Cryptocurrency Literacy And Regulation To Determine Fate Of Mass AdoptionJanuary 1, 2019
Cryptocurrency literacy is far better than two years ago. The decline in the value of the cryptocurrency in the year 2018 set the alarm in the minds of investors that led them to study the ins and outs of cryptocurrency projects. Even those who were prospective investors or not investors at all trained themselves in the different cryptocurrency courses to increase their knowledge about the market.
Even those who were prospective investors or not investors at all trained themselves in the different cryptocurrency courses to increase their knowledge about the market.
There was an increase in cryptocurrency adoption among masses and institutions. There was a widespread belief that cryptocurrency criminals cannot be prosecuted; however, the belief system was put to an end making it possible for courts to try these criminals and issue sentences.
There was an increase in the numbers of scam projects and with improved knowledge it became possible to detect the scams. Participants played safely and invested wisely. Market participation improved and market competition as well improved. Previously several projects with no scope for real-life application were created. It now became possible to see several companies coming up with apps that can be successfully implemented mainstream.
To cope with the volatility factor, companies came up with stable coins. Stable coins had predictable price trends. USDT, Circle Dollar, Gemini USD and more of such came in to being. The idea of cryptocurrency being a pyramid scheme and Ponzi scheme came to an end. However, institutional investors developed awareness about the potential for this industry, and they stepped into the industry. Several patents for different cryptocurrency projects were signed. Increasing numbers of investors are getting interested in a futures contract for the cryptocurrency. Thus making it possible for prospective investors to be able to make money even in a bear market by buying and selling the crypto futures.
Private peer to peer transactions has gained identification among the masses. White papers revealed the project motives. And, people began to study white paper to understand the reliability factor. Transaction of goods and services without losing privacy was becoming attractive.
A cashless world is becoming an aspiration for many merchants. They prefer the convenience of cryptocurrency and digital transactions. Companies are working to make it possible to use cryptocurrency for everyday use. “Consumer first” mindset is becoming widespread, and companies are willing to offer cashless transactions for their customers.
The biggest dream of crypto companies is mainstream adoption. This will happen when more numbers of retail investors begin using the crypto. The industry is awaiting regulatory details on how it will be classified and how it will be taxed to help determine the fate of mass adoption.