August 12, 2022

Failure of Cryptocurrencies. Can Blockchain bring back lost glory?

Revolution and change have been the most power packed words we adore and fear at the same time. With time, change becomes inevitable; thus, industrialization was a turning point of a whole new era for many of us. But have we ever wondered as to where would this stop? Or is there any way to throw together traditional and new techniques?

Of course, there are many ways to do this but everything boils down to one thing which is: is it worth the trouble?

The Emergence of Bitcoins and Blockchain

Post industrialization, one aspect that caught imagination of folks was this: Blockchain built to establish Bitcoins. Interesting though it may sound but somewhere down the line things got a bit tricky leaving a trail of thoughts.

Here, we speak about the initial idea of building a Blockchain, meant solely for Bitcoins. Time, however, took it to different places and now we find Blockchain being used in departments one could never think of. This leaves us with a question… has Blockchain worked for the best or not?

Money vs Cryptocurrency

Money, in simple definition, is a tool through which goods are exchanged, it is also recognized by the Governments across the globe. On the other hand, Cryptocurrency is based on Blockchain and still has not been recognized by any Country’s Government. Here comes the major difference!

Any reasons?

Reasons are abundant for not providing Cryptocurrency the platform it expected, one of them being Cryptocurrency (it may be Bitcoin or Ethereum or any other crypto) is decentralized to a great extent. This causes a clash thereby giving rise to good vs evil (in some cases). If you look around then you understand that most of the time, wrong doers try to find an escape route to finance their deeds.

Here it is, that most of them opt for Cryptocurrency as they do not leave a trail. Transactions turn easier than expected.

It was never this straightforward before though.

With Governments not identifying cryptos as a legal currency, it was bound to take a step back and hence one might very well observe that there has been quite a downfall of working of cryptocurrencies; some of them clicking whilst others struggling to stay at top of the game. From the very beginning, somewhere in 2017, there was a surge of investment from different corners of society, leading to a boom in cryptos; one, which had not been seen before.

Like a bubble bursts, Blockchain also burst only to reveal its true self wherein people could use it in numerous fashions * (in fields, making their work trouble free).

Never Ending Art Form

Aha! You may say this, Blockchain has led a revolution of its kind turning tables for what ‘money’ stood for. It did make banks in Japan to utilize it for making ‘Money Tap’, a domestic payment app. This got approved only after financial regulations were followed.

And so there might never be a dearth of Blockchain’s use, it is best if we use a wait and watch policy, for now, to decide future of Blockchain with its link to the biggest turnaround of the century ‘the Cryptocurrencies’.

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