CryptoCurrency : What is really holding crypto-currency back from adoption?
So lets think about this for a moment, who really benefits from crypto-currency in a seller-buyer transaction? The seller has no costs; transaction fees are paid by the buyer, the seller has no bank fees, has no card merchant fees, has no additional risks, can trade globally with no complications over exchange rates.
So why arent sellers clamouring for crypto-currency payments, clearly volatitlity of price against costs is one issue, but sellers can resolve that by offering goods/services for sale, so that the primary focus is trade not speculation. It is significantly in their interests to break the speculation bubble.
The real issue is lack of insurance. If you are a business you need to know that in case of a disaster, that your assets are replaceable, and for that to happen you need some insurance. So we need the insurance industry to start offering policies. Crypto is actually great for insurers, if I claim my private keys are lost, then I can never spend those funds. If I claim my private keys are stolen, insurers can blacklist transactions coming from those keys forever.
The only problem insurers have, is that many cryptos have fixed supply, and so the costs to insurers are hard to calculate; what is my premium on 100BTC from 2 years ago, compared to now. Every time private keys are lost/stolen, the cost of replacement increases due to loss of clean supply.
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