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Cryptocurrencies have experienced a dramatic rise in their popularity over the past few years. In return, 2017 not only saw a bubble for BTC in particular, but for many other cryptocurrencies, tokens, and altcoins as well. However, the start-off of 2018 has been proving to be a challenging year for this market, with the values declining rapidly as the bubble burst. Nevertheless, many blockchain enthusiasts still believe that cryptocurrencies are here to stay, they will remain to be to the future of currency. In this blog, we'll take a look at the uses of cryptocurrencies beyond currency and their potential to reform the way we do business. For more about crypto, visit our crypto/token development services.
Cryptocurrencies beyond Currency
One of the significant reasons why cryptocurrencies are still the future of currency is the blockchain technology that forms the network.
The technology offers a few disruptive, technological advancements such as secure encryptions, pseudonymity, and privacy. World leaders have already begun taking advantage of Blockchain technology. Despite the market being in the midst of a downturn and with a myriad of potential lying behind the technology as well as the possibilities that cryptocurrencies bring themselves, there is a lot to be explored. Among many prominent sectors, the finance industry is the new addition that is seeking to yield the advantages of blockchain technology. The industry wants to strengthen its security measures and is much more likely to adopt cryptocurrencies as part of this.
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Smart Contracts
One of the most viable uses of cryptocurrencies beyond currency is developing Smart Contracts.
A few cryptocurrencies built on the ERC-20 framework can develop what's known as Smart Contracts, they're highly encrypted and lay the foundation for new methods for transactions to occur. Smart Contracts are helping to ensure the tokens themselves sustain their growth and popularity. The inability for the contracts to be tempered or amended once verified on the network and the higher levels of security can help to ensure the finance industry achieves an increased level of transparency which many entities feel they're looking to get.
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Tokens and Alt-Coins
When people hear about cryptocurrencies, Bitcoin pops up in their minds, and in a few cases, Ethereum. However, there is an array of altcoins and tokens entering the market. And they are more and more rapidly being developed by companies and even a few countries.
South Korea has developed its very own cryptocurrency, the S-Coin, to excel in the market. With the likes of TRON setting up its test net earlier this year (March 31st) for improving the market, cryptocurrencies, tokens, and altcoins seem to be working together.
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Market Volatility
While the market (especially Bitcoin) is struggling at present, the volatility of cryptocurrencies is significant. As a result, investors are continuing to turn to cryptocurrency development services. The more investment this volatile market gets, the more it will likely continue to grow. And, a key to increasing the level of investment is an increase in regulation which could help stabilize the crypto landscape.
Regulation
Global, countries, as well as industries, want to regulate cryptocurrencies because of a few significant reasons- how cryptocurrencies will impact the business and everyday aspects of life and how they will improve the market.
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Conclusion
When it's about the use of cryptocurrencies beyond currency, they have a stigma from their past, though imposing regulation can for sure help to stabilize the market. Countries like Japan are also finding ways to make crypto exchange platforms self-regulatory, with independent entities working as compliance departments, to ensure that cryptocurrencies sustain their decentralized attributes.
If you are interested in developing a crypto project, connect with our skilled crypto developers to get started.
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