Cryptocurrencies remain a murky mystery for many of us, and reasonably so. In part, that obscurity reflects the state of the current market, in which close to 1,700 different cryptocurrencies are competing for a slice of the estimated US$1 trillion global market.
That field will thin with Darwinian efficiency over time, but even a savage culling of the herd won’t mean very much for the average person who views cryptocurrency as either a confounding Ponzi scheme, the domain of the über rich, or both. “Cryptocurrencies are still seen by a large part of the mainstream press as a fad or passing phase and often associated with negative things such as fraud or investment loss.
In reality, cryptocurrencies are here to stay, despite being in their infancy,” noted Richard Ells, CEO of Electroneum, creators of the first cryptocurrency to emerge from the United Kingdom. “Cryptocurrencies are largely only held by a very small, relatively technical group of people,” Ells told BOSS.
“Nearly all cryptocurrency transactions are speculative trades on exchanges. We have not built a cryptocurrency to be held and traded by a small group of elite users, we have built a cryptocurrency that is accessible to everyone in the world.” A major stumbling block to crypto’s wide adoption is the lack of accessibility for the everyday user: for example, VISA and Mastercard don’t allow crypto users to pay for tokens using their credit card services.
Until fairly recently, Bitcoin was plagued by extremely high transaction fees; slow processing times further sour its potential for common use. Designed for mass adoption, Electroneum’s global patent pending technology allows for instant payments with their ETN tokens, as well as with Bitcoin and other cryptocurrencies. Read more from thebossmagazine.com…
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