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Issues and Problems in Cryptocurrency: Some Ailments and More

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Why is cryptocurrency adoption so riddled that mass-adoption of the decentralized currency is defeated? Issues and ailments are as follows.

Cryptocurrency Atmosphere

There exists an enthusiastic atmosphere around the adoption of cryptocurrency and its use in everyday commercial activities. But there is traction despite positive sentiment towards such use prevailing across investor and the technology adopters. Why is cryptocurrency adoption so riddled that mass-adoption of the decentralized currency is defeated?

 

Issues and ailments which are affecting the cryptocurrency industry are as follows:

For fiat-currency users to adopt the ways of the cryptocurrency, the biggest challenge is having or owning their wallet and learning to manage it. Providers are offering centralized wallets in this juncture as well.  Users will be able to use it transfer money at a fast pace and also offer a degree of reliability. Banks will also be sure that funds provided are legitimate immediately.

At the same time, developers do not take the opportunity to connect their product with the end-users, because of ‘zero-marketing.’ Mainstream users need more than technology and need it to be explained for common use.

Besides devs do not take the opportunity to back their product and ensure it is not exploited by scam-users and their technology besmeared. This further adds to the confusion for a regular investor.

An extension of this issue is that the user experience of these technology-first services is also so limited that users are not very into using these products. There has to be the integration of services from linking banks to using the trading platform so that there is seamless use. Investors cannot be left hanging due to one platform not linking without a hitch with the next service.

The 5 –year life cycles which most devs assume is logically correct for cryptocurrencies is not understood by the common user. The lack of insurance for any money stolen is also a big issue here. The instances where exchanges have quickly replaced coins hijacked from it for their use has been partially effective in restoring the faith of users in these coins. However, for a permanent long-term solution, insurance is most necessary.

On the trading-end of cryptocurrency, there have to be cyclic phases built for bull and bear runs in contrast to what is currently happening. Users will have to look beyond gatekeeping cryptos. It is currently a challenge for the user not to be able to access commercial chain services like the groceries or the stationary stores or the florist. Thus there is a divide a thin line for full conversion of the mainstream user to switch from their cents and dollars to the satoshis and other coins. There is also an increasing urgency to remove the barriers of adoption such as fake FUDs. Again ICOs which were scamming in 2017 appeared to be controlled in 2018, with many of the countries blocking such offers. Chinese have already banned it, and other countries too are taking a very stringent stance in blocking such ICOs.

 

It is very important for the techno-crypters to encourage mainstreamers to provide the necessary atmosphere and to allow the next bull run to ensure mass adoption.

#Bitcoin

Bitcoin is Halal? Will crypto rise with mass Muslim adoption?

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Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a 'HARAM' while others calling it a 'HALAL'.

Erol Yarar, the chairman of the international business forum has suggested all Islamic nations to adopt the cryptocurrency system for transactions with each other rather than adopting the US Dollar as according to him the US Dollar is used as a weapon by the United States to wreak economic havoc.

 

Calling US Dollar a ‘Punishing Tool’

Yarar expressed his concerns by stating that the US dollar is used by the United States Government to punish a specific country that the United States is not willing to be in peace with. He also stated that the United States Government uses the US Dollar to lower down the money transactions, for imposing sanctions and for making nations bowing down in front of the United States.

 

Yarar said that the US Dollar is not just a common currency but also a sanctioning tool. Also saying that at the International Business Forum this year, they will discuss the term monetary pluralism for implementing a democratic trading environment and the top features to be discussed at the next International Business Forum meeting would be the usage of Blockchain Technology and Cryptocurrency for the financial sector in the Muslim countries especially the middle east.

 

Yarar said:

“We will make a cryptocurrency system, that will be used for international trade among Islamic countries, a current issue.”

 

Bitcoin Halal?

Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a ‘HARAM SYSTEM’ or ‘ILLEGAL SYSTEM’ while others calling it a ‘HALAL SYSTEM’ or ‘LEGAL SYSTEM’ according to the Islamic principals with some Mosques such as the Shacklewell Lane Mosque in London have also started to accept cryptocurrencies as donations.

 

What do you think about bitcoin and other cryptocurrencies being termed as Halal? Tell us in the comments section below.

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#Bitcoin

Bitcoin ETF: Worlds first Cryptocurrency ETF approved

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ETF: The world's first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, 4th largest exchange in whole Europe.

The world’s first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, the 4th largest exchange in whole Europe which has a market capitalization of over $1.6 trillion.

 

ETF offered by Amun AG

Amun AG, a cryptocurrency startup is offering the fund that will allow the institutional investors to invest in the major cryptocurrencies such as bitcoin, ethereum, ripple, litecoin, and bitcoin cash.

Hany Rashwan, the CEO and Co-founder of the company said that the following ETP will provide an opportunity to the institutional investors that are restricted to investing in just securities and also give the same opportunity to retail investors that are unable to access cryptocurrency exchanges to due regulatory pressure. The CEO also said that before choosing Switzerland, the company had explored 23 other destinations around the world but found Swiss the most suitable.

 

The ETF will allow investors in buying the market and investing in crypto market as a whole. When investors will be investing in a fund, an amount equal to their purchase value will be held on their behalf by the custodian.

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#Ripple

Ripple Latest Updates and XRP Market Analysis

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Ripple has partnered with yet another large bank CIMB Group and secured the 2nd position according to the market capitalization.

Ripple has partnered with yet another large bank CIMB Group which is the 5th largest bank in Asia. CIMB Group announced that it will implement RippleNet Software to process cross-border payments. Ripple’s XRP has also crossed ETH and secured the 2nd position according to the market capitalization.

 

CIMB Bank to use RippleNet

According to sources, CIMB Bank is the 1st bank in Asia in order to implement blockchain technology in such a place where the payments are small in value but the amount of transactions is very high.

SpeedSend, which is CIMB Bank’s platform with use RippleNet to improve the transactional speed and costing for international payments.

 

XRP Crosses ETH

XRP which is Ripple’s native token has crossed ETH is terms of market capitalization. The Ripple Company says that their token XRP and Ripple are not interlinked but it is always seen that as Ripple extends its partnerships with banks over the world, the price and market capitalization of XRP tends to rise.

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