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Author Topic: What cryptocurrency needs most nowadays  (Read 418 times)
cheefbuza
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March 15, 2018, 07:15:03 PM
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 #1

I may not be Satoshi Nakamoto that’s for sure. I am just another person in this huge industry but I think a lot of people can agree with me and I want to get into the specific details.  There are some things that should get the main focus for a better future of the industry. We all strive for a high-quality technology to make everything easier to use and comfortable in order to approach a bigger audience, the final goal is to let every single person in the world access to the industry, to a valued money; that’s something important and that’s why cryptocurrency (Bitcoin specifically was made). Although the cryptocurrency technology and industry has a huge daily growth that we should really appreciate because a revolution popped out and we should get on the wave. If you are reading my post I guess you are already on the wave.

So, what is actually cryptocurrency? The cryptocurrency we are talking about is a type of digital currencies but unlike other currencies, this one is using a decentralized control. What does that mean? Unlike USD which controlled by the government how much will be printed and by that controlling its value. Cryptocurrency usually has a maximum limit of supply and for example, Bitcoin has an organic growth pretty much like gold and there’s 21m max supply.
So we can agree no one is actually controlling the cryptocurrencies (most of them) and there’s a limit supply, even Satoshi Nakamoto has no control over Bitcoin. There will be 21,000,000 bitcoins and no one can do anything about it. All those millions of bitcoins decentralized all around the world and they are all relied on a decentralized blockchain that is running on many computers all around the world and making it updated every second.
So decentralization, that is something that should be appreciated; that is most important in my opinion. We, millions if not billions of people own the currency and not corporations, government or banks and that thing is priceless.

So that’s why I decided to write this post. We are talking about decentralization but there’s a problem that prevents us from a pure decentralization. What is it? Exchanges!
Only Bitfinex hold 1% of the Bitcoin’s supply which is way too much, instead of decentralization we see a centralization over here. By doing that we are giving too much power to the exchanges, if your money is stored in exchanges you practically own nothing, because no key is under your ownership and that’s a big problem. Big exchanges were hacked and a huge amount of money was stolen, things like that can happen all the time and that’s something the cryptocurrency should focus first, decentralized exchanges should be in the first priority in my opinion.

What is a decentralized exchange?
Quote
A decentralized exchange is an exchange market that does not rely on a third-party service to hold the customer’s funds. Instead, trades occur directly between users (peer to peer) through an automated process. This system can be achieved by creating proxy tokens (crypto assets that represent a certain fiat or crypto currency) or assets (that can represent shares in a company for example) or through a decentralized multi-signature escrow system, among other solutions that are currently being developed.
(Paragraph copyrights belong to CryptoCompare)

https://www.youtube.com/watch?v=l8XNRTfPgZI

The CEO of Binance, Zhao ChengPeng talks about his vision for the future of the cryptocurrency. I recommend you to watch this video, a lot of essential stuff. CZ mentioned interesting stuff, none of the current decentralized exchanges can survive such a big scale, enough to become a big exchange with millions of users. That’s a big issue, as I said ‘top priority’ in my opinion. Anyway, Zheo ChengPang already stated once there will be a proper candidate they will string to become a decentralized exchange which it’s perfect to know; the hope is that it won’t take too long.
So why not decentralized exchanges? Why is it not in the first priority? First of all, there’s not a proper blockchain enough according to CZ’s words and also it is not profitable enough for most of the exchanges unless you are a really big exchange which is still profitable but not like a centralized exchange.

Anyway, so my say is that big decentralized exchanges with proper pairs are missing. And every cryptocurrency holder should strive to hold his own keys even in exchanges (that’s what decentralized exchanges for) for a maximum safety because safety is above everything. For now, I suggest you hold your cryptocurrency in your own private keys, most recommended is Ledger Nano S but not the only alternative so you don’t have to pay for an alternative.
I’m wishing you and the cryptocurrency industry the best and we are all hoping for a better technology this year

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March 15, 2018, 07:55:58 PM
 #2

Decentralized exchanges are the ones needed most, we are trading decentralized coins in centralized exchanges  Grin but no worry we have great dex OAX developing

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March 15, 2018, 08:06:52 PM
 #3

Cryptocurrency needs proper identity verification
It's the most common thing needed it's the main reason that is stopping CRYPTO to enter real world.
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March 15, 2018, 08:29:26 PM
 #4

Decentralized exchanges are the ones needed most, we are trading decentralized coins in centralized exchanges  Grin but no worry we have great dex OAX developing

i totally agree because existing centralized exchange are very very risky for all of us. If something happens to on e of the major exchanges like polo or bittrex or binance all of us are going to suffer for so long time because btc will be dumped very strong.

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March 15, 2018, 11:04:59 PM
 #5

Criptocurrency needs alot of things  to correct ,  The exchange existing may have cause a lot of people many thing because it is very risky to secure one token  which some may steal from one account
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March 16, 2018, 01:35:02 AM
 #6

Thank you for your trouble. The cryptos give us freedom all the time. If we want to send money anybody, we can do it very easy, so, we can send without the third person, as much as we want, with little tax and to every point of the world. When we look at the exchanges, I think that the commission they get is enough for them. And cryptos are good when it will be green.  Cool

 
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March 16, 2018, 03:53:41 AM
 #7

Fast, decentralized, transparent, easy to understanding for common people, and crypto with many opportunities (I mean, that it's not only crypto, but a project, connected with that)
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March 16, 2018, 10:36:30 PM
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it seems to me that most crypto currencies need social acceptance and understanding. currency does not cost anything without people who believe in it, and many do not trust crypto because they do not understand what it is.
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March 16, 2018, 10:54:53 PM
 #9

I think cryptocurrency needs the government's support most!

Regulation and taxes legalize cryptocurrency, and if the government calls on people to use more encrypted money, the prospects for cryptocurrency are great!
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March 17, 2018, 07:21:34 AM
 #10

NOW A DAYS CRYPTOCURRENCY NEEDS STABILITY IN THE PRICE SO MORE AND MORE MONEY COMES IN. MANY PERSON IS OUT OF CRYPTO DUE TO ITS HIGH FLUCTUATION OBVIOUSLY . IF THE PRICE BECOME STABLE THEN THEY MAY BE INVEST IN CRYPTO SO THERE IS MORE CHANCE OF MONEY INFLOW IN THE CRYPTO ECOSYSTEM.
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March 17, 2018, 02:43:08 PM
 #11

Decentralized exchanges are the ones needed most, we are trading decentralized coins in centralized exchanges  Grin but no worry we have great dex OAX developing

No, we don't need exchanges, centralized or decentralized.
If we're going to really move to a cryptocurrency we must start using cryptos directly.
Right now exchanges have gone far from what they were supposed to be and ended up as a stock market where everything is priced in fiat.

We only need places where people that haven't yet bought coins can buy them, and A LOT of places where people can spend their coins without having to sell them for fiat before.
Current exchanges should have the fate of those exchanges that Europe was full of when we had 15 currencies more.

Cryptocurrency needs proper identity verification
It's the most common thing needed it's the main reason that is stopping CRYPTO to enter real world.

Define "proper". Some might find your definition of proper identity verification a breach of privacy.


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March 17, 2018, 02:54:38 PM
 #12

Decentralized exchanges are the ones needed most, we are trading decentralized coins in centralized exchanges  Grin but no worry we have great dex OAX developing

No, we don't need exchanges, centralized or decentralized.
If we're going to really move to a cryptocurrency we must start using cryptos directly.
Right now exchanges have gone far from what they were supposed to be and ended up as a stock market where everything is priced in fiat.

We only need places where people that haven't yet bought coins can buy them, and A LOT of places where people can spend their coins without having to sell them for fiat before.
Current exchanges should have the fate of those exchanges that Europe was full of when we had 15 currencies more.

Cryptocurrency needs proper identity verification
It's the most common thing needed it's the main reason that is stopping CRYPTO to enter real world.

Define "proper". Some might find your definition of proper identity verification a breach of privacy.


I fully support your opinion but I really understand that it is impossible now. The bitcoin community has become dependent on miners ' corporations. The basic principle of cryptocurrency has been violated is complete decentralization. Transaction confirmation rate is very low. The price of the transaction makes it impossible to use bitcoin for small purchases. How can bitcoin be used directly in such conditions?
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March 17, 2018, 03:07:27 PM
 #13

I think the most needed thing for cryptocurrency is to change the top 10 industries. They include: financial services, retail and consumer goods, government and democracy, energy, advanced education, transport, manufacturing, media and communications, technology, healthcare and resources. Let the blockchain technology be better used by humans.
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March 17, 2018, 03:28:13 PM
 #14

Decentralized exchanges are the ones needed most, we are trading decentralized coins in centralized exchanges  Grin but no worry we have great dex OAX developing

No, we don't need exchanges, centralized or decentralized.
If we're going to really move to a cryptocurrency we must start using cryptos directly.
Right now exchanges have gone far from what they were supposed to be and ended up as a stock market where everything is priced in fiat.

We only need places where people that haven't yet bought coins can buy them, and A LOT of places where people can spend their coins without having to sell them for fiat before.
Current exchanges should have the fate of those exchanges that Europe was full of when we had 15 currencies more.

Cryptocurrency needs proper identity verification
It's the most common thing needed it's the main reason that is stopping CRYPTO to enter real world.

Define "proper". Some might find your definition of proper identity verification a breach of privacy.


I fully support your opinion but I really understand that it is impossible now. The bitcoin community has become dependent on miners ' corporations. The basic principle of cryptocurrency has been violated is complete decentralization. Transaction confirmation rate is very low. The price of the transaction makes it impossible to use bitcoin for small purchases. How can bitcoin be used directly in such conditions?

I don't understand what you refer by confirmation rate but I assume you mean time,so just as an example, recently I've sent a transaction with 3.~something satoshi per byte and it was picked in the first block.

https://coinb.in/#fees (forget about bitcoinfees, that site is always wrong) says you only need 1 Sat/Byte right now.
That's 1,7 us cents.

Of course even if 10% of people lining up at McDonalds are going to pay with BTC we're going to see again a huge mempool, but till then we're going to have a fix, at that is LN.

Also when speaking of transactions, a lot of them are made to and from exchanges or are just exchanges moving coins from and to cold storage.
Hitbtc was doing that a few weeks ago and I counted about 40tx with 100 outputs.


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March 17, 2018, 03:38:19 PM
 #15

Decentralized exchanges are the ones needed most, we are trading decentralized coins in centralized exchanges  Grin but no worry we have great dex OAX developing

There are loads of decentralised exchanges built on top of the Bitshares, Waves and Ethereum platforms. The problem is that most users don't want to use them (including those who advocate decentralised exchanges).

 
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March 17, 2018, 03:49:32 PM
 #16

In my opinion, decentralized exchanges, decentralized data, smart contracts are the tendency for coin to become the most popular. And also the most competitive because I realize most of the ico today are focused blockchain handle these issues.
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March 17, 2018, 06:09:07 PM
 #17

I think cryptocurrency needs the government's support most!

Regulation and taxes legalize cryptocurrency, and if the government calls on people to use more encrypted money, the prospects for cryptocurrency are great!
Yes, you're right. Adoption and support from the government in all countries is what crypto needed most. It gives confidence to many investors and users to trust more and more in crypto-currency like bitcoin. The more adoptions made, the more people would like to invest in crypto or bitcoin.
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March 17, 2018, 07:56:40 PM
 #18

Decentralized exchanges are the ones needed most, we are trading decentralized coins in centralized exchanges  Grin but no worry we have great dex OAX developing
Decentralized exchanges and anonymity coins are at the top of my list when it comes to what we need right now, anonymity coins are needed because even if bitcoin is great we need a way to transact money online without everyone finding out in what we spend our coins and decentralized exchanges are needed as well since I want to be able to buy other coins without having to rely on a centralized exchange that asks for all kind of information that I do not want to give to them.

 
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April 11, 2018, 03:52:36 PM
 #19

 It’s a fact that there is a long road ahead and many problems to be fixed. Nevertheless, there are a lot of experienced people who are working hard to solve them and come up with new innovative upgrades.
In 2017, cryptocurrency exchanges saw a flood of new users some even struggled with the large volumes of incoming adopters. Currently there are a lot of projects that are developing “decentralized exchanges”. The concept behind them is a software that users can use to trade cryptocurrencies with one another, without the need for a central entity.
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April 11, 2018, 04:13:39 PM
 #20

Decentralized exchanges are the ones needed most, we are trading decentralized coins in centralized exchanges  Grin but no worry we have great dex OAX developing

No, we don't need exchanges, centralized or decentralized.
If we're going to really move to a cryptocurrency we must start using cryptos directly.
Right now exchanges have gone far from what they were supposed to be and ended up as a stock market where everything is priced in fiat.

We only need places where people that haven't yet bought coins can buy them, and A LOT of places where people can spend their coins without having to sell them for fiat before.

I definitely agree that we need all that, places where people can spend their coins directly, merchants accepting crypto without looking for payment processors, etc. But how are we going to get there? Bitcoin has been widely known for at least 5 years, since the Mt.Gox times. And did we get any further from there? You can't force Bitcoin's use in the economy. With that said, truly decentralized exchanges or rather wallets which provide the decentralized exchange features may be a small step in the right direction, which we should make quite a few till we get where we want to be.
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