The convenience that cryptocurrencies provide can not be denied at all. Digital currencies have opened up new horizons of possibilities for both the merchants and customers around the world. But despite all the possibilities that crypto market provide, the volatility and unstability that it possesses make its future look bleak as of yet.
Siranush Saroyan, the Head of Marketing and Communications at Crypterium, is of the view that the crypto market needs time to stabilize and tackle the effects of volatility and stability associated with it.
Talking to BlockPublisher, Siranush stated that:
The market has been unstable with the prices of major currencies jumping up and down. Clearly, it needs time to become less volatile and more stabilized.
The price jumps and falls of the crypto market make it unattractive for the general public and the investors. People refrain from entering a market that possesses so much uncertainty. But despite all the shortcomings, the prospects that digital currencies offer make them irresistible to the financial market. The marketplace for digital payments can be completely revamped by the usage of cryptocurrencies properly.
Siranush further added:
But if we look behind the rates and prices, we see the unique concept of crypto. With its potential for making daily payments more convenient, it has a lot to offer to a regular customer. Also, crypto can easily connect so-called unbanked people with new financial services as it doesn’t require a large infrastructure to be built.
Although the cryptos seem to provide limitless possibilities regarding the financial market, we might not necessarily see all the cryptocurrencies surviving the trials of time. David Gokhshtein, blockchain adviser at Linda Coin, shares the same view.
Talking to BlockPublisher, David stated:
I truly believe that cryptocurrency will be accepted on a larger scale in the future, but I also know that 85% of the current digital currencies won’t exist two to three years from now. Now, those who form partnership with existing companies will survive. An example would be Stellar forming a partnership with IBM.
The market seems to be saturated with a lot of cryptos doing the same thing and providing the same service. Regarding the competition present, David stated:
Competition is great and leads to better products, but we don’t need 1500 cryptos doing the same thing.
Cryptocurrencies sure seem to portray a very bright picture of the future but unless the issues like volatility, unstability and market saturation are solved, much cannot be said. The financial framework for international digital payments can be completely changed using cryptos if used properly under a concrete framework.