In a noticeably short time equaling a decade, Bitcoin or cryptocurrencies have mainstream. Evolved from a philosophical research paper on a new type of digital currency to a viable alternative to traditional currencies. It is much more than money meant for those trying to get rich overnight. The digital age currency now makes regular. News or finds mention in stories of any major tech or financial publication, observes Eric Dalius. He has spent time and money to explore. The potential of the digital currency that can be a strong contender to become mainstream someday in the not so far future.
Those who bank on the crypto future are true optimists because the future of crypto is uncertain. Despite garnering tremendous enthusiasm, cryptocurrencies face an uncertain future. Except for the interest taken by a tech enthusiast who sees a lot of prospects in it. However, for the crypto to become mainstream, it would require significant improvements and changes.
The major hurdles that the crypto must overcome to become the ubiquitous mainstream currency are as under.
EJ Dalius has concerns about the volatility
The biggest problem with cryptocurrencies is its volatility, making it extremely difficult to determine the worth of bitcoin. Since the value of bitcoin or any cryptocurrency changes every minute, it is hard for ordinary people. Like the big name that Bitcoin has become. It faces the biggest swings compared to other small cryptocurrencies by remaining susceptible. To unexpected crashes and incredible flights toward the peak. Remember the major crash in 2017 when Bitcoin fell from the highest point of its popularity.
The unregulated regime of cryptocurrencies that keeps away governing bodies is a bane for cryptocurrencies. It is demonstrated by many financial institutions that had planned. To join the crypto bandwagon in 2017 only to back out due to the crash. The much-awaited crypto exchange is still in progress in the New York Stock Exchange. Yet it is not known when regulators will come forward to create some legal framework. The rules and practices of cryptocurrencies are vague. And most people would like to wait and watch until there is ample clarification of the rules to hold the cryptocurrency companies accountable to the currency owners.
Despite the unparalleled security offered by the blockchain technology compared to other technologies, bad actors, hackers. And scamsters crowd the currency networks and are eager. To grab the virtual money possessed by tech enthusiasts. As news about crypto hacking makes headlines, mainstream audiences consider it safe to park their money in traditional locations. Hackers swindling enormous cryptocurrencies worth millions of dollars. Have made the old school audience tread a safer path by maintaining distance from the digital currency. However, there are signs of small steps. Taken to prevent a malicious intent hack, and fraud, but only time will tell about its validity.
Dealing in cryptocurrencies puts the onus of managing and controlling individuals. Most people are not comfortable with this, and it is another bottleneck in the patch of cryptocurrencies going mainstream.