What does the cryptocurrency industry need?

[krishnaverma]

So I was in my car earlier, daydreaming as normal thinking about the crypto industry and how fast it is moving, how its user base in general is growing and the new and upcoming technologies are hard to keep a track of. So I wanted to create this thread for us all to share our wildest innovations and ideas because I thought it would be an interesting read for many, im quite new to the industry as a whole and want to understand both the scope of it over the period over the next few decades, what is possible? Where is this all going? Whats your wildest most imaginative idea on what this industry is capable of? What do you think needs to improve? How can it be improved? What problems do you see that need to be solved?

Excited to hear your responses 

Following things need to be done:

1) Transfer has to be instant. This will ensure mass adoption.

2) Prices need to be stable. This will result in it being used for small transactions as well. I know the returns will get lower but in the long run it will be beneficial.

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[1C6fV5DtakfKANLJ8GUV7hCaA]

The cryptocurrency economy needs more user friendliness and adaption. Let the people know about the technology in layman's terms.

[tee-rex]

Everyone around here wants a regulation free environment. That is why many people moved to crypto as a safe haven for storing their life savings. Further growth of this space will be hampered should the news of regulations comes more frequently. So what do we need? Financial freedom.  That's what.

That is likely not a very wise idea overall. I don't think that crypto is a safe haven as far as your life savings are concerned. In other words, you'd better keep them in something else. And this is where lack of regulation may in fact be very harmful and detrimental or even dangerous. For example, you can keep your savings in solid assets like precious metals but how do you that your pension fund is not playing with crypto if there is no strict regulation?

[hermada]

More highly skilled developers, and less scammers.

[rancidgash]

This industry is still very immature, especially the ICO market, there are a lot of fraudulent ICO projects.
And exchanges have many unspoken rules because there are no rules to limit them.

The mass populace is not fully aware of the issues plaguing centralized exchanges. Decentralized exchanges require a bit more tech prowess and may be slightly inconvenient for new users

[exul]

The cryptocurrency industry needs to reduce its trading fees to allow for more players to come and participate.

[tee-rex]

This industry is still very immature, especially the ICO market, there are a lot of fraudulent ICO projects.
And exchanges have many unspoken rules because there are no rules to limit them.

The mass populace is not fully aware of the issues plaguing centralized exchanges. Decentralized exchanges require a bit more tech prowess and may be slightly inconvenient for new users

Decentralized exchanges are not just inconvenient. I'd rather say they are virtually non-existent. What goes as them has hardly anything to do with truly decentralized exchanges for which to exist you wouldn't need third parties. As I understand the concept, a decentralized exchange must exist on the blockchain level because all your trades go over there. Otherwise it cannot be called decentralized. Correct me if I'm wrong on this.

[Qartersa]

More than mainstream acceptance, it needs REGULATION for it to attain a certain level of stability. It cannot be accepted by people at large if it continues to have major swings in the market. Just like with fiat currencies, its level of stability is due to the control of central banks that are backed up by governments, without which, it will just be like Bitcoin suffering massive price fluctuations day-by-day. More importantly, the effects of regulation would be great because it will make the transactions as well as its costs better and reasonable that is at par with times.

[asdalani]

More than mainstream acceptance, it needs REGULATION for it to attain a certain level of stability. It cannot be accepted by people at large if it continues to have major swings in the market. Just like with fiat currencies, its level of stability is due to the control of central banks that are backed up by governments, without which, it will just be like Bitcoin suffering massive price fluctuations day-by-day. More importantly, the effects of regulation would be great because it will make the transactions as well as its costs better and reasonable that is at par with times.

It does not need that. If regulation was so important to Bitcoin then it would've been regulated since day 1.

[btcprospecter]

The cryptocurrency industry is in need of more coins to add to competition, this has an advantage to the buyers and sellers.

More coins don't really help in my opinion as all that is happening is just trading and not actually being used as a currency.

One thing that the masses need is security with mass adoption. People are not going spend crypto currencies if there is no stable value.

[galkina]

Two things I would say is needed:
1. Most of the people coming to this industry are immature and entering the industry for monetory gain. These are the people who panick very soon and start selling the coins. If these people are educated about the industry, the market would be stable, which would solve the major problem this industry is facing
2. Need to have a community to approve and give a score to the new coins and token being launched through ICOs. This would restrict fraud and instill investors trust in the cryptocurrencis.

I think if we can work on these two things (to start with), then this industry would be more trusted.

Here is my opinion about your suggestions:

1) You made a valid point in first suggestions. The new investors do not have the patience and thus they keep buying or selling for small profits. This results in lot of volatility in prices. They should be made to understand that bitcoins are for long term investment. If you believe that bitcoins are going to be used as a payment medium forever, it will always have some value.

2) I do not think that second suggestion will work. You know what is the reason behind the success of these coins, it is the greed of people. These coins offer returns like 100% in a  day and a part of investor knows that it is not possible, still he invests some money because of greed.

[CryptoCare55]

Cryptocurrency according to many of you is a way to stay out of regulation and taxes. But this is something not true. Without regulation, there is nothing possible. The blockchain technology is coming up with various improvements like transfer time, low fee, opaque transaction history, etc. but have you ever wondered what people invest into crypto wait for its value to grow and then convert it into fiat. Then what’s the point at yelling that cryptocurrency should be the regulatory body?

Looking at the matter, no Cryptocurrency has a stable price which will only happen once all the blocks are mined, then what? It will stay out of reach for those n number of people who cannot just afford it maybe, or who are clueless about it, or simply who have 0% interest in technology.

The Cryptocurrency needs the recognition of the government. Without shaking hands with Government no Crypto can flourish. And once Governments are ready to anticipate, then things will be upside down. People will definitely enjoy the fruits that flourished out of seeds they cared for.