Are Cryptocurrencies Ready to go Mainstream?

It is happening and cryptocurrencies may finally be going mainstream. What makes us say and think that? Well, the proof has been piling up before our eyes for a fair while now and it’s up to us to discern the trends. One thing is evident – the 21st century will allow people to rely on multiple investment options, which is always a good thing.

Cryptocurrency in 2019 – Mainstream or Otherwise?

It took them a while to catch up, but it has finally happened. Cryptocurrencies are going mainstream and that is a good think. The application of crypto technology across multiple industries hasn’t been exactly welcomed, but this may be finally changing.

First, we had blockchain and blockchain did a very good job of keeping all industries awed at what automation can do for business. Not the sort of automation that would displace the little man and replace it with an AI, but a proven and tested technological solution that would allow employees to be more focused on important tasks rather than sifting through something mundane.

IBM, one of the largest tech companies in the world has confirmed that blockchain entails many benefits and the technology should be embraced in full. Here are some of the benefits that IBM links to blockchain right off the bat:

  1. Greater transparency
  2. Enhanced security
  3. Improved traceability
  4. Increased efficiency and speed

There are many more proven benefits that you will definitely enjoy to find out about, but the important thing is that blockchain seems to influence the world for the better.

Scepticism Subsides – Enter Crypto

So we have come at a point where skepticism towards cryptocurrencies is visibly less pronounced when all things are said and done. But is the skepticism really done away with? It’s certinly difficult to tell. Yet JP Morgan is introducing cryptocurrencies and letting people snap up some decent bank-backed Coins.

The JPM Coin is definitely an interesting concept. This asset allows various financial institutions to carry out investments with cryptocurrencies while still benefiting from the authority of a trusted company. All funds transfers are carried through with the JPM Coin via SWIFT.

It’s thanks to the courage of companies such as JP Morgan that we can see more institutions deciding to follow through with crypto as the main investment vessel of the 21st century. Of course, there are many reasons to still doubt the crypto tokens, but things have indeed been looking up.

The Top Financial Dogs Join Cryptocurrencies

It’s not just JP Morgan that has started exploring and looking into cryptocurrencies, though. The IMF and the World Bank have announced a joint-initiative – Learn Coin, which is both a blockchain and cryptocurrency assets designed to experiment with this cryptocurrency and make it work.

Will the IMF and the WB adopt cryptocurrencies, though? It’s highly unlikely. The institutions will certainly spend some time studying these assets, but a complete shift towards them is less likely now than it has ever in the past.

While the big financial authorities are still not quite sure, financial firm 20|30 became the first company to float on a mainstream regulated trading platform using blockchains. The world is truly changing and cryptocurrencies will play an increasingly important role in it.

Beware the Criminals

Cryptocurrencies are not all in the clear and the IMF is well aware of that. Giving the go-ahead to cryptocurrencies would mean to legitimize criminals. North Korean hackers have been poaching South Korean and Japanese cryptocurrencies to support reeling regime that has GDP several times smaller of its much more developed South Korean neighbour.

Cryptocurrencies are indeed being utilized by criminals to make sure that they are able to prop corrupt regimes and worse. Some crypto assets, such as Bitcoin have been proven to assist organized crime units and operations.

So the big question remains – is the world safer today insofar the use of cryptocurrencies are concerned? It’s definitely difficult to say. Once again, there are many moving pieces which makes it increasingly difficult to get a proper read on what’s going on.

Hacking attempts haven’t subsided and it’s true that while scrutiny has increased, nothing else seems to be able to guarantee individual finances safety when cryptocurrencies are concerned.

Fighting the Bad Guys

There is a lot of speculation in what the best way to address crypto fraud is. Some think that eradicating cryptocurrencies would be the best way to go about it, but the industry is developing at a very quick speed. To say no to cryptocurrencies would be unwise.

Least of all, there are hundreds of thousands of people from all over the world who have invested significant amounts in crypto. Still, the biggest investors are usually now the people to own the biggest share of the crypto gold. In other words, the so-called whales

Not All Cryptocurrencies Were Created Equal

For a long while now, Bitcoin has been cited as the defining cryptocurrency. However, things are not really that simple in the long term. Bitcoin is too flawed for the asset to be featured in a revival of any sort. What’s wrong with the cryptocurrency you might ask? Well, here are just several things that have made the top of our list:

  • Nearly impossible to obtain naturally
  • Supply is controlled by whales
  • Crypto fraud continues thanks to it
  • Used by criminals

As you can see, the flaws of this digital asset are quite worrisome. To overcome them, it would require a level of transparency that given Bitcoin’s current mode of operation – i.e. completely anonymity would make it impossible.

On the plus side, the energy-hungry nature of Bitcoin has allowed for many other cryptocurrencies to appear and to make a breaking entry in the world of digital assets that are not reliant on a central economic system.

Ethereum is one of them and the smart contracts used in that token are just as helpful and useful as actual money.

Are Cryptocurrencies Really Mainstream Ready Today?

This is the real question that we should all be asking ourselves right now. Are cryptocurrencies really ready to break into the mainstream and leave their mark across a larger portion of consumers. Would you yourself be willing to be paid in Bitcoin? The best way to even entertain the idea of admitting cryptocurrencies into the mainstream is to peg them to a FIAT currency and convert them immediately upon receiving to make sure that you are turning profit.

However, the volatile nature of the cryptocurrency means that you are always at a risk of incurring losses that are beyond your control. It’s precisely in this unpredictability of certain cryptocurrencies that the real danger lies.

What if you worked the entire month to earn 500% than you would normally would? Bitcoin has indeed soared to quite the impressive amounts over the years, but it has taken a few very rough tumbles along the way which are not negligible in the slightest.

A Final Thought on Cryptos in the Mainstream

Even though we cover the crypto news, we are a bit sceptical as to why cryptocurrencies need to be monitored by central authorities that can be trusted. Anonymity is good and it’s important, but at the same time, we need to be held accountable.

After all anonymity allows whale investors to get away with big crypto heists – figuratively speaking. Besides, for a lot of people, crypto assets are just a way to skirt taxation, and this is not a good thing. We live together and we should all pay taxes.

If we want to trade in crypto for the sake of efficiency, then we will have to make sure that we copy the best practices and leave little room for doubt, fraud, and cheating.

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