By now everyone knows what cryptocurrencies are. What not everyone knows, in fact, no one does, is when it will stabilize. What started as an unprecedented growth is now a slow and steady fall. But will it keep falling? will it grow more? Will it stabilize?
One may say that the growth was unforeseen. However, in 2011 due to the Bitcoin’s code being open source, other cryptocurrencies started to emerge. This led to companies to start accepting Bitcoins, however, some of them to stop due to lack of legalities surrounding it which makes it suspicious currency.
And while in 2012, we started to see shows and foundations open to start educating and giving information to the public, it wasn’t until 2017 that Bitcoin started booming up the charts of the most expensive currencies in the world.
What about other Cryptocurrencies though?
People understand that cryptocurrency is BITCOIN, however, Bitcoin is a cryptocurrency and it’s just a trendsetter. Other top cryptocurrencies include Ether, Ripple, and IOTA.
Rise, Fall, and Stabilization
Cryptocurrency markets are losing a lot of money currently, in fact, it’s being stated that these markets have lost more than $60 billion this week which some of the cryptocurrencies such as Bitcoin, Ether, and Ripple hit their lowest since 2017.
“Just a few weeks ago crypto traders were airing concerns about the lack of volatility in the crypto market. Now volatility is back and many savvy investors will be using this as a major buying opportunity, perhaps the last one of 2018,” said Nigel Green, founder, and chief executive of deVere Group financial consultancy firm.
Don’t count your chickens yet, it’s far from the end. Cryptocurrencies still are growing is some of the industries. This is just a period where it needs to stabilize itself. Many believe that Cryptocurrencies must die before they stabilize.
Industries that use cryptocurrencies know the benefits that offer to customers, for example, poker playing players as it safeguards the transaction between 2 parties plus other technical terms, such as transparency, security, and speed. Other industries that cryptocurrencies are stabilizing are in real estate, Ethereum is a cryptocurrency which offers the option of Smart Contracts and that is helping real estates agents to cut costs such as paperwork and escrow.
Benefits of using Cryptocurrencies
First of all, Cryptocurrencies will help you against fraud as the money is digital and can’t be counterfeited like a credit card chargeback.
The settlement would be done in that time and moment. Especially with Ethereum as the smart contract automates the charges and automates broken contract clauses if the user transfers money to hide it. This is extremely helpful for invoices purposes as it cuts the waste of time of sending invoices and waiting for the cheque or transfer to arrive.
Lower fees as opposed to credit cards, transactions are totally free. This is due there is no intermediary between the two parties such as banks or lawyers. There is only the blockchain.
Cryptocurrencies, there is less chance for identity theft as you are choosing the details to be given to the user. When you are giving the credit card to pay you are giving personal details such as your name and even card number, with cryptocurrencies, not anymore!
Another benefit of the cryptocurrencies is that anyone with a device can access the blockchain that cryptocurrencies operate in! So if for one reason or another, you are denied doing transactions, guess what? You can with Crypto!
Due to its decentralization, there are no intermediaries between the two parties. There is no bank commission or another type of commissions. The money is between you and the other party. No more, No Less.
In 2011, companies stopped using cryptocurrencies due to its unpopularity and legality, however, now due to the government putting in strict regulations and information available about this phenomenon, companies are starting to be open to transactions with cryptocurrencies, especially bitcoins.
Some have the opinion that these are exciting times and don’t be fooled by the drop of cryptocurrencies as it’s resurgence will happen before you know it. On the other hand, some think that Cryptocurrencies are dying and that that was just a hype of a new technology. That was just a blockchain thing.
However, what is for sure that with cryptocurrencies stabilizing in some of the industries as explained above, many more industries will definitely feel the importance and start using cryptocurrencies which will give cryptocurrencies a more stable platform.
A more stable platform would offer the people another option of payment, a more safer, a more secure.