With the current downtrend in the crypto market and the bearish nature of investors, it is important to show the world that not all is lost. The market will recover as it does every year, remembering this was just the time frame where bitcoin doubled, then doubled again to all time highs and has been growing ever since despite going from near $20,000 back down to as low as $5,500 levels. But price aside, there becomes this concept that grows when you have to start paying attention to the optimism outlooks bitcoin has as a whole.
Is The Glass Half Full With Bitcoin?
What usually happens is the market takes a huge dip from the second week of January every year, only to pick up again at the end of the 3rd quarter and sustain the growth throughout the 4th quarter. This was followed by a repeat cycle that begins in the first quarter of the next year. Unfortunately, because most people invest emotionally, they become susceptible to all the fear, uncertainty and doubt, causing them to dump their assets when the prices are dropping.
Yet, if anything is glaring, it’s that most tokens end up evening out and staying steady at a higher price, even if substantially lower than their peak price. Understand this and you will never lose a dime investing in the cryptocurrency market.
The cryptocurrency industry is poised for growth and further integration into mainstream finance as more people, organizations and institutions elect to accept the coins –bitcoin mainly- as a viable currency.
For instance, we’re beginning to see more startups launch their own ICOs and use cryptocurrencies to fund projects, while more hotels and a few airlines now accept bitcoin as a legal tender.
This will likely get better with time and the widespread adoption of cryptos. Whatever the case, we’re in for a rollercoaster ride in the near future, with many highs and fewer lows.
For those doubtful of the potential of this disruptive technology, let’s run through a list of 8 key talking points to show you just how much potential a decentralized electronic cash cryptocurrency could have in a blockchain-based data information highway era we are in.
– Money Transfer Platforms Disruption
Money transfer platforms, technology and services have come a long way. Unfortunately, their charges are still somewhat high for every transaction.
Worse still, certain transactions such as international wire transfers can take anywhere from 3-5 business days. This means delayed payments and unnecessary extra charges.
Certain cryptocurrency tokens and platforms offer a zero cost transaction fee, automated contracts smartly signed and instant funding, regardless of the recipients’/senders’ location.
This eliminates the need for time wasted filling 3-5 paged forms, waiting for days to have your transactions completed and the stress of dealing with bureaucratic operations.
– Diverse Crowdfunding Options
More entities are becoming more dependent on regular individuals to help them with their innovative projects and ideas through crowdfunding.
It is clear that fundraising activities have become vastly different from what they were in the past, thanks to the availability of technology. However, conventional fundraising as we know it, is still not enough.
There are many limiting features on the many crowdfunding platforms. One of these is the enforcement of the terms and offers. When people organize crowdfunding initiatives, the platform tends to make use of escrow services, which is great.
However, these platforms don’t follow up on these campaigns to ensure that donors actually get what they were promised. With cryptocurrencies, this is different. All cryptocurrency transactions used for crowdfunding purposes are typically bound by smart contracts.
Which means, the fundraiser or initiator has to fulfill the terms. Donations are also often easier too with smart contracts in place, as people know they will get their money’s worth, and you can attract far more investors than you would have by holding a cash or fiat only crowdfunding activity.
While cryptocurrency isn’t fully there yet, the potential for crowdfunding is huge and possibilities endless.
– The Elimination of Trust Based Economies
The current global economy is one that’s based on trust –trust that’s been violated one too many times by regulators, government and financial institutions. You have to trust that someone does what they say they will.
That’s just too much work these days when there’s an option of a completely trustless economy. No one needs to trust each other to execute their financial transactions or go through with their deals.
With smart contracts and trustless technology, these issues basically solve themselves, resulting in a more transparent, reliable system. Cryptocurrencies are pretty big on trustless technology that will help people transact business with peace of mind and calm.
A good example of the role a trustless tech can play is in the forex trading industry. Traders who are familiar with brokers’ sharp practices clearly want this tech as it completely eliminates or drastically reduces the tendency of a scam.
– Increased Financial Control for Individuals
With the current state of economy and industry, you have to trust some folks to hold your money in safe keeping. This implies handing over the reins of financial control to individuals and organizations in the hopes that they’ll give you your money when you need it.
As you probably know, that doesn’t happen these days considering that some of these entities can limit the amount you have access to over a certain period or even place a hold on your money when you need it –banks, insurance companies and other financial entities are the major culprits.
This is why many people are wary of keeping their monies in banks. Unfortunately, because of the ubiquity of the cashless and digital economy, it has become almost impossible to transact huge business deals in cash.
As a result, people are forced to keep their monies in banks. Cryptocurrencies can help eliminate all these hassles by giving financial control back to the individual.
So, instead of handing over your money to your bank for safe keeping, you can simply convert those funds into a reliable cryptocurrency, send the bulk of them to your cold wallet, and leave enough in the hot wallet for your daily, weekly or even monthly expenses.
You alone, will be in charge of your money’s security. Of course, this suggests that you would have to put solid security measures in place. But at least, you’ll know your money is back in your control. This way, you don’t need to trust any bank to keep your money.
The same goes for loans, mortgages and insurance. You wouldn’t need to depend on the banks’ or financial institution’s discretion before you can get a fair deal on any one of those things. All you’d have to do is plug in your data, and you’ll get your rates.
– Incredible Financial Transparency
When the world experienced a global financial recession in 2008, it did so because the global financial institution was covered in layers and layers of secrecy.
While that hasn’t improved one bit, there’s been an effort by various governments –the US chiefly- to increase and improve transparency and integrity. It’s possible that we may never be able to completely have a transparent traditional financial institution.
But, with cryptocurrencies, transparency is key. You know who gets what, when and what trades were made with many of the tokens. You can access a public ledger on the blockchain and see where the transactions are going.
You don’t have to depend on the say-so of a corporate clown to get the appropriate information. Everything is transparent, trustless and decentralized.
– Widespread Blockchain Powered Innovative Tech
One of the things we’ll be seeing a lot more of includes the possibility of an explosion of blockchain powered technologies and innovations. The blockchain technology is currently in its infancy as far as we can see.
It is bound to increase in use and complexity with time and new tech advancements. We will most likely see platforms and organizations that are decentralized, increased transparency in financial operations, rapid deployment of hitherto impossible technology and a bunch of new and innovative advancements in the areas of scaling transactions and user-privacy/user interface functionality. Or it could all go tumbling down? But we aren't betting on the shortfall around here.
Viable cryptocurrencies will probably serve as the financial vehicle to help make these technologies a reality, as well as run and maintain them when they are available. These 1,500 plus cryptocurrency coins and tokens you see labeled as blockchain assets are much like a snake with multiple heads – but we realize we may only need one to do it as a based currency (bitcoin) and all the others are dominated in bitcoin value in which sub culture/mini ecosystems will be able to create a culture of their own given the value amongst their community.
There's bitcoin and its 1000s of offspring (many failed or thin-aired tough-breathing status). Many serve a sold cause, others a cheap copy and paste fiverr gig white paper express order. Stay out of the weeds with bitcoin and the altcoins – and remember to research the people and product in which is intended to solve and attract more users and awareness naturally. Let's continue before we get carried away with the tech development and insight that has been forming over the last 9 years, especially the last 11 months.
– Alternative Currency for Countries
We’re beginning to see the rapid adoption of cryptocurrencies as fiat currencies in countries with volatile currencies and economies.
A good example is Venezuela’s Petro token, which is a national cryptocurrency that promises to bring some stability to an erstwhile unstable economy.
Other countries like Ecuador, Cambodia Russia and Japan are also looking to create their own national tokens for this purpose.
Countries with unstable fiat currencies might find cryptocurrencies a viable alternative to their currencies, thus creating a more stable economy and financial environment.
– Improved Security, Privacy and Fraud Minimization
Admittedly, cryptos are still at a stage where people can scam others of their hard earned money. But, once there’s some sort of regulation and oversight, it will be easy to see how it can help minimize cases of fraud and embezzlement globally.
For instance, if you know the public bitcoin wallet address of every political representative, it is easy to determine if there’s a sudden spike in transaction volumes into the wallet as well, how much they are getting.
This way, you can tell when political representatives are embezzling funds. Based on this premise therefore, it will be easy to stop frauds in their tracks and encourage transparency and honesty.
Also, the technology that powers cryptocurrency is quite solid, which makes it a little more difficult to hack or steal from. The blockchain platform offers a more solid and secure alternative to many existing financial, medical and technological solutions.
In the medical sector for instance, there are blockchain based tokens that are currently designed at further reinforcing HIPAA, and adding layers of security and privacy to medical patients’ history and information.
In the finance sector, there are disruptive and innovative finance solutions that are promising to accelerate transactions, eliminate transaction costs and secure all transactions.
In the legal sector, there are smart contracts technology that can make legal agreements easy to set up and execute… the possibilities are endless, really.
Cryptocurrencies have amazing potential and could play a significant role in the future. Don’t be left behind and miss out on great opportunities just because the market is currently down.
The world experienced the dotcom bubble and many companies went up in flames as a result. But it still didn’t stop behemoths like Apple, Facebook and Google from rising from those ashes and becoming some of the world’s largest and most profitable tech companies.
Take advantage of cryptos today, and you could potentially make a fortune. As we are known for, #buymorebitcoin should be trending more.