Bitcoin How Cryptocurrencies Work
- 3 years ago
Artex Global was founded in 2015. We are based in New York, USA, but we provide information to the whole world about developments in the cryptocurrency market. We make reviews of exchanges and publish fresh news to keep all traders and inquisitive people informed about bitcoin and similar cryptocurrencies movements.
Problems of mass acceptance of cryptocurrency
Despite all its revolutionary qualities, the cryptocurrency industry faces a number of challenges that make mass acceptance a slow and even somewhat painful process. Let's take a look at the biggest obstacles that cryptocurrencies must overcome to gain mass acceptance.
Stability
In any payment method, stability is important. The volatility of most cryptocurrencies is scary at times: they can fall or rise in value significantly in a matter of minutes. This is a good chance for investors, but the average seller or consumer will not resort to cryptocurrencies precisely because of these risks.
Speed
Speed and transaction costs are another disadvantage. Few coins can compete with payment systems like Visa. For example, a bitcoin transaction now takes about an hour on average, and the fee is over $15. This makes bitcoin useless for everyday transactions. It's hopelessly slow and too expensive for small purchases. Not to mention the scalability issue, which prevents networks from processing a large number of transactions in a given amount of time.
Security
Then there is the issue of security. The crypto space has already seen millions of dollars worth of crime, such as the hacking of the Mt. Gox exchange. Plus, users don't always use cryptocurrency correctly. While cryptocurrencies themselves are incredibly secure, "security techniques" are still evolving. Think about email: it took users decades to learn to recognize spam, infected, and phishing emails.
The way new cryptocurrency projects raise funds has prompted increased scrutiny and led to discussions about regulation. China and South Korea have banned their citizens from participating in ICOs - initial coin offerings - and a number of other countries may well follow suit.
Legitimacy
Why? Unfortunately, a few scammers have managed to rip off enough people by offering "new coins." Legitimacy is key to the acceptance of cryptocurrencies, and cowboy-style antics give them a bad reputation and cause skepticism about the long-term viability of the technology.
We want to be useful
As you can see, there is a lot of information out there about the world of cryptocurrencies, and it is very difficult for beginners to figure it out. Artex Global makes it possible to get such information in simple language that is easy to understand. We hope that we will become even more popular because of this site, and our information will be useful for many more people.
Problems of mass acceptance of cryptocurrency
Despite all its revolutionary qualities, the cryptocurrency industry faces a number of challenges that make mass acceptance a slow and even somewhat painful process. Let's take a look at the biggest obstacles that cryptocurrencies must overcome to gain mass acceptance.
Stability
In any payment method, stability is important. The volatility of most cryptocurrencies is scary at times: they can fall or rise in value significantly in a matter of minutes. This is a good chance for investors, but the average seller or consumer will not resort to cryptocurrencies precisely because of these risks.
Speed
Speed and transaction costs are another disadvantage. Few coins can compete with payment systems like Visa. For example, a bitcoin transaction now takes about an hour on average, and the fee is over $15. This makes bitcoin useless for everyday transactions. It's hopelessly slow and too expensive for small purchases. Not to mention the scalability issue, which prevents networks from processing a large number of transactions in a given amount of time.
Security
Then there is the issue of security. The crypto space has already seen millions of dollars worth of crime, such as the hacking of the Mt. Gox exchange. Plus, users don't always use cryptocurrency correctly. While cryptocurrencies themselves are incredibly secure, "security techniques" are still evolving. Think about email: it took users decades to learn to recognize spam, infected, and phishing emails.
The way new cryptocurrency projects raise funds has prompted increased scrutiny and led to discussions about regulation. China and South Korea have banned their citizens from participating in ICOs - initial coin offerings - and a number of other countries may well follow suit.
Legitimacy
Why? Unfortunately, a few scammers have managed to rip off enough people by offering "new coins." Legitimacy is key to the acceptance of cryptocurrencies, and cowboy-style antics give them a bad reputation and cause skepticism about the long-term viability of the technology.
We want to be useful
As you can see, there is a lot of information out there about the world of cryptocurrencies, and it is very difficult for beginners to figure it out. Artex Global makes it possible to get such information in simple language that is easy to understand. We hope that we will become even more popular because of this site, and our information will be useful for many more people.