It is no secret that the crypto market has been struggling for the past 14 months or so. There are a number of investors who lost their money thinking that Bitcoin and other cryptocurrencies were continuously going to sore last year. Unfortunately, what they didn’t know was that it peaked in December of 2017. Bitcoin reached almost $20K only to have a massive correction, losing 80% of their value.
Now, the problem with cryptocurrencies is that adoption didn’t happen last year. One of the reasons why adoption took a bit slower than experts predicted was also due to the lack of regulations that governed cryptocurrencies. Nowadays, regulators have been concerned regarding the possibility of tax evasion and money laundering through the use of cryptocurrencies.
Now, considering these realities, could it be possible that it will take a longer time before we see adoption become a reality? There are those cryptocurrencies such as XRP that has been getting traction from institutions. The goal of Ripple is to lessen the cost of cross border transactions. With banks utilizing XRP, money can be sent and received in seconds. Also, it is a reality that there are also other cryptocurrencies that are now being accepted as a mode of payment. Bitcoin is now being used for this purpose.