Cryptocurrencies have taken a high jump over the years, with significant ever-increasing popularity, coupled with increasing acceptability in quite a few markets. Cryptocurrencies are excellent as a method of remote payment. It could end up a competitor to credit cards or even become an alternative. This is a better way to receive and send payment. Cryptocurrency is a concept edging its way into the mainstream, hence, the digital currency has its enemies; real people or notions. Let’s consider two Cryptocurrencies and their obstacles; Bitcoin and Ether.
Bitcoin was the first cryptocurrency to be ever launched. Despite its sudden boom in recent times, it`s not free from troubles. One of which is the centralization of the currency. Although Bitcoin was built with good intentions, certain beneficent systems are abused. In recent times, power has been left in the hands of few who can afford the ASIC hardware.
Bad actors are known for maneuvering the systems. Theft and fraud have watered down bitcoin technical achievement. Illegal online marketplaces or shady crypto exchanges cast a black cloud over the currency. Most start-ups in the bitcoin space have designed plans to bring the currency to the masses but negative events have made a percentage of consumer skeptics. Policymakers are left out in the tension. One of such tension is the difficulty in keeping private keys “private”.
Ethereum has jumped in value the past few months, but there`s still a huge problem: who will buy or sell in this currency?
Want to sell ether? The ache in crossing each hurdle in trading is enormous. Using traditional exchanges such as Kraken or GDAX doesn’t ease the stress either.
Verification involves photo ID and several other documents. Such can be quite stressful and annoying. After verification, you`ll have to go through the problems of international bank transfers. Charges are massive whenever trade occurs in an open marketplace.
Like in Bitcoin, centralized accounts are responsible for losing customer deposits. There are no cash traders involved in ether trade. To go past this problem, buyers buy from bitcoin selling sites and then swap for ether. Although it is a better compromise, it still causes frustration for many.
But, is there a solution?
CrypScrow is building a platform to help minimize trouble with maximum security. All forms of trades on CrypScrow is private. Messages are your private properties; all trades are accessible to just the parties involved.