16.3 C
6 July 2022
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Price Analysis

Specific Use Case Cryptocurrencies Will Survive

If not all, at least a few
cryptocurrencies will survive. There are several hundred cryptocurrencies and
Altcoins.  If not all, at least a few
based on specific use cases will survive.

David Schwartz, the CTO of Ripple Labs opined that it might not be a situation where one winner will take all the outcome, but it will be a situation where several coins with unique uses cases will survive.

The use case provided by one will
not be something that the other can provide for; therefore many of them will
survive. It is not possible for everyone in the industry to have everything, so
a bunch of them is providing for different, yet most needed use case will stay

So, there are going to be winners
who have technologically sound use case solutions to be able to survive the
bear market.

Schwartz further added that all
of us are into this and it is not possible for one to feel successful be
leaving the other.

There is a sense of mystery
involved in cryptocurrency, which they think is a lot related to profit making
and price hike thereby leading to the addition of several investors. Investors
know that they can make huge amounts of money or lose it, yet they are addicted
to it.  There are several of them who
behave like compulsive gamblers.

Cryptocurrency businesses are
willing to accept this currency; however, there is a long way to go before
non-cryptocurrency businesses can accept these digital coins for everyday
transactions.  A major breakthrough is
not possible until a mass adoption takes place.

When the networking required for
cryptocurrency transactions are strengthened, businesses will be inclined to
provide the support and co-operation to make it possible.  There will be a situation where businesses
will sense the cryptocurrency payments are as crucial like credit cards and
debit cards.

The general growth pattern in any
industry tends to be technological development in order to create value.  When the masses realize the value, they adopt
it eventually leading to the circulation of money.  The order of development with cryptocurrency
does not follow this trend.  With time a
trend will be set for the development of this industry.

There is lot of hard work and
manpower going into the cryptocurrency industry.  Regardless of the bear market companies are
introducing products and services enabled with cryptocurrency.  Giant institutions are stepping in.  The current phase is transitory, and soon a
trend will be set, and things will move in the right direction for this
industry making it more useful for the masses.

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