While the encryption
of crytocurrencies can create strong digital trust in the technology, human trust in the transactions themselves will likely be the key factor that determines whether citizens adopt government - backed cryptocurrencies.
But it will be interesting to see whether regulation or competition will win in the battle
of crytocurrencies.
Editor's note: This column has been updated to disclose the writer's advocacy of blockchain technology — the underpinning
of all crytocurrencies — and...
Hypothetically, if any country wan na protect their own currency, they could just declare buying crytocurrencies as illegal, which could impair the value
of crytocurrencies overnight.
While the benefits
of the crytocurrency is clear, acceptace of the currency itself is another story.
Of course, it remains to be seen if bitcoin will run out of puff in the short term, with many pundits waiting for a mass sell - off
of the crytocurrency to burst its perceived bubble.
Not exact matches
That will help to drive the growth and maturation
of the cryptocurrency world and help continue the mainstreaming
of Bitcoin and cryptocurrencies and overcome any remaining stigma that
crytocurrencies may still have in certain corners
of the financial industry.
Gate.io is a
crytocurrency only (C2C) exchange that offers a large range
of altcoins paired with BTC, ETH, USDT and QTUM.
In a final comment, Miller voiced the opinion that developing solutions for bitcoin first and then porting out to other
crytocurrencies could hinder progress, since researchers have to contend with the quirks
of bitcoin code.
Bitcoin / code
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As volatility makes a comeback in
crytocurrencies, more so in Bitcoin, the price
of the biggest digital coin falls below $ 9,000 and below the very trendline it broke out
of last week, signalling the resumption
of downtrend which started from its January high.