Why is cryptocurrency developing downwards (reasons for cryptocurrency)
Why is cryptocurrency developing downwards? According to cryptonews, the prices
Why is cryptocurrency developing downwards? According to cryptonews, the prices of cryptocurrencies like Bitcoin and Litecoin have been consistently high since 2008. However, since 2017, many other cryptocurrencies have experienced a decline of more than 50% and have encountered various issues. When people perceive Bitcoin as a scam, they may abandon the project. When people feel deceived, their choices may change. When people discuss blockchain technology, they tend to overlook these problems. As a result, many people are questioning the value of this technology.
Reasons for cryptocurrency
According to cryptoglobe, there are currently three main types of cryptocurrencies in the market:
1. Fiat-based cryptocurrencies.
2. Cryptocurrencies that supplement electronic cash. For example, Bitcoin and Ethereum exist in digital form. These digital currencies offer strong anonymity (as they can be duplicated and transferred) but are susceptible to theft. However, transactions using these currencies require a certain fee.
3. Smart contracts used for blockchain software. While most applications utilize smart contracts to verify data, the code of these contracts cannot be viewed on the chain. Therefore, both of these encrypted assets have the potential to compete with other tokens.
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