Specific Use Case Cryptocurrencies Will SurviveJanuary 3, 2019
If not all, at least a few cryptocurrencies will survive. There are several hundred cryptocurrencies and Altcoins. If not all, at least a few based on specific use cases will survive.
David Schwartz, the CTO of Ripple Labs opined that it might not be a situation where one winner will take all the outcome, but it will be a situation where several coins with unique uses cases will survive.
The use case provided by one will not be something that the other can provide for; therefore many of them will survive. It is not possible for everyone in the industry to have everything, so a bunch of them is providing for different, yet most needed use case will stay back.
So, there are going to be winners who have technologically sound use case solutions to be able to survive the bear market.
Schwartz further added that all of us are into this and it is not possible for one to feel successful be leaving the other.
There is a sense of mystery involved in cryptocurrency, which they think is a lot related to profit making and price hike thereby leading to the addition of several investors. Investors know that they can make huge amounts of money or lose it, yet they are addicted to it. There are several of them who behave like compulsive gamblers.
Cryptocurrency businesses are willing to accept this currency; however, there is a long way to go before non-cryptocurrency businesses can accept these digital coins for everyday transactions. A major breakthrough is not possible until a mass adoption takes place.
When the networking required for cryptocurrency transactions are strengthened, businesses will be inclined to provide the support and co-operation to make it possible. There will be a situation where businesses will sense the cryptocurrency payments are as crucial like credit cards and debit cards.
The general growth pattern in any industry tends to be technological development in order to create value. When the masses realize the value, they adopt it eventually leading to the circulation of money. The order of development with cryptocurrency does not follow this trend. With time a trend will be set for the development of this industry.
There is lot of hard work and manpower going into the cryptocurrency industry. Regardless of the bear market companies are introducing products and services enabled with cryptocurrency. Giant institutions are stepping in. The current phase is transitory, and soon a trend will be set, and things will move in the right direction for this industry making it more useful for the masses.