Bitcoin, the most popular cryptocurrency that the term is even way popular than the term cryptocurrency that it became the term cryptocurrency in general to the people that don’t know what cryptocurrency is all about. Undeniably bitcoin is the most popular cryptocurrency, it can’t be denied that its explosion has already ended and people are already beginning to understand it, but that wasn’t enough for people to accept it with open arms.
Although it’s breaking grounds by the way of ICOs, the fact is the world hasn’t fully embraced it. Proof of that is why you’re still not seeing an easy conversion or trade in with your cryptocurrency versus your local currency. Although there are already bitcoin friendly banks, online shopping and not to mention a ton of blockchain trade platforms, these are still a very small number.
Why you convert cryptocurrency with your local currency: The fact that there are already a demographic on the companies, firms and institutions that directly trade with cryptocurrency, because of that, there’s this drive for people to trade it with their local currency and that’s fine. The problem is, even if there are already companies, firms, and institutions backing it, the fact is you still have to convert whatever your cryptocurrency is like Ripple, to Etherium or bitcoin to be able to have the chance to convert it with your local currency. Unless companies, firms, and institutions figure out the easy way to do it, the challenge will still exist.
Why is the growth very slow: Although many people are starting to realize that cryptocurrency is growing it still can’t be denied that there are still many companies, firms, and institutions that are skeptical about it and one of the skeptics is the bank, why?
- Because cryptocurrency is a threat to the current banking system
- Cryptocurrencies process are not aligned with banks.
- Cryptocurrency has this anonymity and being decentralized which makes it suspicious to some
Today you don’t really have a choice: As much as cryptocurrency is slowly becoming more and more popular by the day, its still has a big road block (conversion and trade problems with banks). You don’t really have a choice as far as conversion and trade goes because cryptocurrency still doesn’t have a lot of solid banks that are supporting it, and the bigger players in the banking industry are even banning the trade of it which affects greatly to its growth. If you happen to reside in the USA, below are some of the banks that are open in trading bitcoin:
- Simple bank
- Goldman Sachs
- Bank of America
Bitcoins popularity might have dramatically increased over the years but the fact that many are still not very familiar with its technicalities and not to mention it has a lot of skeptics has affected its rapid growth. This is because it challenges the norm and is forcing change. This is the reason why the big players in the banking industry are banning the trade of bitcoin in their banks. It’s the reason why converting it into your local currency is still challenging because there are only a few banks that are backing it like the ones mentioned above.