The Crypto space has been developing and expanding for the past decade. Those who predicted that Bitcoin and blockchain are just another internet bubbles which would sooner or later burst will now agree that they seriously misunderstood the innovative tech.
For the past few years, cryptocurrencies have been adopted by several corporations across the globe. However, the exact purpose of substituting fiat currencies is not achieved. Bitcoin, the first cryptocurrency was created with the vision to act as a substitute instrument of payment, but the growing speculations ensure that the prices raised to such an extent, which made it almost impossible to use Bitcoin as a payment instrument.
Nonetheless, the recent development is quite encouraging for the crypto space. The world-renowned anonymity and privacy-focused platform, Tor, is now allowing people to donate in the form of cryptocurrencies. Tor or The Onion Router is free and open-source software for enabling anonymous communications. The platform has a growing importance in the crypto space, as a lot of privacy-oriented projects tend to rely on Tor for maintaining privacy and anonymity.
The move is an exciting one for a Crypto space at large, as it indicates that digital the tokens are slowly and steadily moving towards being adapted in the mainstream finance. On the other hand, it will enable Tor to get donations from across the globe without any significant amendments.
Over the past few years, several companies have started to accept digital coins for donation. This is one of the easiest ways to bring Bitcoin and selected altcoins into the mainstream, however, most of these efforts don’t survive. One of the major reasons why cryptocurrencies have been facing challenges to be adopted mainstream trade is there fluctuating prices due to hyper-speculation.
The cryptocurrency market reached its peak in December 2017, when Bitcoin reached its highest value at $19,700+, making it practically impossible to use for buying things. Ever since the market kept tumbling down. 2018 was one of the worst years for the crypto space, as many digital tokens lost up to 90% of their values, forcing them to consider a total shutdown. Bitcoin, too, kept losing the steam for six straight months, finally ending the losing streak in February earlier this year.
However, entry of giant business corporations like IBM, JPMorgan, Citi, HSBC, Facebook, and Apple, have resurrected the sole vision for cryptocurrencies. JPMorgan, for instance, became the first US bank to launch its own cryptocurrency. Payments solution giant VISA Inc. is also reportedly going to enter the blockchain Crypto space. However, the most important development is that the social networking giant Facebook is in the final stages of launching its homebred Stablecoin, which is aimed at security and convenience for cross border transactions.
Apart from private business stalwarts, governments are taking initiative to understand blockchain and cryptocurrency, before applying them in the day to day usage. Earlier this year the United Arab Emirates entered into a collaboration with the kingdom of Saudi Arabia, to create a mutual cryptocurrency which would facilitate cross border transactions.
On the flip side of the coin, Several economists and conservatives have continuously opined that cryptocurrencies would disrupt traditional currencies. In fact, academicians have been stating for a long time that cryptocurrencies can never be considered as currencies until they have enough stability. However, it has been one of the weaker points of cryptocurrencies. Bitcoin, for example, was priced at over $19,000 in 2017, which is now worth only $4,000 a piece. This shows that people at large have been skeptical about the value prepositions of digital coin.
Adoption of crypto donation by such a reputable institution like Tor will give the much-required boost to credibility.