Security and trust issues have not yet been resolved in the cryptocurrency market
As of today the price action within the cryptocurrency market has retreated, placing Bitcoin at the $29,900 level, while ETH dropped to $1,900, while the worst performance was drawn by SOL as it fell to $25.6 losing an estimated -4.7%.
Now, as the market retreats, voices are emerging as a result of institutional research processes that have concluded that among the biggest obstacles that the cryptocurrency market is going through is the network effect created by traditional payment users.
To tell the truth, and in correspondence with information disclosed in Cointelegraph, "the market, the cryptocurrency payments industry is segmented into three sectors, namely crypto on- and off-ramps, cryptocurrency payments for real-life uses and blockchain-native payments".
In this sense, and "Through a combination of qualitative and quantitative analysis, the research studies the business model of market participants and estimates the market size of each sector", indicating that "the cryptocurrency payments industry continues to witness rapid growth, reflected in more and more major brands adopting cryptocurrencies".
The research "concludes that the penetration of cryptocurrencies in the real economy is still less than 1%, the biggest obstacle being the strong network effect created by the existing user base of traditional payments".
SOURCES CONSULTED
Cointelegraph. Research concludes that the biggest hurdle for cryptocurrencies is the network effect created by traditional payment users. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: Zipmex
As for trust issue, it will be hard to easily trust somebody that you are not seeing.
Hi @tfame3865
I understand what you are saying, certainly when we are all living our own lives, individual actions are circumstantial and hence trusting someone that we are seeing each other is totally complicated.
Best regards, be well.