Cryptocurrencies and This Bear Year
Photo by Jürg Kradolfer on Unsplash
Keeping up with cryptocurrencies can be exhausting. From understanding the use case, to reading white papers, to learning the statistical data concerning adoption, it can take a while to process the prediction values of any specific cryptocurrency. Which one will be the new Bitcoin? Will Bitcoin remain the top dog of the yard or will a new altcoin overthrow it? All of this matters because there are many uses that cryptocurrencies aim to improve.
Whether the case use may be to bank those that have no accounts, or to promote the immersion of the financial system into the internet-of-things, cryptocurrencies have many uses. Some uses are more noble than others, but a profit motive is not bad at all. I am not talking about a financial motive, although that is understandable. I am speaking of a technical motive or knowledge-based motive. While learning about cryptocurrencies may seem daunting, it is possible with a great amount of dedication.
From the start of the year, cryptocurrency prices have not increased except for a few dates. The increases have not been spectacular like the the previous years do to no halvings of Bitcoin and no new game changer adoption despite some companies adopting crypto for payments like the Miami Dolphins. While integration and adoption still seem a bit far off, the technical specifications of several projects are interesting and thought provoking.
There is nothing specific to blame for the current cryptocurrency circumstances except for the attention that stable coins have garnered. It is interesting to see how stable coins may affect the crypto space, but then again anything can happen as seen by the way that the Chinese government initially banned cryptos only to move ahead and adopt a centralized crypto.
With a new decade starting and so many projects actively being improved, it will be a great innovation to have these projects help not only those who look to make a trading profit but also those without bank accounts or those looking to secure loans through De-Fi instruments. There is so much that could possibly done to help the un-banked as well as create an incentive for entrepreneurship and creativity.