Analyzing the crypto phenomenon and the insurmountable odds stacked against it.
There are a lot factors which are not in the favor of crypto currency across the world, this has to do with the fact that crypto currency is “virtual” currency, and being virtual currency stands for the fact that it is intangible. The fact that it is intangible has led to several suspicions rooted in the practices of tax evasion as well as money laundering. There are a lot of tags attached to crypto currency which are not entirely baseless but neither are they entirely rooted in the facts. For example, the department responsible for Treasury called virtual currency “money”. However, it is no secret that crypto currency cannot be described in that simple a term; there are a lot of connotations which go amiss when the definition of crypto currency is reduced to that one particular narrow word.
However, it is not just the United States treasury department which is seeking to limit the meaning and the utility of crypto currency. There is a lot of misunderstanding about crypto currency in the third world, a pool of suspicion from Asian countries regarding the way it stands to influence the economic dimensions of these countries. It is a long way till the users and crypto currency can manage to remove the opinions of the Asian countries and the third world countries when for the longest period of time, there was a chance that the concept of ICOs would not be accepted in the first world countries as well.
However, when the sale was put up in the market for an ICO like Ethereum, tables were turned in such manner that it all worked out in the favor of Ethereum and other such ICOs. The success of Ethereum had to do with the fact that so many different and powerful entities from the economic ladder got involved that it became necessary for those in power to recognize it. This is one story of an ICO in a first world country that the ICOs of different countries can seek inspiration from.
The scintillating reality for the well-wishers of digital currency is that it will have to strive harder for a more wide spread, organized and a louder acceptance. However, there is no reason that it cannot get out of the slump created by the labels given by various sections of the economic spectrum.
Moreover, looking at the History of the world, being judged, opposed and slandered might just be the best thing to happen to crypto currency. Eventually, the different users will get accustomed to it and will be more open to it such that there can be a better understanding of the crypto currency.