The Future of Cryptocurrencies - Trust Issues

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Cryptocurrencies are at the center of most revolutions as the world changes on a daily basis. The introduction of cryptocurrencies has altered the world as we know it today, opening up new possibilities.

However, there is a problem: only about 3.9 percent of the world's population uses crypto today, whereas the International Monetary Funds - IMF noted that about 59% of banks around the world use and store their values in USD dollars.

Despite the fact that cryptocurrencies have done so well in such a short amount of time, there is still a lot holding them back. In this edition of the featured content, I'll discuss the factors that will determine the future of cryptocurrency. Let's get started!


Accountability: Someone Should be Responsible

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What is crypto without volatility, as some may argue? To be honest, it's difficult to distinguish between the two. However, as crypto grows in popularity and attention, there will be a greater demand for more stability.
This will stimulate broader institutional adoption, and more countries may be willing to explore full-scale integration as a result.
Because of stable currencies, the issue of volatility could be tamed to some degree. But how trustworthy are the centralized developers that created these coins?

More Stability

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Image by Andrew Martin from Pixabay

What is crypto without volatility, as some may argue? To be honest, it's difficult to distinguish between the two. However, as crypto grows in popularity and attention, there will be a greater demand for more stability.
This will stimulate broader institutional adoption, and more countries may be willing to explore full-scale integration as a result.
Because of stable currencies, the issue of volatility could be tamed to some degree. But how trustworthy are the centralized developers that created these coins?

More reasonable Dapps

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DApps (decentralized applications) are the best thing to happen to cryptocurrency in the last 5 years or so. To many people, cryptocurrency used to be about purchasing and holding, waiting for a price increase, then selling and making money.
People are increasingly seeing more potential and use cases for cryptocurrency thanks to Dapps. Hive is a great illustration of how this may be done. The height and breadth of Dapps that can be built are unrestricted.
Almost all the standard apps that we use today can be recreated as Dapps, giving crypto newbies more possibilities to learn about the technology.
Crypto versions of e-commerce platforms, educational programs, streaming services, and other services might be reproduced. You might be able to break through the barrier this way.

Less Coins

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The crypto world is starting to resemble a playground. Every day, a new cryptocurrency project and its associated currency is launched. It's as if the same concept that created crypto is also instrumental in its destruction.
Every day, new freebies, NFTs, and crypto this and crypto that are announced! You're not going to be able to keep up! At the end of the day, it appears to be an immature system.
Is it possible that the release of crypto projects and currencies will be regulated in some way? Couldn't other projects simply incorporate the use of existing currencies rather than create their own?
It's really difficult to put chains on crypto, but if it can be done, it might be valuable.


Conclusion

After doing some research on cryptocurrencies and their design principles, I believe that the nature of their designs leaves a lot of room for trust issues, and that unless these trust issues are resolved, it will be difficult for cryptocurrencies to gain widespread adoption. So, the future lies in increasing trust in DApps, DeFi networks, and trusting that your $50 in crypto today won't be worth $10 the following minute. While this may appear to be an ambitious aim, each step toward attaining it will result in increased crypto usage in the future.

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