Steem Crypto Challenge Month #4 : The Future of Cryptocurrency

The Future of Cryptocurrency in Sri Lanka

Hey Steemians,

It's @foxicoreviews here. Today I'm going to show the legal status of cryptocurrencies in sri lanka and what will be the future of sri lanka with this blockchain industry.

In recent years, cryptocurrency — and, in general, bitcoin — has proven its appeal, now having 14 million bitcoins in circulation. Is this the trend in Sri Lanka, as well? Global investors speculating about the possible prospects of this emerging technology have powered much of the existing market capitalization, and this is likely to stay the case before any measure of price stability and business recognition is reached. Apart from the specified price of a cryptocurrency, those investing in it tend to be dependent on the supposed "inherent worth" of cryptocurrency. These involve the technology and the network itself, the security of the cryptographic code, and the autonomous network. When considering the trend in other developed countries, it’s safe to say that we are not yet making use of this highly advanced technology.

Why Should Sri Lanka Implement Cryptocurrencies?

Blockchain decentralized ledger technology (underlying cryptocurrency) has the potential to disrupt a broad spectrum of transactions, in comparison to the conventional payment framework. This involves securities, bonds, and other financial instruments on which documents are digitally recorded and for which a trustworthy third party is usually needed to provide evidence of the transaction.

In our opinion, the demand for cryptocurrencies would evolve at a rate set by key actors, marked by the possible growth of credibility from one or all of these participants through what we term "credentialing moments." For the demand to enter the next stage of its development towards mass adoption and steady expansion, each of the five key market participants — merchants and buyers, te.

Keys to the growth of markets - What We Need in Sri Lanka?

Consumers and traders: for consumers, cryptocurrencies provide cheaper and quicker peer-to-peer payment solutions than conventional money systems, without the requirement to include personal information. Though cryptocurrencies begin to gain some popularity as a payment alternative, market instability and the potential for financial investment motivate customers not to use cryptocurrency to buy products and services but to exchange them.

Investors: Investors in other countries are usually optimistic regarding the prospects connected with cryptocurrency and cryptography. The "inherent worth" of the underlying technologies, as discussed above, offers these investors a strong cause to be positive. As a consequence, several of the more developed cryptocurrency firms have only recently drawn institutional investors and Wall Street interest. Investors in Sri Lanka have to identify such potential and invest their money in secured and beneficial cryptocurrencies?

Tech developers: Many modern tech developers worldwide have committed their focus to cryptocurrency mining. On the other hand, others have concentrated on more entrepreneurial pursuits like the creation of exchanges, wallet services, and alternate cryptocurrencies. In our opinion, the cryptocurrency sector has just begun to draw talent with the scope, width, and sector emphasis required to carry the business to the next stage. However, for the industry to achieve mass adoption, customers and businesses would need to see blockchain as a user-friendly alternative to their common transactions. The industry would still need to develop data protection capabilities and protocols.

In summary, Sri Lanka, as a nation, is not yet making use of blockchain technology, but the country has to.

Thank you
@foxicoreviews
This post is written as a reply to : steemcryptochallenge by @steemitblog

#steemcryptochallenge #srilanka