943]

I think the advantage of cryptocurrency is more than its hurdles or disadvantage. Cryptocurrency is now widely adopted and has helped a lots of people to become rich. 

[wassim19 645]

Bitcoin has gone through several stages since its inception until now, and Bitcoin was created in order to solve many of the problems that were previously facing us, and it will become the number one currency in the world with the progress of time

[Zalaks007 543]

Cryptocurrency is the future currency and with the way its leading in the market now, crypto will soon take over the financial markets. Although this a cryptocurrency that is decentralized and normally not traceable.

[Dorjoy12 8962]

Without any doubt crypto currency will be adopted whole over the world as day by day its popularity increase plus different company accept crypto as payment and especially bitcoin become attractive to all Over the world.. Again whole over the world people now want to control their money by their own self so they are going ton involve with crypto world.. There has still many reason coming up for adoption..           

[khan22 3478]

There are so many advantage of adoption like sending is fast, sending fee is low and also the source is unknown. Crypto is the best market and also we can face loss in this market like if we send our coins on a wrong address than we lost everything becasue that is not reverse.

[mzk7736 1592]

 

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.

This is the real thing as crypto currencies have survived the difficult economic times more strongly as compared to any other financial system. This will make masses and large franchises which have suffered during pandemic situation to adopt crypto currency to prevent losses.

[Raqeebzy 6456]

2 hours ago, mzk7736 said:

 

This is the real thing as crypto currencies have survived the difficult economic times more strongly as compared to any other financial system. This will make masses and large franchises which have suffered during pandemic situation to adopt crypto currency to prevent losses.

That explains totally why in recent months, there is a spreading and increasing cryptocurrency demand and adoption as new and exciting projects keeps coming in.

For cryptocurrency, it is a win and also for business entities.

 

Away from that. Please take note 👇

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[nykas 2812]

I read this article and can declare that it's a very good guide about cryptocurrencies. Many people think it's a perfect money form and don't see some disadvantages. And otherwise some people think crypto is a humera and nothing here is real, what is a big delusion. Every newbie should read this topic to understand what is good and what's wrong with crypto