We have all heard information about Cryptocurrency. Some know it as digital or virtual currency. In reality, it is a digital, decentralized currency that uses encryption techniques to regulate currency generated while transferring funds. This is all completed in a self-contained manner that is outside the preview of our centralized banking system. The first cryptocurrency that came on the market was Bit-Coin. It was first developed in 2009 and has had a major impact on this industry because many are now realizing that it can be exchanged without using any type of go-between. And it is a secure and private transaction.
Today many use cryptocurrency as an investment. We have also seen a rise in businesses and individuals that are now accepting cryptocurrency as payments for products and services. There has also been a boom showing that major companies like Tesla, Microsoft, and PayPal have begun to invest in cryptocurrency. In addition, cryptocurrency provides sovereignty and security that our present form of paper bills and credit cards do not. Hence using and investing in this currency model, offers a unique and secure form of money transfer to those looking for privacy within their finances.
It does not look like cryptocurrency is going to disappear as VHS and eight-track players did. It is becoming more popular and more widely accepted within our society. Many in the know believe that cryptocurrency may revolutionize the financial industry. They believe cryptocurrency is a more efficient and transparent way for transactions to be performed. In addition, many other industries are looking to blockchain technology, which is the technology behind most cryptocurrencies, to be adaptable in fields like healthcare and supply chain management.
Is there a Downside?
Although some experts feel there is a downside to the viability and regulation of this digital currency. It is also thought that because cryptocurrency values can be erratic, the end result of the currency could therefore become unstable. Illegal activities have also been associated with its use, such as money laundering and terrorism financing. Hence governments have created many regulations and guidelines for its safe and secure use.
Another factor in using this currency platform is also understanding and using new terminology. Did you know you can actually “mine” Bitcoin? So many have looked to Bitcoin as the creator of opportunities for investors to increase their profits while the industry grows. Bitcoin itself originated and sold for just a few cents, but then skyrocketed to almost $65,000 in April 2021. Hense drawing more and more individuals and investors, but also broadening the industry to incorporate and expand to other applications. Tools are also being adapted like cryptocurrency exchanges, wallets, and funds.
Hacking is a HUGE Concern
The biggest challenge facing this new technical industry is security issues and regulation issues, as well as market volatility. We all know that when it comes to technology, especially new technology, there will always be people trying to bypass the intended application! Trying to “reinvent the wheel” so to speak; either take shortcuts or interrupt the process toward nefarious adaptations. This is definitely a concern and risk with hackers.
Regulatory uncertainty has also been a challenge for the industry, with different countries taking different approaches in their regulation efforts toward cryptocurrency. Some countries have banned cryptocurrency altogether, while others have created regulatory frameworks to govern its use.
Market volatility has been another challenge for the industry, with the price of Bitcoin and other cryptocurrencies experiencing significant fluctuations. These fluctuations have been attributed to a range of factors, including market manipulation, news events, and changes in investor sentiment.
Looking toward the future, it is claer that the impact of Bitcoin and cryptocurrency on the industry is only beginning to be realized. The industry is still in its early stages, and there is a lot of potential for growth and innovation.
Blockchain is Expanding
One area of growth is the adoption of cryptocurrency by mainstream financial institutions. Several banks have already begun to explore the use of blockchain technology and cryptocurrency, and there are indications that more will follow. The adoption of cryptocurrency by mainstream financial institutions could lead to increased liquidity and stability in the industry.
Another area of growth is the development of new use cases for blockchain technology. Blockchain technology has the potential to transform a range of industries beyond finance, including healthcare, supply chain management, and real estate.
However, there are also challenges that need to be addressed for the industry to reach its full potential. One of the biggest challenges is regulatory uncertainty, with many countries still uncertain about how to regulate cryptocurrency.
In conclusion, Bitcoin has had a significant impact on the industry since its inception, and it has created new opportunities for investors and businesses alike. However, there are also challenges that need to be addressed for the industry to reach its full potential. Looking towards the future, it is clear that the impact of Bitcoin and cryptocurrency on the industry is only beginning to be realized, and there is a lot of potential for growth and innovation in the years to come.
First, Let’s break down the basics of what Bitcoin represents:
Bitcoin is the world’s first form of decentralized money.
- It is a store of value that is censorship-resistant, and
- Is inflexible against manipulation by any outside source. There is no one entity, person, or control point with “authority”.
Because of the decentralized structure and peer-to-peer protocol of Bitcoin; the Bitcoin network is able to operate as its own economy, without intermediaries or third-party service providers.
First, with the fast pace of blockchain technologies comes risk and reward. With everything good, there is always the bad. To protect the consumers from this, regulations are taking place across the globe. And note that OMINEX is the leader in making this happen. They may be the ones to watch.
Cryptocurrency – How to Protect and Operate within Compliance and Legality Globally:
The leader in this is a company called OMINEX. OMINEX is backed by the engineering and solutions of regulatory guidelines in the IPO and Crowd Funding Space. In 2017 they took their knowledge and understandings of regulations to the blockchain and ICO space. Their role in the new future is offering Compliant Token Solutions.
To handle this huge task, OMINEX put together the “Open Compliance Project” to support international regulations. This allows for an ongoing platform and supports community to keep up with this infinite space of growth. Because new tokens are coming out daily, there needs to be regulation and compliance done to protect the users and investors. The number of new ICO (coin offering) is surpassing 20 new Token Solutions offered each day. They need to be regulated to protect the consumers. This is where OMINEX comes in.
Solutions offered include:
- Solutions for vetting out and verifying the legitimacy of the new coins offered to the World.
- Allowing the Users (via the OMINEX WALLET) to participate in new vetted ICO’s easily.
- Easy access to view the top Coins and to be able to buy/sell/acquire easily within a single Wallet.
- Paving the way of the Future – this will be the #1 User Wallet and Solution for accessing and working with Cryptocurrencies.
The things that OMINEX is doing are becoming larger and larger in scale and they are rolling out new benefits and features to handle the demand that Cryptocurrencies and Blockchain deployment is and will create. But we know that the world of cryptocurrency is expanding and adapting to other industries. We know bank and financial institution are exploring how to expand into a new blockchain adaptation. However we know of one very new and exciting development within a self-sovereign health platform uniquely adapting to cryptocurrency.
