In the last few years, the world of digital currencies has been forging forward at breakneck speed. With more than a thousand cryptocurrencies already in existence, new entities join the crypto marketplace daily in an effort to usurp the digital currency empire.
For example, Bitcoin is already pretty fast and cheap, but Universa’s blockchain is 1,000 times faster, and its transactions are 100 times cheaper than those of Bitcoin. Still, despite the fact that digital currency is already a major player in the fiat economy, predictions that cryptocurrencies are here to stay are difficult to swallow.
We’ve seen this type of disbelief before. In the 90s, the news media mocked Nicholas Negroponte’s prediction that the majority of readers would get their books from the internet.
As unlikely as it seems now, this scenario could also play out with cryptocurrencies. Related: IBM Is Experimenting With a Cryptocurrency, Which It Says Is More Stable Cryptocurrencies may eventually revolutionize the entire financial sector as we know it.
But to ensure its success, the crypto industry must address the following three security issues. Given that cryptocurrencies are decentralized, losing access to your coins leaves you with no option for redress. This could be devastating to cryptocurrency holders. Read more from entrepreneur.com…
thumbnail courtesy of entrepreneur.com