Cryptocurrency adoption; the advantages and the hurdles.

[Flash009 345]

Yes, it is true that cryptocurrencies have almost survived the global coronary crisis, that cryptocurrencies are the future and I think countries that resist and fight cryptocurrencies will be delayed in the future. 

[JesusFries 1958]

The most advantage that i was amazed in cryptocurrency is being decentralized, it's because government cannot touch it and when the government cannot touch it, there's no tax with it, I'm working in cryptocurrency without paying any taxes so it helps me a lot to save more money.

[Pereira 2303]

This was a very well structured topic with its very practical definition and with excellent content and confidence in its words, I really congratulate this kind of topic because this is what we really need in this forum.

The answer to this comment is yes, we will have a great adoption of cryptocurrencies in our economy very soon, and this is because many governments and organizations over the years are seeing cryptocurrencies as profitable investments and without inflation, therefore this class of organizations want to couple them to their businesses. I greatly hope that the crypto world will grow big in the future and can develop many more areas in your crypto world.

[Froshk 1828]

For every investment, there are hurdles and there are bubbles, but the major area of concentration should be the return per investment that such investments are able to provide. 

[Raqeebzy 6456]

14 hours ago, Nasir999 said:

I think with much government concern and approval of cryptocurrency in many countries, it will reduce the setback and increase the adoption. Though some countries have started investing in it.... Countries like Hong Kong, Japan, China, Singapore, USA. But there's still few doubts on it in African countries maybe possibly due to security route. Like you said cyber-attacks, irregularities and fraud. But there will be adoption soon. I hope so.

I am not totally sure about all of your mentioned countries but definitely quite a number of countries have seen crypto ( most especially bitcoin) as a safe haven against economic crises. 

I mentioned Venezuela, Colombia, Ecuador and big part of South America and African states in my initial topic content. Think that's a good start towards worldwide adoption. 

Now most countries legalising cryptocurrency and accepting trading of it are developing some regulations to prevent laundering and all sort of irregularities (at least to a good extent), as that proves effective, more countries will legalise it and adoption will skyrocket.

[Oxygen99 1930]

On 1/9/2021 at 7:24 PM, Nasir999 said:

Exactly, trading and investment require dedication as well. Since Bitcoin can still boom out in pandemic period, i don't think it can drastically be looked down to. 

We only need to be watchful of the market because I can see it fluctuating up and down this days and that can make one lose a lot, so kindly stay alert when you invest on the likes of bitcoin and top altcoins to avoid losing funds.

[susan8929 811]

Excellent information, thank you. I think that in the future there will be a massive adoption of cryptocurrencies because over time the use of crypto has increased a lot. I think it is difficult that they are not still used because in fact they are quite useful to make transactions in a fast, safe and specially cheap way.
Of course, I think that there will be difficulties and regulations along the way, but the best projects will overcome them easily and I don't think it will affect their prices too much. 
We will see what happens in the future.
 

[abd1992 960]

On 10/25/2020 at 12:30 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.

Yes, there are many obstacles in order to adopt encryption as an official currency in all countries. First, it cannot really be a single currency for the entire world, as they are already in paper currencies, there is no single type, so how about cryptocurrencies

[Raqeebzy 6456]

On 1/17/2021 at 9:16 AM, abd1992 said:

Yes, there are many obstacles in order to adopt encryption as an official currency in all countries. First, it cannot really be a single currency for the entire world, as they are already in paper currencies, there is no single type, so how about cryptocurrencies

First of all, don't get it wrong, cryptocurrency adoption adoption doesn't necessarily mean it is overtaking fiats as the official currency. The traditional method of anything is not easily overthrown and currency system isn't an exemption. 

Massive adoption means wide usage as an good alternative for fiat in payment for good and services without discrimination.

[Jack764 1841]

There are many advantages to using cryptocurrencies such as saving time, effort and ease, but countries should take advantage of this matter and the consequences lie in decentralization and lack of knowledge of the quantities that are sold and bought.

[Oxygen99 1930]

On 1/16/2021 at 10:40 AM, Nasir999 said:

That's the point friend. We should always stay alert when the rate fluctuate for more earnings. The logic is certainly the best. Thanks for that.

Yes and that is why we need more knowledge and experience about the field because without much experience one won't know the actual facts I am trying to let you understand better, so we should always seek good knowledge before joining cryptoworld.

[kryptonick 2659]

On 10/25/2020 at 11:30 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? 

I still see many problems that are hindering global adoption. The main one is acceptance and a push into cryptocurrency use inside most countries. The only example where cryptocurrencies are used more frequent is Venezuela. The rest of the world simply doesn't adopt cryptocurrencies as money but do so in order to gain more money, meaning the only adoption we see today is about investing and trying to make more money.

When I joined I was very idealistic and thought that crypto only needed two years to become adopted in all the world. I also wanted to make more money but I would prefer to use Bitcoin instead, but it only took me a few months to learn that cryptocurrencies will have it too difficult to be adopted as money. It is easier for trading and speculation and this alone isn't the meaning of this. We need organic growth, use of crypto for the reasons they were created and not what we see from speculators and the internet trolls that are just trying to push the prices higher and nothing else.

[Mobarok78 28]

Hello my colleague at work. This criptocarrenchy is very good. It is very useful to us. Reason why we find knowledge, mind, money and skill. This work is very good. In this work there is little problem. And that problem ... I say the first time this work is a lot difficult For a new worker, this is why I say to your old worker, it is necessary to help a new worker so that they know well. And happy it is like this .. You often ask and answer any matter that gives knowledge to a new worker. If you do this, it is easy for a new worker. This work is now popular The world. I hope it will be very famous. The reason is now this work is published from the East to the Maghreb. This work is published a lot in the time of covid 19. The reason for that time many people were free of work. This is why many people entered this work. I hope this work will be Malik, and he shall be the kingdom of kings.

[Adam786 560]

In this penademic situation of corona virus the use and demand of cryptocyrrency is increasing rapidly and the people are adopting it because this virus is also spreading by the fiat currency thats why we can say that this is a growing time of cryptocyrrency. I hope all countries will adopt the cryptocyrrency very soon . As we know the technology of the world is upgrading rapidly therefore the people are starting to use the digital currencies instead of paper money .

[Mohammadnour 1372]

Yes, this is true. I also learned a lot of information that I did not know. But in the end, I have learned to continue to work or the path that I have drawn in order to reach my goal is the right path. Because I think that the most good thing about Bitcoin was that it continued to be neglected until it succeeded

[Alexander002 91]

Your words are valuable. Cryptocurrency is an online currency similar to the Fiat currency on paper. The birth of cryptocurrency to make transportation easier.There are many advantages to using cryptocurrency as it is not difficult to carry, it is usable all over the world. Again, there are obstacles,As it has no control, various countries have banned it.

[RoyalHouse01 9]

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.. 

Only because of the corona the government of any country will never legalize the cryptocurrency but they will be using personal digital money for that reason.

[Cryptomint 433]

This is really a good post and it is helpful for everyone and i really appreciate to this post and also think that you will share these kind of posts....

[Abrar1122 10]

The major hurdle in adoption of the cryptocurrency is only the way to put taxes on cryptocurrency until any way of putting taxes is not introduced the governments will never about the cryptocurrency

[Sumon21 151]

Cryptocurrency is a currency that does not exist. This is just a signal.  Cryptocurrency does not mean any rules. So no government can control it . So crypto is banned in many countries. Because many people think that it will create instability in the currency. But it can be speed up economy.  

[Dissy sb 945]

My friend I want to tell you that this is very beneficial post for all the member of this forum because there are many advantages and many hurdles when you adopt the cryptocurrency e you should to be careful from the hurdles

[basel23 1722]

Blockchain technology is an ideal solution for countries that have corrupt governments because the investors in these countries cannot trust a central entity because it will be subject to corrupt government decisions.
Most people in developing countries, see Bitcoin and cryptocurrencies as the ideal way to get rid of the control of central banks.

[teebasas 3018]

People are afraid of scams and hacking campaigns, which is a big barrier to crypto currency adoption. Actually, crypto is thought to be a very risky investment. However, we must not forget that if there is a fraud or a hack in crypto, it is the same with real money. Banks are vulnerable to cyber-attacks. Theft and robbery are also possibilities.

[Dadouasaad123 902]

Of course, cryptocurrencies face many obstacles, but blockchain technology gives users safety and comfort, and it always tries to overcome these obstacles, the last of these obstacles was the Corona virus, it greatly affected the cryptocurrency project, and now it overcomes and continues.

Edited April 15, 2021 by Dadouasaad123

[Mella 3680]

The adoption is coming mostly from those that are investors. For Bitcoin it is an asset that investors use for the property of store of value so it is not very important to transact with bitcoin but just investing, trading, and maybe sending to a hardware wallet. But most of the other cryptocurrency must have networks and users, and they usually don't. Adoption in the terms of use case is not happening yet.