The Cryptocurrency Market has not been so healthy, yet, the adoption of Cryptocurrency is progressively growing. These adoptions are definite indications of long term growth and have the power to drive the Cryptocurrency Market to final recovery. There are many current Cryptocurrency adoptions; therefore, let’s take a look at four of the best Cryptocurrency adoptions and its beneficial qualities that can positively affect the Cryptocurrency Market.
Institutional adoption will be the first on the list. We have seen the world’s largest and most influential institution’s accepting Cryptocurrency and many other institutions planning to embrace it in the second half of 2019. An example is Bakkt’s who in January launched a set of products with support from Starbucks, Boston Consulting Group, and Microsoft to aid institutions and consumers to store and use cryptocurrencies with ease. Other examples are NASDAQ who listed Bitcoin stock, and Fidelity Investments who launched a Digital Asset Platform to give enterprise-grade protection and finalizing services for institutional investors.
Social Media Networks
The second on the list is social media networks. This is a key area, basically due to the vast users of social media networks. Currently, many Cryptocurrency-powered social networks such as Cent, Minds, Bitchute, and Peepeth have a large number of users on different levels. These networks permit their users to make money for sharing and curating content via Cryptocurrency.
One area that is also officially opening arms for Cryptocurrency in the field of education, which is the third on the list. Research shows that more than 50 universities offer a Cryptocurrency course. Research also shows how most of the students are excited about the Cryptocurrency courses. Some universities that have adopted Cryptocurrency are The Lucerne University of Applied Sciences and Arts, New York University, Canada McGill University, The University of Cambria and ESMT Berlin.
Image Source: hackernoon.com
Entertainment Or Media Platforms
The last on the list is entertainment or media platforms. Some examples of entertainment or media platforms that have adopted Cryptocurrency are;
SingularDTV: An entertainment studio that launched a crowdfunding portal called Tokit for artists aimed at creating a peer-to-peer content distribution platform powered by an Ethereum-based crypto asset.
Audius: Which is a platform for audio distribution, attestation, and monetization that uses two Ethereum-based crypto assets as the foundation for an open-source alternative to Spotify and SoundCloud.
Beneficial Qualities of Cryptocurrency Adoption
The beneficial qualities of adopting cryptocurrencies are many. If you are part of the people who bother so much about the third party, insecurity, lack of privacy, etc. or you are just afraid to lose your fund through a money transaction, then you need to get into the crypto space. Cryptocurrencies were built on a cryptographic system and are purely digital, with frameworks created as a means of exchange. Cryptocurrencies also have reliable data security to keep your financial transactions protected, verify the transfer of funds, and regulates the building of extra units.
The first open-source software was Bitcoin (which is also known as the first decentralized Cryptocurrency). After the creation of Bitcoin, many other cryptocurrencies gradually emerged, which took the world by storm. Cryptocurrencies have had a significant influence on our financial transactions and have provided valuable features to its users, such as security, decentralization, privacy, low transaction fees, etc.
One benefit of adopting Cryptocurrency is its quick nature. It is distinct from other transactions such as credit card that takes a lot of time for its users to get what they want. Within some few time, Cryptocurrency users can transact their money (whether single and multiple transactions). The best part is, it does not matter where you are; you can still use it. You just need some few clicks to transact, and it will be then immediately. With fast transactions, Cryptocurrency helps its users to save time.
Decentralization is a good quality of Cryptocurrency which operates via a blockchain system. It characterizes itself as a system that provides security or protects against intrusions, such as influences from the government and institutions. Cryptocurrency as a currency is dissimilar to fiat. The government has laws and regulations permanently place on fiat whiles Cryptocurrency is outside the range of any influence or regulations. Foreign authorities have also found it very difficult to bring down Cryptocurrency despite so many attempts. Decentralization helps users to be safe from any loss of funds and avoids any panic.
Image Source: economictimes.com
Privacy and security are the two main things that make Cryptocurrency amazing. Explicitly, if you are asked to give any beneficial qualities of Cryptocurrency adoption, then, privacy and security must be your answer. Cryptocurrency uses cryptography which implies that for any block, ledger or transaction, a refined encryption system protects it. Two most famous privacy cryptocurrencies are Bitcoin and Monero. The way cryptocurrencies and its technologies are developed disallow any intruder or a third party. It also enables a user to transact safely and privately with the proper party they are paying to with any interference.
Furthermore, Cryptocurrency users are allowed to use their assets without any control from anywhere. Cryptocurrency makes transactions private and gives a fake name on the transaction(actually all that matters with the details of the transaction is the transaction hash and fee, other information are not needed). This makes it hard to trace the transaction of a specific person. Factually, many attempts have been made by hackers to steal funds from users but little avails. Secured by a personal private key, user’s assets or funds are kept very safe. Cryptocurrency users are always free of fear.
One other crucial reason why the adoption of Cryptocurrency is beneficial especially to small scale enterprises, banks, and other financial institutions is low transactions fees. Ripple, Bitcoin, and Ethereum which are the top cryptocurrencies and the biggest by the Market cap are the favorite mode of transaction for these businesses and financial institutions. Due to the low transactions rates business can save money for other things that positively affect the growth of the company and transcends to the general world economy.
Many Cryptocurrency analysts and experts have predicted good fortune for the Cryptocurrency Market by the end of 2019. With the change in recent Cryptocurrency Market trends, adoption serves as a significant drive to assist the growth of the Cryptocurrency Market as it seems ready to gain big. With the realization of Cryptocurrency’s beneficial qualities and its many advantages, it won’t be so surprising to see many adoptions of Cryptocurrency coming in this year. I believe there is a positive future ahead for the Cryptocurrency Market, and I think the world’s economy is getting better with the blockchain technology.
Source: The Hacker Noon
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