Since the price of bitcoin reached thousands of dollars, tons of articles have been written.
In the shadow of bitcoin, thousands of cryptocurrencies have emerged.
Surfing on the promises of Blockchain technology many projects have arisen.
I am not a specialist in bitcoin and even less in Blockchain technology.
As a newbie, I ask myself a few questions about the ability of cryptocurrencies to effectively replace fiat currencies.
Central bank got the idea
The noise around cryptocurrencies has caught the attention of central banks around the world.
My opinion is that they first tried to curb the adoption of cryptomonaies by regulation.
Then they attack on the technology front. Indeed, several central banks around the world are experimenting with blockchain.
What will happen when the blockchain projects of the traditional banking system are mature enough to make ordinary people believe
that they have the equivalent of today's cryptocurrencies?
I am afraid that in this case, cryptocurrencies as we know them will become the business of a few insiders.
Big tech companies are ready
Facebook came with LIBRA. Over a billion potential customers worldwide.
What would motivate these people with LIBRA to seek another cryptocurrency?
And when Google, Amazon, Microsoft and others get started won't it be game over?
Regulators keep watch
Will central governments accept the development of a decentralized monetary system?
Ordinary people need a centralized system
Bitcoin and other cryptocurrencies are complex to master for the common man. The volatility of these currencies creates a fear that only investors can understand and accept.
What to conclude?
Bitcoin and all current cryptocurrencies have had the merit of propelling the development of the blockchain.
I think technology has a future.
I believe in decentralized applications.
I do not believe in a viable decentralized monetary system.
I'm curious about the future of bitcoin and decentralized cryptocurrencies.
In the meantime, I prefer to leave my money in my good old bank.
For decades, Cryptocurrency has been my favorite line of trade mostly when it comes to the Father of the crypto family Bitcoin although the year started in a very bullish momentum, I see this recent downtrend as an opportunity for another great uprise movement ahead and also a very buy zone for traders, as Hodlers will be in great fear and tension more. I still see this as an opportunity for me to buy and continue trading smart with mr Richmond daily signals/strategy which I have been doing ever since the last bear market, With mr Richmond daily signals, I have been able to accumulate and grow a very strong portfolio, last month I was also able to increase my 1.2 Btc to 7.8 Btc with mrRichmond daily signals which I believe is a fair profit. I would also advise every smart trader out there to take this chance of building a very strong portfolio most especially newbies, Richmond can be reached via WhatsApp @ +17063505497