The world’s imagination has been set alight with the cryptocurrency phenomenon, and there is barely the passage of a few days without the industry making one major headline or the other. The cryptocurrency industry is making huge strides in becoming part and parcel of mainstream life. Trading in the digital assets is becoming bigger and bigger by the day, with the market currently commanding hundreds of billion in worth.
Despite its giant strides in becoming a fixed part of the mainstream psyche, the debate still rages on, on the viability of cryptocurrencies and whether they will last the marathon. Opponents of the crypto industry say that this is an industry with very little for users to rely on in terms of accountability, or insurance, as there is still little or no legal framework as far as the industry is concerned. Some say that the inner workings of this brave new world is only known by a minute few in terms of the world population and as such due to its overly technical nature, the cryptocurrency universe will only remain a fringe idea. And on the extreme side of this argument, big banking executive like the JP Morgan CEO branded Bitcoin and the rest of the crypto industry as outright frauds that will eventually go up in thin air with people’s money.
On the other side of this epic debate are those who firmly believe in the future and everlasting viability of the cryptocurrency industry, they point to many convincing facts about the cryptocurrency revolution some of which include:
- Transparency: One of the key points of the proponents of the cryptocurrency industry is that unlike the present financial industry, the cryptocurrency world is one that has nothing to hide, in that transactions on most blockchains can be easily monitored by anyone with access to a computer and internet connection to verify the genuineness of every transaction. This transparency they say is what continues to engender people’s trust in the fairness of the industry unlike the present ones which are constantly viewed by the public with suspicion
- Decentralization: The idea that no one has ultimate control over the fate of any given blockchain, but that every participant has a say on any direction any particular blockchain goes, is the founding idea upon which the cryptocurrency industry is built. Proponents of this industry say that the fact that no single figure is in control, guarantees that the industry will not fall to the abuse of the present centralized systems.
- Incorruptibility: One of the lesser discussed features that cryptocurrencies have but one that is among its most important attributes is that cryptocurrencies are completely counterfeit-proof and cannot be compromised in any way. This is as a result of the strenuous measures that are taken by miners on the blockchain to ensure every transaction is 100% real and that no one double spends or spend what they don’t have. This is one of the reasons that despite the fact that no government or central bank issues or backs cryptocurrencies, people still have confidence in the industry and keep pumping billions of dollars every year into it.
The debate about the cryptocurrency world’s viability going into the future might be far from over, but if the previous year is anything to go by, this industry will soon convince most if not all of its detractors. This is because the fact that blockchains once created cannot be stopped coupled with the huge value and real life solutions the industry is giving the world in many spheres of life, the fact is that this is an industry that is here to stay with us for the foreseeable future, and will be one of the great sources of change in the way things are done in the world this century.
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