The increasing adoption of crypto-currencies determine why they are so successful, according to an expert Bitcoin Andreas Antonopoulos

Andreas Antonopoulos, a Bitcoin expert (BTC) and security expert, spoke on the flagship cryptocurrency during a conference at University College Dublin in Ireland. He believes that the success of the BTC and Blockchain should be measured by their degree of adoption and not by their price alone.

Fluctuations showing a bubble, an eruption, a construction and a price rally

The virtual currency industry with Bitcoin and Ether - Ethereum's native cryptocurrency - has demonstrated a bubble, eruption, construction and price rally pattern. The value of Bitcoin has benefited from a historic high of $ 20,000 that an absolute drop of 70% since 2012. Developers build the infrastructure of the largest cryptocurrency in terms of market capitalization around its price and of its phenomenal fluctuations.

"If you have a strong local community, when the price skyrockets across the cryptocurrency market, it's because a lot of new people start showing up with a little sparkle in their eyes. As soon as the price goes down, which happens on average just after it climbs to the highest point, then most disappear. I have observed these ebbs and flows since 2012, "explained Antonopoulos.

The price of Bitcoin has reached $ 20,000 worldwide, and that of $ 25,000 in South Korea and Japan in December 2017. The market capitalization of the digital currency is consolidating to a threshold of 1 billion of dollars. However, since January 2018, it has continued to decline, recording a correction of 70% . This movement is similar to that of 2014, when the BTC experienced a strong downtrend.

The price and trading volume of most altcoins fell by 70 to 90%. The global cryptocurrency market suffered a decline in demand for digital assets according to Google Trend indicator data . The volume of transactions, the use of crypto-currency exchange platforms and the daily trading volume of cryptocurrencies have declined in parallel.

Vitalik Buterin, co-founder of Ethereum thinks the crypto-community has not done enough to justify such an assessment.

Bitcoin, Ether and other digital currencies have banked individuals who were not previously. They provide a decentralized infrastructure and create an alternative financial system for multiple users. Nevertheless, these improvements do not justify as much a market capitalization of 500 billion dollars.

"The way in which individuals and businesses understand and integrate finance can potentially evolve through the adoption of cryptocurrencies as a decentralized technology , " said Antonopoulos. The revolution brought by emerging technologies is considered permanent in the best case. Decentralization eliminates intermediaries and brings greater transparency.

Moreover, the growth of crypto-currencies and their success can only be determined by their price. As the market progresses, it becomes dependent on the adoption of technology and its real impact on the financial system around the world.

Antonopoulos's belief in the potential of digital currencies leads him to believe that global adoption will improve the lives of everyone.

"I have this crazy idea that this technology can change the world, that we can actually see a world where access to this technology is revolutionizing people's lives, especially in marginalized areas where there is very little access financial services, fair systems, open systems, the ability to record the truth, the ability to make transactions without [third party] confidence, the ability to expel intermediaries from any commercial transaction. The ability to get rid of organized criminals who have a banking license and steal innocent victims. "

Turn to the contribution of long-term cryptocurrencies

Despite price fluctuations, crypto-currencies are growing rapidly. As startups in the industry face stiff competition, the main developers of public Blockchains networks like Ethereum and Bitcoin are improving day by day. They are putting in place infrastructures and double-layer networks that should allow decentralized applications to benefit from a high speed of one million transactions per second.

Virtual currencies will reach their ultimate goal when they are used as the main financial system of the global economy. This accomplishment follows the logic of the initial goal set - to replace traditional banks, intermediaries and third-party service providers. By providing more transparency, security, speed and ease, crypto-currencies would be the best alternative to the existing system.

Source

Do you agree with Antonopoulos that the success of cryptocurrencies should be measured by its adoption? Or should the price be the only indication of success? Let us know in the comments section below.