Hello Everyone, this morning we saw an article on Bloomberg, on how cryptocurrencies are failing. That’s what we have told our clients and readers for the past year. The reasons why the cryptocurrencies are failing are two-fold:
- First, Blockchain technology is NOT the a sustainable platform for cryptocurrencies to be built on! Blockchain is neither practical nor sustainable, and is expensive. The future for these cryptocurrencies rest on a new technology that solves the issues that Blockchain has. This technology is called Hashgraph. See our post from from February 2018 on Hashgraph vs Blockchain technology.
- Secondly, Central Banks will NOT allow cryptocurrencies to be independently established in the mainstream financial system unless they either produce them or control them…period. If you don’t believe this, simply do a study on the power of the Central Banks/ the IMF/ the BIS and how they run the banking and financial world.
Until the underlying technology platform for crypto’s changes to a sustainable one like hashgraph, and the Central Banks either issue the crypto’s themselves or control them, cryptocurrencies like Bitcoin will be in the hands of the few with limited usability, and sky-high volatility. Currently, cryptocurrencies are unregulated digital currencies. In essence, they’re digital fiat currencies with little or no oversight, and they have very limited usability at this time. Be careful and do your homework before investing or converting your local currency into any cryptocurrency.
GMS BUSINESS CONSULTING, INC. – provides lawyers and business professionals with Accounting Services, Business Development Services, Business Optimization Services and Digital Marketing Services to help business professionals successfully organize, grow, manage and operate their businesses more effectively and efficiently. We do NOT provide investment advice. Contact Us if you are interested in learning more about our services, and in particular about M.A.P. (our 3-phase business development & management solution), designed to help you strategically focus and tactically grow your business. We would welcome the opportunity to speak with you.
info@gmsbusinessconsulting.com
707-218-3135