Whilst prices for the biggest crypto options like Bitcoin and Ethereum have soared and different blockchain options and technologies like NFT’s have founded themselves in the news, more mainstream usage has still eluded major usage for other platforms. It has found niche use, though, primarily through online wagering as some sites have expanded their options, where others still rely on bonuses instead like this complete Sports Interaction bonus review for wagering, but as sites like this expand crypto options what’s stopping other major platforms from making the change too?
Crypto is still misunderstood – For the most part, cryptocurrency is still in a state of limbo where even those heavily invested in coins don’t exactly understand its purpose aside from the marketing material that often gets repeated time and time again. This is still a big drawback, as until the is greater understanding of what cryptocurrency can actually bring to the everyday individual, it will continue to be seen as just an investment opportunity rather than a major contender to traditional FIAT currencies.
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Growing environmental concerns yet to be addressed – With the ban on crypto mining in China recently, large-scale farms quickly sought out a new home and with that came the almost immediate understanding that the energy usage was much higher than previously anticipated whereas it had remained somewhat hidden. NFT’s had also shown options on the blockchain were very energy hungry too, and it is something that has gained a lot of publicity in recent years. With a big focus on climate and energy concerns, this may be something that continues to put on asterisk on crypto until a solution can be found that reduces the energy concerns for both the everyday user and for the investors too.
Volatility remains a problem, too – Whether it’s from external influence similar to the Tesla involvement in Bitcoin, or just through the regular adjustments seen within the crypto market itself, having options that can rise and fall thousands of dollars per day isn’t a sustainable long-term option. Some coins are very stable, however not as well known or not as widely used, and until a solution is found here too it will remain on the fringe. The growth of different blockchain tech may help here, but changes are still relatively slow in this space.
The opportunity is certainly there for cryptocurrencies to mee the goals that were initially expected as well as a large core audience that support the change too, but there are still many hurdles to overcome before most cryptocurrency finds itself as a mainstream option, without even considering a potential replacement to FIAT currencies.
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