What are the 3 most important obstacles to the cryptocurrency industry?
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Answer What are the 3 most important obstacles to the cryptocurrency industry?
In this bear market everyone is asking the same questions. Why do cryptocurrency prices collapse? When will the market turn higher again? Is this the end of the cryptocurrency boom?
However, before we can answer questions like these, we need to take a step back and take an assessment of the cryptocurrency market and what’s really holding it back.
Despite their growing popularity, cryptocurrencies are still struggling to gain the traction that makes them mainstream and used on a daily basis.
But when it has been used to buy illicit goods online, cryptocurrencies have created negative feelings for many people unfamiliar with the technology – often for good reasons.
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Cryptocurrencies are still relatively new, which means that many users are in the process of searching for different ways to use them in their daily lives.
Unfortunately, this lack of knowledge leaves many users vulnerable to scammers who seek to take advantage of their ignorance and inexperience.
After reviewing the cryptocurrency market industry, we found that there are three main problems hindering the development of the industry:
- scammers
- Failed Projects
- immature technology
Who has not been cheated at least once!
The crypto community is overwhelmed with crooks taking advantage of inexperienced and gullible users.
What’s more, scams don’t just happen at the individual level. There have been many cases where ICO projects have been piled up with opportunistic scams, only to have investor money disappear into thin air once the ICO stage is completed.
Then there is the problem of failed projects. More often than not, this is the result of highly ambitious project plans who have the technical knowledge to apply blockchain technology, but are inexperienced in business and management.
Read:An investment fund that made $1.1 billion in bitcoin in just five months!
Many projects have neglected to focus on the real-world practical functions of blockchain technology which has resulted in the project not being developed.
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Finally, there is the blockchain technology itself, which is still in its early stages. As such, there is little practical application of blockchain technology and the real use of cryptocurrencies in the world.
What’s more, many blockchain startups focus on very specific projects, which have little appeal to the average person.
As a result, major investors who do not fully understand the nature of the blockchain and are more reluctant to invest in projects.
Building a better blockchain community
The good news is that as blockchain technology continues to expand, we can explore new ways to overcome these issues and build an inclusive community for everyone to enjoy.
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