Since it was created, nearly a decade ago, bitcoinand the cryptocurrency market it spawnedhavefaced a constant stream of doomsayers declaring the coin dead or headed for obsolescence. Even so, ten years later, a singlebitcoin is worth fourfigures, and it appears to have found some stability in tandem with its growing maturity. The same cant be said for the sector which now includes thousands of coins and tokens, each of which exhibits varying degrees of success.
Moreover, for all theirpromise,cryptocurrenciesstill can’t seem tobreak into the mainstream. There are still very few merchants that accept crypto payments, and most financial services continue to be settled in fiat currencies. Critics saycrypto may have been a flash in the pan. For supporters, though, the signs are clear that even with the current culling of the crypto ranks, the sector will emerge stronger.
The real question is, which group is right?
As of August 2018, the number of cryptocurrencies on the market liessomewhereabove 2,000. This should be a clear signal that the sector is booming, but the numbers are deceptive. A report issued in July of this year found that more than 800 of those are essentially dead, that isworth less than one cent. This comes on the heels of reports of rampant scams and fraud in the initial coin offering (ICO) market, and other signs of trouble for the sector.
The trouble starts with bitcoin itself, as the cryptocurrency faced substantial difficulty in 2018. After reaching stratospheric heights with a near-$20,000 valuation in December 2017, bitcoin prices came crashing down in January, and have struggled to reach last years’ heights. Additionally, the value of crypto transactions carried out, which was astronomical in the first quarter of the year, collapsed by nearly 75% during the second quarter. The number of transactions fell from nearly 360,000in late 2017 to roughly 230,000 by September of this year.
The lack of acceptance, especially in the investment arena can partially be attributed to the US SECs denial of more than a dozen applications to list bitcoin exchange-traded funds (ETFs). More importantly, the leeway and freedom cryptocurrenciesenjoyed as unregulated commodities is rapidly coming to an end. 2018 has witnesseda drastic upswingin regulatory efforts, with countries across the globe taking a more serious and deliberate stance. This, many skeptics say, could be yet another nail in the coffin, stifling growth and limiting the sectors true potential as a disintermediating force.
On the other hand, these are not necessarily new critiques of the crypto sector. While it is true that bitcoin pricesand by extension most other cryptocurrenciescrashed in early2018, the volatility that once defined the market appears to be gradually fading. While this is bad news for speculators, it is excellent news for institutional investorswhomany believe are the key to unlocking cryptos future.
More relevantly, cryptocurrencies, and blockchain in general, are starting to garner more mainstream adoption. While merchants remain wary ofdigital currencies, banks, major tech firms, and other corporations have already started employing them.
As Ceek VR CEO and founder Mary Spio noted, cryptocurrency is nowhere near dead, its just scratching the tip of the iceberg toward mainstream adoption, when companies offer purposeful real life value and integration of cryptocurrencies, we will begin to see the next wave and resurgence of cryptocurrency. Its all about creating more natural demand and less speculation and hype. Indeed, it seems many of the cryptocurrencies that have fadedwere those based on hype and little else.
Even though 2018 has seen a downturn in the market following the bull run in 2017, we are convinced that the future holds a rebound, driven by institutional capital flowing into crypto assets. Within crypto assets, the wealth distribution will shift away from utility tokens towards Bitcoin and likely security tokens, said Agada Nameri from iCapital, an iAngels subsidiary dedicated to blockchain opportunities.
It seems that while many have shot down the idea that bitcoin and the crypto market are mainstream, the sector is determined to prove them wrong. While cryptocurrencies may still not be a standard for payments and value exchanges, the technology that underlies themblockchainis quickly becoming a standard in a variety of sectors and industries. Perhaps more crucially, the services that these tools provide are all based on, and powered by, cryptocurrencies and tokens. As companies continue to fix pain points and uncover new frictionless solutions to old problems with blockchain, crypto will flex its muscles even further.
Despite its many doubters and doomsayers, the crypto market has continued to plug along and thrive. Although prices have fluctuated wildlyand in some cases enormously to the downsidethe sector is finally starting to stabilize and increasingly appears to be leaving its infancy behind.
As more companies discover uses for crypto and blockchain, and more users accept themas a way to simplify their lives, theywill remain a central point of conversation in technology. More interestingly, as it better demonstrates its value in a variety of situationsfrom banking to buying coffeethe technology will further ingrain itself. Coins may come and go, and many cryptocurrencies are indeed likely to fail, but the sector will continue to forge ahead unabated.
Go here to read the rest:
Is Cryptocurrency Dead for Good? | Investopedia
- Cryptocurrency Exchange Says It Can't Access $190 Million ... - February 5th, 2019
- What's the Best Cryptocurrency to Invest in Today? - January 9th, 2019
- Cryptocurrency Trading Easy tips to get started | AvaTrade - January 9th, 2019
- Thailand Issues 4 Cryptocurrency Licenses, Rejects 2 ... - January 9th, 2019
- NASDAQ, Fidelity Invest in New Cryptocurrency Exchange ... - January 9th, 2019
- Cryptocurrency News | Cryptocurrency News | Blockchain ... - January 9th, 2019
- Differences Between Cryptocurrency Coins and Tokens - January 9th, 2019
- Cryptocurrency Charts - January 8th, 2019
- What is cryptocurrency? - cointelegraph.com - January 4th, 2019
- Blockchain Will Survive A Cryptocurrency Apocalypse - January 1st, 2019
- Cryptocurrency - Simple English Wikipedia, the free encyclopedia - December 25th, 2018
- Cryptocurrency scammers dupe Singaporeans out of $78,000 in ... - December 6th, 2018
- Invest in Cryptocurrency With Spare Change - Black Enterprise - November 28th, 2018
- What is Mining Cryptocurrency? What you need to know... - November 26th, 2018
- Saudi Arabia Will Launch Its Own Cryptocurrency in 2019 ... - November 23rd, 2018
- Bitcoin and Other Cryptocurrency Prices Are Crashing Again ... - November 17th, 2018
- Homepage - Cryptocurrency Army - November 14th, 2018
- Cryptocurrency - Simple English Wikipedia, the free ... - November 14th, 2018
- How To Create Your Own Cryptocurrency - fastcompany.com - November 14th, 2018
- Cryptocurrency price plunge worse than bursting of dotcom ... - September 18th, 2018
- Iran, North Korea and Venezuela turning to cryptocurrency ... - September 12th, 2018
- SEC halts trading in two cryptocurrency products, citing ... - September 12th, 2018
- Cryptocurrency News, ICO Reviews & Blockchain Updates ... - September 9th, 2018
- Cryptocurrency "miners," utilities look for ways to get along ... - August 29th, 2018
- Cryptocurrency: Virtual money, real power, and the fight ... - August 28th, 2018
- Pornhub Now Accepts PumaPay Cryptocurrency - August 27th, 2018
- NK hackers target Mac users with trojan cryptocurrency app ... - August 27th, 2018
- Cryptocurrency: The unlucky investors who got in at the wrong ... - August 26th, 2018
- cryptocurrency coins Archives - The Industry Spread - August 26th, 2018
- cryptocurrency Archives - Page 6 of 6 - The Industry Spread - August 26th, 2018
- Cryptocurrency investment in SMSF - hallandwilcox.com.au - August 26th, 2018
- How To Choose The Best Cryptocurrency Wallet - Crypto News AU - August 26th, 2018
- Courses | Cryptocurrency Australia - August 26th, 2018
- What Every Investor Should Know Before Buying Cryptocurrency ... - August 26th, 2018
- The biggest cryptocurrency hack in the history of blockchain - August 26th, 2018
- After the Bitcoin Boom: Hard Lessons for Cryptocurrency ... - August 21st, 2018
- Cryptocurrency Rankings | CryptoSlate - August 14th, 2018
- Bitcoin price falls after SEC postpones key ETF decision - August 12th, 2018
- Brokers Cryptocurrency Deals Are Focus of SEC Review ... - August 7th, 2018
- 7 Cryptocurrency Predictions for the Rest of 2018 - August 7th, 2018
- Have a Cryptocurrency Company? Bermuda, Malta or Gibraltar ... - July 31st, 2018
- Bitcoin price live: Latest updates as cryptocurrency ... - July 22nd, 2018
- 2018 Bahamas Blockchain & Cryptocurrency Conference - July 16th, 2018
- Best Cryptocurrency Trading Platform 2018 | Top Crypto ... - July 13th, 2018
- Cryptocurrency: Advantages And Disadvantages Explained - July 12th, 2018
- ATB Coin - The fastest and most secure payment system - June 19th, 2018
- An Illustrated Glossary of Cryptocurrency Slang (Infographic) - June 19th, 2018
- Apollo All-in-One Cryptocurrency - June 3rd, 2018
- Cryptocurrency News, ICO Database, Coin Rankings and ... - May 25th, 2018
- CoinLib - Cryptocurrency prices now - May 21st, 2018
- Cryptocurrency Market Capitalizations | CoinMarketCap - May 4th, 2018
- CryptoCurrency Market , Coin Prices & Charts, Crypto ... - April 28th, 2018
- Nasdaq open to cryptocurrency exchange in future, says CEO - April 27th, 2018
- The 4 Top Cryptocurrency Mining Stocks -- The Motley Fool - April 27th, 2018
- One in five financial institutions consider cryptocurrency ... - April 27th, 2018
- New hacks siphon private cryptocurrency keys from ... - April 27th, 2018
- What Is Cryptocurrency? - dummies - April 21st, 2018
- Cryptocurrency Market Surges to $365 Billion, Start of a ... - April 21st, 2018
- BTCMANAGER | Bitcoin, Blockchain & Cryptocurrency News - April 16th, 2018
- How to keep your cryptocurrency safe - CNET - April 11th, 2018
- How do I report Cryptocurrency Mining income? - TurboTax ... - April 4th, 2018
- When do you report Cryptocurrency investments? - TurboTax ... - April 4th, 2018
- Trading Cryptocurrency in 2018: The Definitive Guide - March 14th, 2018
- How would one operate a Cryptocurrency Mining Pool and ... - March 13th, 2018
- Coinbase cryptocurrency index fund - Business Insider - March 10th, 2018
- Cryptosomniac | Cryptocurrency Price Tracker - Bitcoin & Eth ... - February 24th, 2018
- Cryptocurrencies News & Prices | Markets Insider - February 22nd, 2018
- I started cryptocurrency mining at the end of 2017 and was ... - February 20th, 2018
- Cryptocurrency News - Bitcoin, Ethereum, NEO, ICO startups - February 8th, 2018
- 7 Best Cryptocurrency Exchanges to Buy/Sell Any ... - February 8th, 2018
- Electroneum. The Mobile Cryptocurrency. - February 8th, 2018
- Cryptocurrencies trading | your guide in the world of trading ... - February 5th, 2018
- Robinhood trading app introduces cryptocurrency - money.cnn.com - January 28th, 2018
- Robinhood adds zero-fee cryptocurrency trading and tracking ... - January 28th, 2018
- Cryptocurrency Price Prediction, Comparison, Analysis - January 22nd, 2018
- South Korea's major cryptocurrency exchanges ... - reuters.com - January 13th, 2018
- Bitcoin-crazy South Korea may face a ban on cryptocurrency ... - January 13th, 2018
- Cryptocurrency - IC Markets - January 13th, 2018
- Kodak launches cryptocurrency, stock pops 125% - Jan. 9, 2018 - January 10th, 2018
- The cryptocurrency bubble is strangling innovation | TechCrunch - January 9th, 2018