Cryptocurrency is digital money that was incorporated to manage financial transactions through the most advanced systems. It considers the virtual money that was established in 2009 with the name of Bitcoin. With the gradual awareness and knowledge about the crypto market investors start trading and gaining interest in earning money. In the year 2013-2014, the market got the eyes of the media due to the gains and attractiveness of the market speculation.
Later the growth progress and in the year 2017, Bitcoin becomes the most tradable visual money in the financial market. It is recognized by the investors and has become the most attractive one. There are multiple controversies and news are related to the trading of cryptocurrency like it is a visual currency without recognition from financial institutions and banks. Multiple fraudulent activities are associated with the name of the crypto market and numerous cryptocurrencies came into the market, some able to make survival possible and others are just fade away.
The question that why most cryptocurrencies are no longer in the market for trading is common. To understand the concept, it is better to look forwards to the possibilities. Here are some market factors that make thing difficult for most cryptocurrencies to survive:
Big-name did not give space
In the market there are numerous cryptocurrencies was launched by different groups but for success, few can last, and other wipe out just because of big names. The purpose behind the launch of the crypto is just to bring the scope for the people to easily do the transactions. It is a digital currency that is not regulated by any central bank and purely under the private financial firms. Around the years ago multiple decentralized coins are in the market but Bitcoin got popular because of the system and returns.
It is traded in the most centralized blockchain system that is in control of the blockchain operators. Moreover, with the system security and progression, it will be added to the financial system. Like in 2015 onwards the cryptocurrency progress towards the financial market system or trading systems. Further, the crypto boom with the name of Bitcoin leaves no space for the rest of the visual money to be in the market for long. It is reported that cryptocurrencies other than Bitcoin, and others will not able to stay more than a year to capture the market potential.
Scams and losses damage opportunity
Trading in cryptocurrency is no doubt a profitable thing with the best profits. But on other hand, it is a risky investment concerning the huge fluctuation and uncertainty with the market rates. Further, it requires market study including fundamental analysis or more to capture the right profit share. Multiple crypto products came into the market to show up the potential but fail to sustain because of the big gap created by the scammers.
People initially lose money by name of the crypto that people did not even receive their money back. Due to the business model, most of the currencies fail to perform as they start up with the good but not able to capture the market or people’s interest. The dominant future money, derivatives, market uncertainty, and people’s reliance overcome or affect the product badly.
If just cover up with the scammers, then on the other hand market hackers are there to get the full benefits. As multiple Ponzi schemes by the hackers lose the people interest and responsibility for the failure of most cryptocurrencies. In 2014, in the exchange, almost 850,000 cryptocurrency volume was lost due to the hacker’s attack. It cost millions to the investors and lose interest in the startups that are forced to shut down because of the hacking systems and failures.
Future of the cryptocurrency market!
In the financial and trading market, the most important thing that has to be considered is the volume and understanding of the fundamentals. With digital currency people find the ease to transfer money from one platform to another without system checking. But on another side, it raises protection and safety concerns. If we talk about the cryptocurrency future, then it depends on the probability and user intent like why a person wants to invest and going to buy the product at all.
In blockchain technology, the people trust the system to exchange and trade the coins in the build-in systems. In the global world, the use of bitcoin or others is not limited to trading at all. It is excepted that the people will trade the coins to exchange the services. In the gaming world, most of the services and utility exchanges now take place in the shape of coins. All it requires the other person who is willing to pay for the coins and get the money through the different system or transactions.
The use of the coins helps to avoid the most fluctuation in the market that is because of the bitcoin and other metals fluctuation. Moreover, the purpose to facilitate the people to trade the coins in exchange for the normal buying and selling online. Most common stable coins and other cryptocurrencies are working in these parameters. Most of the cryptocurrency and coins are still with a face value of almost $1 and offer no instant fluctuation to avoid the coins’ depreciation at all.
The introduction of the cryptocurrency is to facilitate people with more digital technology or approach. It provides the ease to transfer and receive money within the decentralized exchange system. but with time investors’ reliance and security increase that people not only invest in crypto but use them for buying and selling.
As most of the cryptocurrencies are no longer in use but still it has a scope in the market. Most online products, services like game utilities, and online advertisement are preferable with the exchange of the coins. As the people said the crypto is the future is true about it.