Even though the Cryptocurrency industry is making huge leaps forward in becoming adopted by one and all around the world, there is still a little way to go. With several new concepts coming onto the market – such as CryptoKitties, a vast array of collectibles and new personal laptop mining app HoneyMiner – more and more people are becoming exposed to the digital economy and the latest technology. This is extremely positive for the industry and can only do it good.
It has certainly taken a while to get to where we are today but this will only improve over the coming months as people become a lot more confident with Cryptocurrencies. Bitcoin technology is also only starting to show its true colours and the massive benefits that this latest technology can offer to all walks of life. China has already distributed a directive to all of its local authorities to get a move on with Blockchain development.
However, there are still a few hurdles to get over before Cryptocurrencies truly become mainstream:
All About Security
There have been many very negative and very alarming stories released about scams and hackers over recent months which has not done a lot for the industry. However over the last few days there has been quite a bit of very positive news with governments and countries tackling issues head on. Illegal Crypto mining is being clamped down in Asia and the downtime with the markets at the moment is allowing companies and developers to review and repair the code behind their software. This valuable time to breathe is also giving Cryptocurrencies time to put together all important best practice documents and guidelines. And we have also recently seen governments such as Malta starting to develop regulations around the Cryptocurrency industry to make us all a little safer. So although it has been drastic in the past, things are definitely improving and confidence is certainly growing.
Regulation Needs Tightening
Although it has taken a while for governments to get their ducks in a row and develop the necessary regulations for the Cryptocurrency industry, again things are moving in the right direction. We have seen the US Congress hold a specific hearing on regulation of the Cryptocurrency industry recently as well as the G20 countries asking the Financial Action Task Force for assistance to revise their Anti-Money Laundering laws to include Cryptocurrencies. The French government has also joined in by lowering its tax rates on Cryptocurrencies to 19% flat.
There is still a lot of training to be completed and knowledge to be shared but at least things are now becoming a lot more positive.
The Implementation Stage
Banks and companies around the word are gradually getting on board with the new generation of transactions. However, we are not there yet and until banks and retailers do become more confident and take that first step into the digital economy it will be hard for people to use it. There needs to be more opportunities for customers to purchase using their Cryptocurrencies and once that ball starts rolling it will become a lot more widespread and accepted.
Although we have seen countries such as China and the US show their concerns over the Cryptocurrency industry and the latest technology, as highlighted above, we have also seen them pushing for the development of Blockchain technology throughout their respective countries and holding detailed and specific meetings to discuss Cryptocurrencies and Blockchain. So although there may well still be some scepticism out there, the tides are slowly turning for the better.