December 18, 2017, The day bitcoiners celebrated their victory. World’s most sought after cryptocurrency, Bitcoin touched an all-time high of $19,498.63, just a touch shorter than the $20,000 mark. As of March 31, 2018, Bitcoin is trading at $7,125.67. It slumped by nearly 63.45% over the last quarter. Is it possible for the USD or GBP to have a similar slump down? Possibly not, except in a financial crisis.
In 2017, the world saw a rise of 167 new cryptocurrencies. A number, 8 times more than the previous year. With Google, Facebook, and Twitter banning the cryptocurrency and related ads, the future looks dim for an enthusiastic cryptocurrency trader.
While few economists believe that cryptocurrencies are the next big step in transforming global economy, many government institutions are bulldozing the claims.
Here’s why Cryptocurrencies may recede in near future:
- The anonymity involved in cryptocurrency transactions
- The sheer number of ICOs entering the market
- It is not a real wealth
- No clear vision on how CCs can be traded against conventional currency
- Usability and scalability
- Lack of backing from Government Financial Institutions
- Cryptocurrency can be literally created by anyone who has knowledge of Blockchain technology
- Ban of cryptocurrency and related ads on Google, Facebook & Twitter sends signals of ‘bleak’ future of cryptocurrencies.
At the same time, there are some takeaways from the technology behind cryptocurrency. The biggest takeaway is the ‘blockchain’ technology that has wide applications in various sectors.
Apart from creating cryptocurrencies, the ‘Blockchain’ technology can be used in the following sectors too:
- Digital Identity
- Financial Transactions
- Health Care
- Pharma Industry
- Smart Contracts
- Insurance – Claims Processing
- Payments processing
- Birth, Death, and Wedding Certificates
- Supply Chain Sensors
- Smart Appliances
With the IoT (Internet of Things) being a part of our daily life, the blockchain technology surely has a bright future, if not for the cryptocurrencies. The ‘Blockchain’ technology is regarded as the most ‘secure’ digital system.