The massive price correction of 2018 have left the world wondering if Bitcoin has failed and if it will ever recover. But careful analysis shows that Bitcoin in fact never left. It may be down but it’s not out. Instead, it continues its relentless march towards adoption. This will continue as Bitcoin and altcoins become easier to purchase, distribute, and store.
Currently, only Coinbase offers a way to buy crypto using money through a fiat gateway. This is a valuable service and one of the reasons that they are so successful. Their monopoly and high fees increased the company’s valuation from $1.6 to $8 billion dollars in less than a year. Unfortunately, this does nothing to help anyone else but themselves. Fortunately, this is about to change. Robinhood, Binance, and Bittrex are all working to add fiat gateways into their infrastructures. This is good news as this will advance public access to crypto.
No one is doing more than Ripple (XRP) to advance the adoption of crypto currencies. XRP donated $29 million to charity to fund for purchasing classroom supplies. Then $4 million more to charity (Wild Life Fund). Recently, Pornhub, the largest pornographic online company, announced that they will accept Verge (XVG), Tron (TRX), and Zcash (ZEN) to pay for its services and subscription. In addition, they are also expanding the use of crypto to its sister sites Brazzers and Nataku. This will increase visibility and it’s safe to assume that it’s only a matter of time before the entire adult industry also starts accepting crypto currencies as a form of payment.
Cryptocurrencies fastest growth has come in the chain supply industry where Blockchain’s cryptographic and validation features are best suited. In the United States, nine companies (which include Walmart, Kroger, Tyson foods, and others) in the food distribution market teamed up with IBM to implement a faster response to food recalls, outbreaks, and traceability. Globally, VeChain and WaltonChain are also adding global distributors to their partnerships; allowing for a global expansion of verification services using blockchain and Crypto currencies. Most recently VeChain partnered with a Germany’s railway division’s company (DB Shcenker) to develop an application to streamline global logistics.
Ethos, the most anticipated universal wallet project is nearing its final testing phase. Its tentative release date is within a week, but more realistically, it will probably take a month before all the bugs are worked out. Its scalability, atomic swap, and mobile device capabilities will make it the go to wallet to store crypto for all. If it works as advertised, it will bring the much needed user friendly interface the crypto economy needs.
Owning crypto must be followed by using crypto; without mass distribution and use, cryptocurrencies serve no purpose. In order for crypto to live up its expectations, it must migrate and not sit inert in wallets waiting to make everybody a millionaire.
Ripple and altcoins associated to Pornhub are being criticized and mocked for apparently paying others to use their coins. Assuming this is true, subsidizing cryptocurrencies in the short term may be a problem, nevertheless, the public exposure gained is a major step forward for crypto altogether.
Other notable advances is the SCE declaration that Ethereum is not a security. This clears a major legal hurdle that causes a lot of hesitation and frustration in the minds if investors. It may be slow, but crypto is finally moving ahead one inch at a time.