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For some time now, cryptocurrency has been trending and many people's fortune have changed as a result of cryptos. However, there is still a widespread doubt about the benefits as well as usefulness of cryptocurrency. The obvious benefits of using cryptos along with the blockchain technology which is going to change the way data is handled around the world are quite many. This ranges from the fast payments and settlements and also the reduction of the possibility of a fraud in various sectors. So, what are the reasons why cryptocurrencies as well as blockchain technology are yet to be properly adopted? Well take a look at some of the reasons below.
When Bitcoin was created, it was very cheap and with time, its price has increased dramatically, to over $18,000 before coming down to less than $10,000. This is quite unstable and even though other cryptocurrencies have not been as unstable as Bitcoin, they are also unstable. In order to trust Bitcoin and cryptocurrencies, they need to be stable. Some of the reasons why the price of cryptos are unstable include the fixed supply of the currencies, and the uncertain demand.
Presently, the level of enlightenment of people regarding cryptocurrencies remains low. A Consumer Cryptocurrency Survey which was carried out in 2015 by PWC indicated that 83 percent of those who responded were partially informed or not even informed at all about cryptocurrencies. Some people feel that Bitcoin is the only cryptocurrency out there while others have little information about others too. In order to be properly enlightened about cryptocurrency, you should know:
In order to increase the awareness of people, they need to be educated about cryptocurrencies and the benefits they provide when compared to fiat money.
Several global events have also led to the instability of cryptocurrencies and also its poor acceptance. For instance, in China, Bitcoin exchanges have been shut down severally while Vietnam banned people from making payment for goods and services with cryptos. However, there are other countries that are making attempt to adopt the use of cryptocurrency, for instance, Impak coin has been approved by the Canadian Central Bank which will become the first approved digital currency by Canada in 2017.
The adoption of digital currency is something that will definitely happen because the benefits that the blockchain technology provides as well as the cryptocurrency are amazing.
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