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Adoption

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

Donald Trump policies push Mexico to Bitcoin

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Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

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#Bitcoin

Now Send & Receive Bitcoin and other Cryptos through Whatsapp

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People will very soon be able to transact cryptocurrencies such as Bitcoin through Whatsapp using a cryptocurrency wallet service developed by Wuabit.

It seems that the people will very soon be able to transact cryptocurrencies such as Bitcoin through Whatsapp using a cryptocurrency wallet service developed by Wuabit.

 

Send Bitcoin through Whatsapp:

The cryptocurrency wallet service by Wuabit will allow people to send, receive, trade, shop and access their cryptocurrencies using the Whatsapp messenger.

 

The Wuabit team also aims to add other social media platforms such as Telegram, Facebook and Viber to their supporting platforms. A publication by The Express, a local news outlet in Britain states that the beta version of the wallet service shall be available for the public from April.

 

According to Wuabit, Artificial Intelligence technology shall be a large part of the wallet service and people will be able to send, receive or trade cryptocurrencies by just typing messages such as “Send 0.2 BTC to John”.

 

According to Wuabit, they are a cryptocurrency wallet which is accessible through a chat interface. The publication on the official website of the company mentions the different security, privacy and the process through which people will be able to transact cryptocurrency.

 

A team member spoke to The Express stating that they will be starting off with Bitcoin only. People will be able to access the wallet service by Whatsapp, Telegram and even SMS.

 

The cryptocurrency payments through WhatsApp messenger which has a massive user base will be able to introduce the crypto space to a large number of people.

 

There are also rumors all around the cryptocurrency space that Facebook is soon going to launch its own cryptocurrency for the Whatsapp messenger for the users in India. Whatsapp is the most used messaging app in the country of over 1,3 billion people.

 

What are your thoughts on the Wuabit wallet service for Whatsapp and platforms? Do you think it will boost the adoption of cryptocurrencies? Tell us in the comments section below.

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Adoption

The Amazon of Switzerland: Digitec Galaxus now accepts Bitcoin.

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The biggest online retailer of Switzerland, Digitec Galaxus has now started to accept bitcoin along with other cryptos as a method of payment.

The biggest online retailer of Switzerland, Digitec Galaxus which is also known as the ‘Amazon of Switzerland’ has now started to accept bitcoin along with other cryptos as a method of payment.

 

Digitec Galaxus accepting cryptocurrency payments:

According to Digitec Galaxus, they were willing to integrate cryptocurrency payments on their platform for a long time. The users will now be able to make their payments using Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ripple, Binance Coin, Litecoin, Tron, OmiseGo and NEO.

 

According to the Co-Founder Digitec Galaxus, Oliver Herren, Cryptocurrencies such as bitcoin are captivating and could very soon be an important method of payment for all ecommerce stores and they are happy to support it. He also said that people will pay using cryptocurrencies because the ones who own them are willing to use them somewhere, some are not being able to convert them into fiat currency because of banking regulations and others would just like to try latest things.

 

Digitec Galaxus also admitted that by integrating cryptocurrency payments, the company is going to showcase itself as a progressive brand.

 

Partnership with Coinify:

Digitec Galaxus has partnered with a third-party cryptocurrency payment processing company, Coinify. All the payments accepted through cryptocurrencies shall be instantly converted into fiat currency i.e. Swiss Franc. This would ensure that the cryptocurrency market volatility does not create an issue for the company.

Cryptocurrency payment method will be available only for Switzerland based users for now, although, the company plans to integrate the same soon for the users in Germany as well.

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