Bitcoin is still in the red zone as it is trading around $3400. It is quite surprising that almost all of the top cryptocurrencies have shown slight increase in their values. Instead, Bitcoin has recorded a fraction decrease in its value. It is also important to mention that Bitcoin had started week at $3655.
Ethereum and Ripple the second and the third rank cryptocurrencies have shown a little increase. Ripple’s value has increased a half percent and touched $0.29 while Ethereum has shown 1.7 percent increase. There is no wonder that both these cryptocurrencies have started their week at higher prices.
If we check the total market cap of all the cryptocurrencies, it has also decreased from $120.1 billion in the last week to $113.2 now. This shows that bad time for cryptocurrencies is not over yet.
On the other hand, we have also heard that Iran is going to ban unapproved cryptocurrencies and planning to launch its own. Different financial experts and crypto analysts are putting forward different reasons for this decrease in the values of Bitcoin and other cryptocurrencies. All agree to the fact that unable to reach masses is one of the biggest reasons of their failure.
It is also a reality that Bitcoin showed a great buzz in 2018. It had changed the lives of many people. This is because sudden bullish signs in its value made hundreds of people rich. There are also many who have lost all their investment because they wanted to earn more.
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Still, Bitcoin is an attractive and exotic cryptocurrency for those who believe that technological advancement will revolutionize the world economics in near future. There are three main reasons why Bitcoin is unable to reach masses and get wide acceptance.
The very first reason behind Bitcoin failure is the lack of people’s trust in this digital currency. This is because people do not understand the true technology at the back of the cryptocurrency. They only keep an eye on erratic movement in its values. Most of the people want to invest in it to become rich. Moreover, wild swings in Bitcoin prices have also created negative environment for the cryptocurrency. We can overcome this hurdle by educating people about the blockchain technology and its benefits in real life.
The second hurdle behind Bitcoin wide acceptance in masses is the ICO scams around the world. Even, the Bitcoin enthusiasts are fearful about these scams. Once again this is lack of understanding because most people link Bitcoin with ICO’s. They do not understand the differences between cryptocurrencies and Initial Coin Offerings (ICO).
It is also a reality that Bitcoin and other cryptocurrencies are not free of scams. Many exchanges have to face hacking and theft issues regarding these currencies in the past. Some analysts believe that this hacking takes place on daily basis. Similarly, the use of Bitcoin and other cryptocurrencies in illegal activities is also creating fears in the mind of people. Holding Bitcoin has become much more difficult than holding cash and other assets because of these scams.
The third and the last hurdle is the difficulty in dealing with Bitcoin exchanges. The thing that makes this dealing difficult is the switching back and forth between digital and fiat currencies. About 35% people seem complaining of not receiving their funds timely during this switching process.
This is why exchanges are working day and night on facilitating customers to buy digital assets with their respective fiat currencies. Also, some companies have launched their crypto apps to make this process further easy.
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