If you ask the average crypto geek what he loves about cryptocurrencies, you would most likely hear how cryptocurrencies are going to dominate the financial sector in the coming years.
If you ask the average crypto geek what he loves about cryptocurrencies, you would most likely hear how cryptocurrencies are going to dominate the financial sector in the coming years. Those enthusiasts dream about a world where governments and financial institutions do not interfere with money transfers, payments and so on.
Although decentralized payments sound good to us, the truth is we are nowhere near ditching fiat for cryptos. Mainly because the better part of those involved in crypto trade hope to generate massive gains, not to disrupt the financial sector. Until that changes, forget about money moving freely between merchants and customers. We are forced to agree with critics when they say cryptos are pointless. Well, at least for now they are useless, apart from eventually making you quick-rich, which is unlikely to happen.
Take ICOs for example. It is hard for ordinary traders to participate. Nowadays only large corporations are allowed to invest in certain tokens. So where is decentralization? Where is the disruption of financial institutions? The only thing that currently drives the market is speculation, nothing else.
In case you are still reading, there are some arguments to back our harsh words. Regulators around the world are scrutinizing measures on cryptocurrencies, ICOs, traders and even exchanges. Can you pay your dinner with ChanCoin, PoSToken or Aigang? No, because you have never heard of them. Apart from bitcoin and Ethereum most of the altcoins are not accepted by merchants. Ask yourself why.
Anyway, Bitcoin.com reports that approximately one in three crypto coins is unspendable. That’s 30%. There are 1545 cryptocurrencies listed on CoinMarketCap, 30% equals 463 tokens you can do nothing with. And there are no signs this is ever going to change. Yes, you can hold them and hope they will skyrocket one day. Even if this is ever going to happen, there is no guarantee you can buy gas with them if you do not sell them first.
Bitcoin.com included the top 100 cryptos with the largest market cap in its survey. And guess what, we are not even talking about their purchasing power, it turns out that some of them cannot be exchanged between individuals who use iOS, Android and Desktop devices. 30% of the world’s top tokens are difficult to transfer directly from you to your best friend. The reason for that is quite simple, wallets do not support those tokens. Even if one token supports one cryptocurrency on an iOS device, the very same wallet is unavailable for Android devices.
OK, some of the tokens might be still under active development but, yet. Even those cryptos that have been around for years do not have appropriate wallets. This is ridiculous. It also ridiculous when geeks tell you cryptos are the future. Even if they are, the road is long.
According to the very same statistics provided by Bitcoin.com, the average are of cryptocurrencies is 2 years and one month. 53% of all cryptocurrencies lack adequate iOS wallet while the remaining have some sort of Android or Desktop wallet. You see what we mean, functionality must be the top priority of every single cryptocurrency, not skyrocketing.