The breakneck speed with which cryptocurrencies — and the blockchain technology that underpins them — are being adopted could result in whiplash for the industry, warns a senior executive with a major cryptocurrency wallet provider. “There are a lot of challenges that we’re facing this year,” said Kosala Hemachandra, vice president of business development and legal for Asia Pacific at cryptocurrency wallet provider MEW (MyEtherWallet). “I think it’s a part of the growing pains.”
The meteoric rise of cryptocurrencies has brought sudden wealth to many, but it could end in disaster for others if they don’t manage their crypto assets properly, warns a local wallet executive. “If you’ve made a lot of money in crypto , there is a big temptation to spend it,” says Emma Bell, a tech advisor with the Atlanta Exchange. “But that needs to be balanced with the knowledge that crypto is volatile—you can lose all of your money in minutes.”
Business owners are getting more serious about accepting cryptocurrency, but the hype surrounding crypto doesn’t seem to be translating into more customers, according to a new survey by BTC.com, a wallet for Bitcoin and Ethereum-based tokens. Speaking to the Metro Times, BTC.com CEO George Kimionis said that while there has been a lot of hype surrounding crypto, it’s mostly been from consumers, rather than businesses. Moreover, the speed of adoption could result in a lot of businesses getting burned, he warned. ~ ~ ~ ~ These intros are all very different from one another, and there are a few common themes: 1. They were all written as if they were appearing on a blog (or news site). Read more about new cryptocurrency and let us know what you think. Adoption of crypto currency by the UK-based payment app exploded in the first quarter of 2021, but whether this trend continues could depend on the actions of bitcoin (BTC) evangelists such as Elon Musk, warns James Bay, chief executive of STICPAY. The mobile payments app recorded a 48% increase in cryptocurrency deposits in the first quarter of this year, while fiat deposits remained stable. Bitcoin is clearly the preferred currency of most STICPAY e-wallet users, with bitcoin deposits 38 times higher than those in Ether (ETH), Tether (USDT) and Litecoin (LTC). The company also reported a 185% increase in the number of users converting fiat currencies into crypto currencies using the wallet’s built-in currency converter, compared to the same period last year. At the same time, the number of users who traded cryptocurrencies for fiat fell by 12%. Account manager James Bay said more and more cryptocurrencies are gaining a reputation as potential repositories of value, but bitcoin remains at the top of the list. Cryptocurrencies are increasingly accepted as safe stores of value. But we should say that it is bitcoin that is driving the change in payment habits and outlook that is challenging fiat currencies, Bay said. The shift to cryptocurrencies is happening at breakneck speed, but it remains to be seen whether the trend will continue, warned Bay, whose comments come amid a sharp decline in the cryptocurrency market after months of rapid growth. Bay thinks the continuation of this trend could depend on the actions of public figures like Elon Musk, whose influential tweets have driven the price of every coin he mentions up (or down). Just today, bitcoin evangelist Elon Musk announced that Tesla would no longer accept the currency, citing environmental concerns, after announcing in March that the company would accept bitcoin payments, Bay said, referring to Elon Musk’s sudden rejection of Tesla’s decision to allow bitcoin as a payment method for its electric vehicles. Another bitcoin supporter, Michael Saylor of MicroStrategy, announced the purchase of another 271 BTC on May 13. hours after Musk rejected bitcoin payments. The total number of Bitcoins on MicroSTrategy’s balance sheet is 91,850 BTC, with different amounts purchased at different prices since last year. Meanwhile, Tesla still has more than $1 billion in bitcoins on its balance sheet – a fact that has drawn criticism from industry observers who see Musk’s willingness to profit from a currency he considers environmentally dangerous as a sign of hypocrisy.The crypto boom, which has seen investors and entrepreneurs alike make fortunes, could be followed by a breakneck speed of crypto adoption that could result in a phenomenon called “whiplash.” Whiplash is a financial term that refers to what happens after a surge in a market, and it is often characterized by a rapid reversal in the price of an asset, a frenzied burst of trading, and heavy selling.. Read more about bitcoin news today and let us know what you think.
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