Crypto News | The New Trend of National Cryptocurrencies

We really didn’t want to write about it – again! – but it looks like national cryptocurrencies are now a major trend – primarily in authoritarian regimes and countries that are democracies only on paper. Nothing fishy about that, right? We’ll try to keep it short, so here’s the rundown. Maduro started forcing Venezuelan companies to use the petro. At the same time, Venezuela’s officials visited Moscow and had talks with their Russian counterparts to discuss their national cryptocurrency. Who knew, but Russia is looking to test its own crypto in Crimea. Kind of symbolic, considering the context. Iran is still planning its own cryptocurrency and, apparently, Turkey is, too!

We don’t have to point out all the individual reasons why national cryptocurrencies are problematic, do we? “Back in my day, cryptocurrencies were decentralized, peer-to-peer, private, anonymous! Why won’t these new state crypto kids get off my decentralized lawn?”

Besides, why are all of these countries so eager to issue their own cryptocurrencies, especially considering the recent market volatility? Well, we do know why. It’s all about regaining power and avoiding sanctions. Even so, Ripple’s in the red, Ethereum is going down, and even Bitcoin has lost some of its stride. Although the price of BTC is now above $10k, it has been dipping back below repeatedly since 20 hours ago.

Still, there are some promising signs. Primarily, the Bitcoin transaction fees are the lowest they’ve been in 18 months! Now, the fees are only $3, down from $26. Perhaps the low fees could revive the struggling cryptocurrency market? The low fees are mostly due to SegWit, which is now widely adopted, as well as due to a large number of investors leaving Bitcoin for smaller cryptocurrencies.

SegWit has all but resolved Bitcoin’s issue of scalability. Now, experts are speculating that, if other cryptocurrencies also resolve the same problem soon, 2018 could be the best year for cryptocurrencies yet. For that to happen, some other things need to happen as well. Primarily, more big institutional investors (Wall Street), better regulation and a greater number of legitimate, large-scale ICOs. A lot of these are already on the horizon, so, we’re getting there, and fast. 


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Author: Max Rothstein

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