While we know that cryptocurrencies have a short shelf life, there is no denying the fact that they are here to stay. The world’s largest cryptocurrency, bitcoin, has not been seen for over two decades. And while some would argue that the last 15 years have been rough for cryptocurrencies, I am convinced that the next 25 will be far better.
The good news is that it is important to recognize that cryptocurrencies have an opportunity for growth. In this article, I will give you an overview of what cryptocurrencies can offer and how much they can grow.
To start off, let me quickly mention something that I had learned from my research as well as what other people have told me over the years: It is not all bad news for blockchain. Even though it may seem too late to say it, more than half of blockchain companies nowadays are still working hard to meet their goals. However, even though it is easy for them to get into the top 1% or even to complete their main goal, it is important to remember that only 51% have made it to the TOP 100 after five years. This is pretty high and it is also extremely worrying about the growing number of scams, hacks, etc. that people will find themselves involved in every day. But it should not come as much as other aspects of blockchain.
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As mentioned before, I believe that it is possible for many blockchain companies to reach success if they do just one thing; hire the right experts. Nowadays, it seems like everyone knows someone who can solve problems on complex projects around the world. It’s just too difficult sometimes for these types of professionals to manage small projects at the same time. That is where Blockchain comes in. It allows developers to build out smaller and less demanding projects without having to worry about everything. However, despite how much I love technology, I still believe that it is up to each individual company to see the potential impact of blockchain technology on their business. If they truly want to learn something, they should pay attention and see how Blockchain will change our lives in the coming decades. Also, it is the responsibility of each developer to make sure that he/she is doing the work correctly in order to avoid potential mistakes with the end product.
Blockchain allows individuals to create their own digital currency. All your transactions without any intermediaries. This makes the exchange process very fast. You can buy anything, but you don’t have to. Although Bitcoin can’t replace any fiat currencies, it will help bring new things to the market. One way of saying this is that there is always room for improvement. We do already have a lot of things that we don’t realize that could be improved on. The best advice is to have a look at how we can improve ourselves.
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What blockchain does not provide is a decentralized monetary system. I know a lot of crypto investors out there, and they tell me that they never bought Ethereum because their expectations weren’t met. They didn’t expect to spend hundreds of millions of dollars on real estate, car insurance, mortgages, etc in return for trading their coins, which they then lost. They believed that they would be able to sell their coin and earn money from them easily. Sadly, most times, those expectations turned out not to be true.
If you read what I did above, you must understand why the lack of trust in the whole blockchain market is so big. Of course, the biggest issue is that there is a huge amount of misinformation regarding cryptocurrencies. There is also a significant difference between Bitcoin and its cousins, such as Ether and XRP. For example, Bitcoin was created by Satoshi-labs who created Ethereum. If you read the history behind BTC you will end up finding out that Satoshi-labs has existed since 1969 so they were already experienced. And yet, they chose Ethereum instead of Bitcoin as a platform.
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Now, this does not mean that anyone should get involved in investing with Bitcoins. You are either going to lose money if you invest with bitcoins, or you will win if you get rich from selling cryptocurrencies and make enough profits. Those who decide to invest with banks, which have a centralized economy, might think that it would be better than investing with Bitcoin.
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This write-up has been contributed by Sanaullah Mahsood. He can be reached at @SanaullahMahsod on Twitter.
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