Topic: Acceptability of Crypto Currencies (Read 90 times)

Bitcoin still needs some time to become a widely used currency. Many think that its transaction fees are still expensive and because of that many merchants resigned from accepting it. I don't think if any altcoin will take Bitcoin's place. It is a matter of time before the Lightning Network gains so many users that every payment will go through flawlessly. I can't deny that many people buy Bitcoin only to earn money from trading it.

I believe that over the few years, cryptocurrencies have really grown both in popularity and in the hearts of people. A lot of persons have become more accepting of the coin, and its popularity is spreading across borders as the day goes by. In a few more years, we will be amazed at how much the general public has grown to know about the industry, and accept it.

I have 6 years of experience in Blockchain Technology. My surveillance from last few years in crypto currencies has led me to a question, “Does Bitcoin and Other Crypto Currencies have a Future.” According to the current scenario of the new upcoming Era, one thing that comes into mind is that there is no global acceptability of crypto currencies.

Many countries in the world are already running only Crypto Currency Exchanges for the trading purposes while some other are moving towards on crypto currency mining platforms. As per my survey, every month more than 200 ICO’s are launched, but only 10 % of them sustain and thereby the profits are distributed to the people. World’s Top economist expert has predicted the Price of Bitcoin to hit around $50,000 at the end of year 2018 and many others (John McAfee) have even predicted the price to reach above $5,00,000 by the end of year 2020.

Looking back to the growth of the crypto market since Bitcoin was launched, There is no doubt that Bitcoin will hit this high, but the main point to focus in between this is the issue related with its “Stability.” Talking about the last year only, on Dec. 2017 Bitcoin price sky-rocketed hitting a height at $20,000 but in just two months after that, the crypto market had fallen to about 70% with its worst impacts on the economy of the people associated with it giving a negative testimony, out of which some countries partially or completely banned the crypto currencies.

Reason’s For The Unstability Of The Crypto Market:

There can be many reasons associated with the huge drops in the crypto markets. One particular common form of market manipulation is called “WHALES”. People even blamed it on whales that they are manipulating the crypto price’s. Basically whales are a group of people working together to hold a large percentage of cryptocurrencies and can use this to their advantage to manipulate the crypto market to the desired price. Whales create Panic selling into the crypto markets so that they can trade (buy) in the best lowest prices and book big profits. These types of activities can be seen repeatedly in the market again and again, by having a look at the Bitcoin market chart of few years back. It just takes one negative news in the market to manipulate the holders to panic selling. Until we increase the global acceptability of the crypto’s (especially bitcoin’s) in the general livelihood’s of people this market manipulation cannot be put to an end because people associated with the crypto currencies have limited options of using their crypto’s except the trading margin profit earned by selling and buying at the crypto exchanges.

Increase Bitcoin’s Acceptability

Currently people are very limited, to using their crypto’s into the trading platforms only. This can be the main reason found in the manipulation of crypto markets. If people are able to use their crypto’s in their daily domestic necessities, this trend of market manipulation could be decreased with the increase in the global acceptability of the crypto’s to even by more than 60 Percent in just a year.

Even the original idea of Satoshi Nakamoto, The founder of bitcoin’s was to develop a new digital payment system which would be globally accepted as a new mode of payments transfer, eliminating the middle man but currently this motto of bitcoins is altered by the purpose of earning profits through trading margins only.

Implementation’s for Acceptability

Blockchain technology associated with the crypto currency is a innovative technology to be fully understood and implemented into our new generation era with its endless opportunities. The main focus of Acceptability lies in increasing people’s interest and providing them with very same options wisely rather than in the fiat currencies only. When even more people would be connected, new possibilities of its usability would be discovered. There should be options available for people to book their travel trips, hotels, buying anything of their desire through various online platforms directly in crypto currencies because blockchain technology was meant for this, “Helping with Ease.” There are some existing platforms like CheapAir, Fortune, BtcTrip etc working in the trend to the usability of cryptos in our daily necessities but they all fail in one or the other way as their use is limited to regions (Countries wise operational). There is an another upcoming platform service provider namely BitPayTrip, which is currently developing and expanding their multi-services globally in various sectors of the market, giving the users to spend their digital assests wisely.