TokenPay Crypto Payments Irony: Speculation is Suffering Mass Adoption of Blockchain Payments
True Adoption of The Blockchain Technology For Payment Is Strangled By Speculation, TokenPay Affirms
TokenPay has affirmed, on a recent blog post, that the blockchain industry has the potential to become better for making payments an, in fact, actually make cryptos be cash, but that, just like in the 90s with the dot com bubble, speculators are ruining the market.
According to the company, there are big similarities between the 90s stock market bubble when the internet stock created a bubble and then exploded later and the current crypto industry. The company believes that “multibagger pumps” control the price of the tokens and make up for its high volatility.
Activity, TokenPay defends, is not the same as actual interest on technological adoption, it may be only speculation. Most people using tokens are speculators instead of real clients that want to build something. They just want to profit.
This creates a whole new kind of problem because ERC20 tokens, which are commonly traded, are not even representatives of a company stock and there is not even any kind of protection for investors. Most tokens exist for no other reason than to get money from companies. They are unregulated and hard to trade. “The Crypto market is rigged”, TokenPay affirms.
For comparison, the company cites the Amazon stock, which lost 90% of its value in a single year. That caused many speculators to call it a scam but was far from the truth as anyone will be able to see now. Even after the epic crash, Amazon continued to exist and to profit.
The company was focused on delivering its products, not satisfying the speculators of the market. “Rome wasn’t built in a day”, the company affirms. It looks a lot of time to actually get profits and to create a real ecosystem. The people who actually sustained the heavy 90% losses or that bought stock when it was down, these true believers, they were rewarded.
— TokenPay ® (@tokenpay) August 26, 2018
Crypto as A Superior Payment Method
The main point of TokenPay and, in fact, its main focus as a company, is to be eyeing a single objective: proving that cryptocurrencies are a superior method of payment than fiat currency. According to the company, they are Adoption Maximalists. They care about people using crypto in their real lives, they care that people should have a real reason to use these assets other than for speculation.
Merchants have real needs and they need less volatility. A financial ecosystem that is consistent needs to be created in order to actually support the market and to let these people actually benefit from the system.
Most Tokens Are Not Good
TokenPay affirms that most tokens, even the most popular ones, are simply not good for what they should be: they are terrible coins and their transactions are not good at all. According to the post, Bitcoin is very slow and costly, while Ethereum, the second largest currency per market cap, is not scalable and it has bugs that harm it.
Even new platforms like NEO have issues and have seen their blockchain fail, which makes, according to TokenPay, useless for what they should actually do: transactions.
TokenPay (TPAY), on the other hand, would be a perfect token for transactions (obviously). Even as we know that the article is written as a way to sell the TokenPay tokens as the future of crypto, there is definitely some truth in these affirmations.
ETH and BTC are bad for transactions and have a large number of issues. Because of this, they are from being the best choices that you can make. There are some smaller cryptos that are better (like DASH, for instance), but it looks like TPAY is definitely a good option, too.
First, TPAY is secure and it supports stealth transactions, which are excellent for transactions that you really want to be private instead of public. There are also no chargebacks and the transactions are fast, a lot more than Bitcoin, which makes them almost instantaneous, according to the company. Also, the company boasts that TPAY has very low transactions fees.
Holding Is Not The Purpose of Crypto
According to the company’s article, holding tokens is far from being the future of crypto. Storing value is not always that Bitcoin should be used for, not if it ever wants to be more than a financial asset and become an actual way to use money. However, the company is also aware that there is a long way before the users are finally allowed to actually use cryptos for that.
The main problem is the speculators. They destroy the market or believe that tokens should be like stocks and blocking all the potential of this market.
The paradox, according to TokenPay, is that using tokens is not enough for people to actually using, creating a new to make them easier to use it. Is TokenPay the answer? That is hard to say for sure, but at least it looks more concerned than the original Bitcoin to be an actual answer instead of a speculative asset.