Cryptocurrencies, or for some people digital assets, are as yet found in the ill-defined situation. For a few, they are advanced resources that resemble digital versions of golds, jewels, or silvers while, for other people, they are only for the everyday exchange that is intended to be utilized in the trading of fiat cash/Credit Cards. Still, there is no consensus on whether they are created for Store of Value or Medium of Exchange. I think the way people adopt them is the key in this circumstance.

As indicated by the recently developed point of view of crypto-enthusiasts, Bitcoin, Ethereum, Bitcoin Cash-like veteran, and limited supply coins may be viewed as resources (as they are demonstrated to decentralized(!) and they have been working for quite a while) however most of them put under the classification of advanced monetary forms.

Even though the conversation has limited scope consequences for the retail investors' investment plans, the situation, true to form, is getting worse for the institutions that are relied upon to report any monetary activity. Knowing every one of the tips and tricks of current market sentiment, Elon Musk has been following an ideal way without being harmed.

First Stage - The Attributed Role: Store of Value

The initial step that Elon established that %1 of worth will be secured Bitcoin as the save of the organization. While 7/24 talking and hyping about Doge, why BTC? Since Doge is "for fun(!)" however it's used to bring light on crypto forms of money by using popular memes.

As Bitcoin doesn't have an owner and it's significantly acknowledged as a store of value by people (due to the Tx fees etc), it was stored and this was a perfect way to fix possible problems. Also, the rate is %1. The initial step was taken and the conditions were noticed. Presently that it's fine up until this point, here comes another progression.

"Medium of Exchange" for Tesla

Presently that there is no issue with storing Bitcoin; It doesn't necessarily being purchased from custodial markets; it can also be taken/collected from individuals in the form of money as long as it's not converted into US Dollar.

This is the crucial point. If it's converted, the issues start booming. Thus, it's still safe to store anything you want 😄

By this move, Elon kills every one of the potential queries that may be launched by the regulators concerning the change of the value, tax collection, and so forth.

Be that as it may, he fixes the issue from the earliest starting point. If he pays the taxes, he can even acknowledge rice as an investment 💁🏽‍♂️

Don't you think he acts as if he is playing chess with SEC or other third-party regulators? Besides, I want to ask you a question: will it be restricted to Bitcoin? Of course not.

Final & Tricky Stage: Accepting Other "Decentralized" Currencies.

This is the point that isn't just about as secure as before because there are pioneers or notable figures of the other altcoins in the Top 15-20 and so forth

After Bitcoin, the crypto choices will be among the Top 20-30 at most as the rest of the coins are not liable to be used because of their low volume, people behind the projects, and so forth

However, I feel that ETH, BCH, LTC, DOT, and LINK are the ones that are feasible to be acknowledged as the medium of exchange for a purchase.

There are 2 issues with the altcoins in the eyes of regulators:

1-They are not seen as decentralized as Bitcoin.

2-They have more unpredictability than Bitcoin.

While the previous issue is, to an extraordinary degree, identified with perception, the last will straightforwardly impact the money flow of the company (high volatility may give birth to losses).

Be that as it may, what will be done on the off chance that they are acknowledged as a payment option?

- Will they be changed over into USD? (Another Taxation + hypotheses)

- Will they be put away like Bitcoin? Dangerous + any tremendous measure of purchase/sell brings control claims)

I expect to see that Tesla may apply limits for these payment options on the off chance that they are confronted with an excess of demands by people. In this way, Tesla will accept ETH, BTC, LTC, etc. but there will be a limitation for these assets to be stored. In this way, both mass adoptions can be enhanced and Tesla can make more ads with its crypto-friendly outlook.

Final Words,

Elon started by announcing that %1 of the save of Tesla in Bitcoin demonstrating that Bitcoin is seen as a Store of Value by him. Then, by tolerating just Bitcoin and accepting it as a way to sell Tesla, Bitcoin is acknowledged as SoV yet they can likewise accumulate from clients as they won't be converted into fiat. Although BTC is utilized as a mechanism of trade, in reality, Elon showed it as SoV to eliminate upcoming inquiries.

As far as I might be concerned, everything looks OK however most of these activities are somewhat unsafe for altcoins. When you just open coinmarketcap, there are thousands of coins that can be used for specific purposes. I think Top coins can be utilized as a medium of exchange yet how will be managed every one of these digital currencies? Will they additionally be stored as Bitcoin or converted into fiat? 

When it comes to altcoins, majorly because of the perception of people, it will bring a lot of discussions and threats to cryptomarket. The process will not be smooth but, to some extent, not all altcoins are reliable as we all are aware.

Opportunities for Bitcoin Cash & Ethereum ( and maybe Litecoin)

Lastly, it's a great chance for Ethereum and Bitcoin Cash to prove that they can be used for any purpose that the investors attributed to them. Even though Ethereum is having some serious issues related to Tx fees and speed, the phases of adoption seem to be handled by such veteran coins like Bitcoin Cash and Ethereum without having serious issues. How about the rest of the coins? I think they need some more time to prove themselves as BCH, ETH, and maybe LTC. (Sadly though, Monero will always be excluded from the list)

We will see great battles for the sake of mass-adoption. The potential of cryptocurrencies worth fighting for it 😎 Please share your thought about the topic

Thanks for reading,