War to survive: Is the world about to witness an end to Cryptocurrencies?

Not long ago mobile application developers probably had been thinking that acquiring bitcoin and or any other cryptocurrency wallet could be a viable alternative to other payment gateways.

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Definitely not too long ago people were going bonkers with the rate at which the prices of cryptocurrencies took to an exponential growth. Then again, the world witnessed a sudden fall in the price of bitcoins and the rise of other currencies such as ethereum and ripple.

Also Read: Bitcoin as the legit digital mode of international fund transfer

Ever since bitcoins and the others entered the economic market, there has been a major shift in the world of finance and their continuing influence remains undeniable until date.

Also Read: Cryptocurreny apps for Android

So, what are the other options do we have in cryptocurrencies beside bitcoin who can be the viable choice to invest in bitcoin itself?

Litecoin
Stepping back to the year 2011, this stood an eyewitness to Litecoin being launched the first time and instantly acquired quite a reputation for itself.

“If bitcoin is digital gold, then litecoin is digital silver”. Quickly its popularity submerged Bitcoins and experienced merchant adoption in its initial years. But the fame was short-lived as investors figured out the presence of yet another cryptocurrency technology, Ethereum blockchain. Ever since Litecoin announced its intention to adopt SegWit in early 2017, to upgrade its blockchain technology to overcome the scaling issues, the price of Litecoin sped up from $2 to over $366. More so, faster transaction times and lower transaction fees render the potential required to challenge bitcoins and others.

Etherium
Similar to Bitcoins, Ethereum is an open-source blockchain network and its currency, Ether is the second largest digital currency in the market holding the market value of over $75 billion. The smart contracts or computer protocols create digital contracts facilitating contractual agreements between parties such as self-executing payments where certain contractual agreements are met. The ethereum blockchain gathered mass attention especially from financial institutions and corporations who believe the whole concept on which ethereum runs will reduce operational cost and streamline the business process in future. This is the reason for Ether to occupy a second position in the world market.

Ripple
Fourth largest cryptocurrency in town, Ripple covers a market value of $50 billion as of now. Digital currency to Ripple Interbank Payment Network aims at providing high-speed and low-cost payment framework for the different financial institutions around the globe. 50 banks in Europe, Asia, Australia, and the U.S. have already incorporated Ripple as the viable payment system wherein few others attempt at implementing this cost-reducing payment technology.

Dash
Holding a market capitalization of $10 billion and occupying 8th largest position in the digital market, Dash is the leading anonymous cryptocurrency and not bitcoin. The myth that bitcoin is anonymous is after all misleading investors when the transactions made here are publicly viewed on the bitcoin blockchain. And this Is the very reason why Dash is gaining popularity since users value privacy when making financial transactions.
Irrespective of their advantage and current position over bitcoins, the whole market of digital coins suffered a massive decline in value for reasons unknown. Afterall the highly volatile market can be influenced by different factors.

So, going back to the main topic, if we have to give a direct answer to the hypothetical question: ‘Is the world about to witness an end to cryptocurrencies?’ we need proper statistical figures to analyze before coming down to any conclusive inference. And since the news headlines are filling up with stories on cryptocurrencies taking a downward plunge, the investors need to acknowledge themselves with the current status before committing to financial blunders.

Morning of 23rd January 2018 was greeted by a sea of red numbers in the cryptocurrency market and the below stats are pretty alarming for those who made the lump sum investment into the blockchain technology recently.

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According to the report by CoinMarketCap:

• Bitcoin dropped to nearly 12% in value over the past day.
• Ripple dipped down by 21%.
• SmartCash experienced 39% drop.

However, there are limited expert insights as to why the sudden drip took place at all. But there has been worldwide scare among investors who fear Bitcoins is totally going in for a damaging crash. Comparing the time when Bitcoins hit a whopping record close to $20,000, the current picture definitely gives many reasons to worry about big investors and individual players. There is no clarity as to the factors driving such an alarming change. But…

 A report by CNBC, states China is planning to block any form of domestic access to Chinese and offshore cryptocurrency platforms to promote centralized trading.

 South Korea not long back announced it is going to consider regulating and banning cryptocurrency trading. However, the statement was later rectified.

 More so, China is planning to block access to international bitcoin exchanges.

News similar to these can be pretty damaging to the cryptocurrency market, which probably has contributed to the massive crash witnessed today by the blockchain market.

Also Read: Why can’t we just not have bitcoins in our lives?

Final Takeaways

Irrespective of the fact that most investors will try to recover their gain as much as possible and withdraw from the market owing to the general fear that cryptocurrency market is soon to crash. Yet, the news events, which triggered this fallout, are going to fade away after few days. And like share market, the prices of each digital currency will recover gradually. So concluding on the fact that it is the end of cryptocurrency is wrong since financial investments are subjected to market risks.

And we do hope top-notch mobile app companies can still have a chance to explore with digital coin wallets as an alternative to other payment gateways.