Cryptos took the world by storm in 2017, and despite the fact that what followed was the longest and harshest crypto winter in their history — they continued to attract investors and tech-savvy users. Their popularity kept growing despite declining prices. So much so, that some of the largest social media and messaging platforms have decided to ‘go crypto,’ and try to create their own coins which would then be introduced to their users.
Companies like Facebook and Telegram are supposedly already developing their cryptos while finding ways to integrate blockchain technology as well. According to them, crypto and blockchain industries have failed to go mainstream, and now it is their turn to try succeeding at bringing these new technologies to mass adoption.
The online communication giants are planning on bringing cryptos to their platforms, which would allow their mainstream users to send payments to one another easily, similarly to what PayPal and Venmo are offering. The payments would be instant, whether local or international. Facebook attracted attention because of this in particular, as it plans to introduce its new coin to WhatsApp users and let them send funds to pretty much anyone on their contacts list.
Anonymous sources have even confirmed that Facebook is already discussing the possibility of selling its coin to investors with several exchanges. Similar reports were also coming from individuals familiar with the inner workings at Telegram and Signal.
Facebook and Telegram could bring millions to the crypto world
It is well-known that Facebook has over 2.3 billion accounts, while Telegram has 300 million active users. This type of reach is so massive that the existing number of crypto supporters can barely even compare to it. These companies’ decision to go crypto can, therefore, bring millions, or even hundreds of millions to the crypto space.
While this in itself would be a massive step up for cryptocurrencies, Facebook and Telegram are also not alone when it comes to going crypto, and many other companies are thinking about doing the same. Some of them are even working on their own coins already. If they all come up with their cryptocurrencies, cryptos might actually have a chance at reaching a mass, worldwide adoption in the next several years.
However, there is still one big issue that needs to be considered. This is a large roadblock that stands in the way of cryptos going mainstream, even if they can reach hundreds of millions of people via social platforms, and that is their overly-technical side.
Technical problems of cryptocurrency
At this point in their development, cryptocurrencies actually require a certain amount of technical know-how in order for people to become crypto users. While the lack of centralized authority is a goal of cryptocurrencies, for example, decentralization will be new to all of these new users. This is a roadblock that even tech firms encountered when they brought their own coins to the market, and it is likely that social platforms will face the same issues.
Then, there are challenges such as scams, hackers, and other criminals who might take advantage of those without experience and proper knowledge about crypto. This also goes back to the lack of central authority or regulations (at the moment, at least) which might protect the investors.
Then, there is the fact that crypto transactions are irreversible, while coins are currently still highly volatile. Cryptocurrency addresses might be another problem, as they are simply the strings of letters and numbers, and as such — they might intimidate new would-be users.
Another challenge may be the fact that cryptos use up to eight decimal places to show the coin’s value, which may confuse a lot of newcomers.
Even the experienced investors and traders still struggle with most of these issues, and if they find it hard to handle them, what chance do newcomers stand? In order to go big, cryptos might have to work on their user-friendliness in addition to security, quality, and functionality. Switching from fiat to crypto will be a big enough change for most people even without additional complications, and that might be the issue that everyone has been overlooking in an attempt to create the most useful coin.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Reasons Why You Are Much Safer When Crypto Trading on Dexes
While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.
During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.
Here are some reasons why you might want to consider doing the same.
1. True ownership of your coins
The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges…
Crypto Billionaire Predicts Massive Price Growth by 2021
Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.
Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.
He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.
However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…
TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level
Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world. Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon. This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs. One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos. TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.
Problems with Centralized Casinos
The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model. And online casinos are no different. It still needs to be said that centralized casinos have proven that there is a great demand for online gambling. The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative. But industries are continually evolving and this one is no different.
A few of the problems facing centralized casinos include the following:
- Little to no transparency
- Consumer lack of confidence
- Privacy concerns
- 48-72 hour wait time for withdrawals
These are four monumental issues that need to be addressed quickly given the global growth of the market. Casinos need to…
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