Cryptocurrencies will create an entirely new economy. Those are the sentiments of Riggs Eckelberry the Chairman of WaterChain token project. The sentiments come at the worst time given the onslaught in the broader cryptocurrency space.
Almost all cryptocurrencies have experienced double-digit drops in recent months as uncertainty continues to grip the sector. Corporate animosity towards cryptocurrency all but continues to exacerbate the situation, fuelling fear among traders.
Cryptocurrency animosity according to Eckelberry is two-pronged. For starters, such entities want to deal with established cryptocurrencies while on the other hand calling for regulated cryptocurrencies. ?The divergent opinion according to the Wanchain executive has to do with the lack of education about cryptocurrencies.
Amidst the uncertainty, Eckelberry remains optimistic about cryptocurrencies prospects. According to the executive, cryptocurrencies will give rise to a full-scale alternative economy. Cryptocurrencies are also poised to replace fiat as a preferred means of completing transactions.
Cryptocurrency New Economy
However, increased adoption and use is dependent on the unveiling of compliant security tokens. Such tokens will go a long way in reinvigorating confidence among people at a time of increased skepticism.
?The latest wave is the security-compliant token. These are being offered on new, security-compliant exchanges, such as Coinbase. These will, I believe, replace the weaker, unregulated ones, and create a stronger crypto ecosystem overall. As these coins gain mainstream adoption, I think they will create an entirely new economy,? Eckelberry in a statement.
According to Eckelberry, companies that align their operations in the new cryptocurrency economy stand to benefit a great deal. However, those that fail to embrace cryptocurrencies will fall behind just as companies that ignored the internet.
The WaterChain executive expects companies that ignore blockchain and cryptos to suffer a great deal. Financial institutions that ignore cryptocurrencies will pay the ultimate price as more people realize that they can operate bank-free
Amidst his optimism, cryptocurrency adoption has slowed in part because of the high volatility associated with them. High levels of price swings has essentially made it impossible for businesses to integrate cryptocurrency payments.