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Cryptocurrencies: We Are Getting There

Samantha Mitchell

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Cryptocurrencies: We Are Getting There

Despite the lows at the moment within the Cryptocurrency industry, there are still miraculous milestones that have been passed in the last 12 months alone.

What Has Happened?

In May 2017, the Bitcoin Price Index was sitting at around $2,400.00. Only 7 months later, this price was at an astounding $19,783.00. This was the Bitcoin Price Index’s all-time high. Although things have slumped since then, it is still very important to remember just how far the industry has come over this last year.

Many of the difficulties and loss of money in 2018 have come as a result of regulation being tightened in three large countries i.e. China, South Korea and the USA. The main reason behind these changes, a lack of understanding and uncertainty of the Cryptocurrency industry. And whilst countries are beginning to get to grips with this new digital economy generation, companies and developers are working hard to continue progressing this market.

Industry experts are not too fazed by the drop, it has happened before and most certainly will happen again. And as with most things Cryptocurrency it is likely that the changes won’t take too long to happen in this extremely first paced environment.

Non-Price Highlights

Although price is the one thing that everyone looks to for comparisons, there have been a lot of very non-price related notable changes in the industry over the last 12 months. Ones that have driven the industry forward just that little bit more. They include:

• The Block Size Debate – Three years after the start of this huge battle began, the Bitcoin disagreement ended with a hard fork of the software. Bitcoin Cash was born offering a much bigger block capacity. The original version – Bitcoin Core – is still in operation
• Segregated Witness (SegWit) – A protocol upgrade was released
• The Lighting Network – One of the biggest advances over the last 12 months sees this software offer a payment solution, which is already available on Bitcoin and Litecoin. Although the network is still very much in the early stages, it is already proving its worth and providing faster transaction processing and a reduction in costs
• Raiden and Plasma in Ethereum – Both pieces of software enable Cryptocurrency Ethereum’s smart contracts to be scaled in a huge fashion
• Blockchain Projects – These have been taking off all over the world – including a big push in China – with businesses, NGOs and Government Agencies all getting involved
• Blockchain Labs – The World Bank, the UN and the IMF have all set up their own Blockchain labs

The industry is growing at a remarkable rate of knots and it is often very hard to keep up with the changes in a single Cryptocurrency let all of them throughout the world. The industry is nothing like we have ever seen or experienced before or indeed likely to see again. And because the changes are so fast paced, progress is not happening in a methodical way. So it is often hard for even the developers to keep up. Standard Operating Procedures and Best Practice Guidelines will follow as will regulation. So hold onto your hats and let’s see where this journey takes us.

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