According to a report by The Wall Street Journal, Bitcoin and other cryptocurrencies are not as functional as they look and mostly used by Blockchain developers. The report which was published at the beginning of 2019, besides pointing to some implementation samples in Venezuela and Japan, acknowledges that there have been published a few tangible applications from Bitcoin as well as Blockchain technology and are being applied now.
In a documentary released by Steven Russolillo, The Wall Street Journal correspondent, he gets known about the implementation process of cryptocurrency called “Byacco” by which all internal payments at the University of Izu are done while he is there, in the north of Tokyo. According to the authorities of this university, successful results of using Byacco in their university have intrigued them to develop it to be applied in the city of Izu too.
Hitochi Taguchi, president of a DMM Bitcoin cryptocurrency exchange center, believes that the key for cryptocurrencies success is developing a payment system wherein many cryptocurrencies such as Bitcoin suffer from some weaknesses. His view is that if the people cannot pay the charges of their consumables by cryptocurrencies, the value of this technology will be lowered in the future. Andy Bromberg, the Coinlist co-founder, knows manufacturing functional goods for the people as the cryptocurrency challenge.
Despite this negative view, the article has noted some positive points too. One of them is launching Bakkt platform. In the first season of 2019, Bakkt platform will be started for organizational investors and create a new era in the realm of cryptocurrency. Bakkt makes a trade and digital assets use simpler and easier through making communication among traders, investors, and consumers. This open-source platform would provide the possibility to buy, sell, maintain and spend various cryptocurrencies for the users. In many specialists’ views, the news of launching such platform has been one of the hottest pieces of news in 2018; although no exact date has been specified for its launch, generally it will have a positive effect on the field of cryptocurrencies and Blockchain technology regardless of time.
Last year, many Initial Coin Offerings (ICOs) were distributed; however, many of them were fake, and their main objective was to pillage investors. This issue caused American legislative authorities to become more active in better controlling the market.
All ICOs should be registered in US securities and Exchange commission beforehand. According to Jed McCaleb, Stellar founder, there are still many scammers in spite of the involvement of many Wall Street players on the scene of cryptocurrencies. He estimates 90% the fraudulent project's statistics.
In spite of all advantages of Blockchain technology and cryptocurrencies value volatilities in recent years, it encounters many challenges to ensure investors and respond the people’s needs; however, numerous developers and investors are optimistic about it. We should wait for new occurrences in the new year though.