Apple refused crypto adoption
In the crypto space, adoption has been slow. There are a variety of reasons for this. In general, cryptocurrency is not well suited to be used as a medium of exchange or a store of value. Instead, it’s more like a digital token that can be redeemed for specific goods and services. In addition, cryptocurrencies have become an all-encompassing symbol of globalization in the past few years. From Bitcoin to Ethereum to Dogecoin, the adoption of new digital assets has been broad and varied. However, the landscape has now changed again with the addition of blockchain technology. The combination of these other factors has created an environment where cryptocurrency adoption will likely remain at a standstill until at least 2024.
Why is Cryptocurrency?
A cryptocurrency is a digital asset that is stored on a digital platform like a web-based wallet, or another digital platform that offers an authorisation system for the network. It is stored as an encryption code that gives the user access to the store of value. The code can be verified by anyone in the network and offers them access to funds that were originally held in the wallet. With current high inflation environment, any assets are likely devalued and worth less than before.
Decentralized Technology
Decentralized technology refers to a network effect where each blockchain is its own entity with its own management and the ability to verify and deny transactions. This type of technology can be used to manage large volumes of digital assets and protect the data. It can also be used to provide a decentralized network where each block is proof-of-work and there is no centralized authority that can make changes to the consensus algorithm.
Apple changed its mind
https://twitter.com/dgmason/status/1584658898514251777
In October of this year, tech giant Apple reversed its decision on listing cryptocurrency-related apps. Instead, the company is planning to charge more on the apps that potentially deal with crypto. The decision came from the idea of Apple controlling their app store, preventing slippage from its payment systems, and let money flow out of its control.
What can cryptos really do for industry?
Most crypto projects aim to provide additional functionality and access to markets beyond the scope of the existing ecosystem. Generally speaking, this includes:
- Security
- Decentralization
- Ease of use
- Acceptance of non-technical users
- Diversification of assets
Crypto may be a good way for younger people who are simply interested in investing in general but don’t want to go into traditional assets with spending of large sum of their funds. It may also be a good way to anticipate the future of the technology.
Conclusion
There is a lot to look forward to in the world of digital assets. From the addition of blockchain technology to the rise of prominent cryptocurrencies, there is much room for growth in this rapidly developing field. Crypto adoption may be a challenging task in the current market environment, but it will definitely be an attractive option in the long run.
