Battle Tested Cryptocurrencies Continue to Define the MarketJanuary 28, 2019
Battle-tested cryptocurrencies continue to define the market by trending around in the top positions. For all practical reasons, Bitcoin tops the market. At the time of reporting the news, Bitcoin was trading at 3,415.11 USD.
A Belarus-based bank is likely to launch a cryptocurrency exchange. They are at present studying the crypto exchange business in order to explore the opportunity of creating a cryptocurrency platform to serve as a crypto exchange. Probably, the bank will transition to making use of digital technologies. Digitalization continues to be a major direction for the banking sector. Ultimately, Belarus might become the first government in the world facilitating the use of blockchain technology.
CEO Jamie Dimon was often questioned of why he gets uncomfortable when questioned about their reluctance to enter into the cryptocurrency market. He opines it is because of his memories related to the housing bubble market. Also, he states that the entire crypto deal was started to help to make untraceable buys like guns and drugs.
However, there are other kinds of banking professionals who continue to be skeptical about the use of cryptocurrency. Some of them wrongfully compared it to the hyper-speculative and faddish US housing bubble market. For whatever reasons, there are sanctions on countries using crypto and these sanctions are based on the foundations of anti-money laundering. A lot of essential legal frameworks are yet to evolve making it a grand reason for many to be reluctant about this market.
While the world of cryptocurrency revolves around Bitcoin, several pilot programs are failing to unfold value. However, giants are continuing with their projects and they are confident that this project will unfold its true value.
With a lot of activities over the years, the drama and scam in the cryptocurrency industry are coming down. With the regulatory bodies stepping in, substantial happenings are seen in the market. Miracles and quick rich talks are slowly fading; the real-life use cases are more appealing. While the other applications of blockchain technology are finding widespread application, it is expected that the use of cryptocurrency at point-of-sale retail points will increase this year.
Cryptocurrency entering the mainstream financial services as a transformative technology did not materialize as it was meant to be. The thought leaders and idealists wanted the cryptocurrency for the un-bankable population. The vision of crypto makers also involves providing for innovative transfer and storage mechanisms that are resistant to fraud.
The bar for investment has been lowered. While investment assets were only meant for the well-off class, now investors can buy cryptocurrencies for low-value dollars and wait to see it grow.