Several Altcoins Were Left To Consolidate LossesSeptember 25, 2019
The emphasis with Altcoins whether TCAT tokens or any others have always been about technical innovation. Some of the changes were pretty marginal.
There are several Altcoins where attention has not been provided to those factors which contribute to legitimacy. Several credibilities-enabling factors seem to have been traded off to achieve a few additional metrics or technical thresholds.
For instance, with EOS, the supporters have been boasting about the high numbers of transactions which can proceed in this network; however, the trade-off in the process is the relative centralization of the validator, which is overlooked for most of the times.
The long term legitimacy factor is very crucial for any network, and it is significantly compromised when developers emphasize marginal technical improvements. Several publically available validation notes increase the concern as to whether it is worth calling these networks as contributing to true cryptocurrencies.
Some believe that the only cryptocurrency that is worth creating is that which can serve as money. The overall market considers BTC to be a trustworthy form of cash; however, centralization in the cryptocurrency industry is increasing alarmingly. Centralization issues have not yet, interfered with individuals increasing their Bitcoin price targets.
John McAfee recently stated that using fiat is a kind of slavery and that the government fears it. Cryptocurrencies have the potential to end the dominance of the fiat. Most of the governments across the world are against cryptocurrencies for this reason. He remarked India’s criminalization of digital currencies related to its fear of cryptocurrency dominance.
McAfee has been criticizing the global income tax system as well. Bitcoin has been ranging from $9,500 through $10,000, which is three times what it used to be during the beginning of this year.
It cannot be denied that cryptocurrencies are vulnerable to thefts and online scams, and they are not entirely vulnerable either. One should have the password if they should access the ledger or to transfer ownership for that reason. Most of the organizations have robust algorithms to keep the digital signatures of their users safely. The traceability factor makes it possible to recover digital money than when compared to fiat money.
The Bitcoin and the Altcoins have been attempting to recover from their recent lows. The upside momentum did not gain traction, and several Altcoins were left to consolidate losses.