As we try and survive in this bear market, we are all asking the same question, why is this promising coin, Bitcoin, falling like this? When will we finally see the market turning around? Could this be the actual end of the crypto boom as predicted by many?
But before we dive into answering these questions it is important that we take a few steps back and do an appraisal of this crypto market. Were the industry really stands and the reason that could be holding it back. The crypto market has been able to gain some popularity over the years but despite this trend, it still seems to be struggling in getting the mainstream appeal.
The Crypto Market Has Come A Long Way
The market has been able to distance itself from the early days of being associated with purchasing illegal items online, the market has still been able to conjure some negative feelings. Especially for the people who are a little unfamiliar with this particular technology.
The crypto market is still a new concept, thus, the casual users are exploring the different ways they will be able to use these tokens in their daily transactions. But with the lack of knowledge surrounding the crypto market tends to leave most of the venerable users to the scammers that are trolling the web, thus, they take advantage of their ignorance and inexperience of the market.
As a result, there was a survey that was conducted where various individuals in the community were contacted. This is from the traders, newbies, professionals in the field to the investors, asking them what is the biggest problem that they have been experiencing with the crypto market. And from this, it was found that there are three common and major problems that are experienced by all, thus the reason that the industry is being held back.
The three factors are the scammers that are trolling the web, the immature technology that is being used by most platforms, and the several failed projects in the industry.
1. Who Has Been Scammed At Least Once In This Industry?
As we all know the crypto market is being overrun by the scammers that are taking advantage of the inexperienced and the naïve users who want to get into the industry. What is more interesting is that the scams are not taking place just on an individual level. We have witnessed several cases where an ICO gets seriously hyped up and end up dispersing into thin air once you have put your hard earned cash into the project.
2. And What About The Failed Projects We Keep Seeing?
The number of failed projects in this industry has been considered to be a really big problem. And the reason behind these failures could be the overly ambitious CEO’s, those who have gained the technical know-how on how they could go ahead and apply the blockchain technology, but the big problem is they lack the needed experience for success in the market. They are not well experienced in management and business to attract the needed investors to the project.
The other big problem they tend to have is they don’t focus on the real world practical functions of this blockchain technology.
3. The Blockchain Technology Its Self
The blockchain technology is still in its very early stages, thus, there has been very little application of this technology together with the real world crypto usage. Not forgetting, most of the blockchain startups in the market tend to focus on a niche specific project that would not appeal to the average person in the market. Therefore, the mainstream investors within the market who know very little about this market would not get into investing.
There Is A Better Blockchain Community Being Built
The good news is a better community is being built, as the technology continues to slowly expand, more individuals are able to explore better ways that they can overcome these common issues. Thus, have an all-inclusive community that will cater to all needs.