Crypto users have the potential to grow from 50 million to 5 billion!!! This prediction, made by Brian Armstrong the Coinbase CEO via twitter this week, seems fantastic at the outset. Glitzkoin CEO and second generation diamond veteran Navneet Goenka feels that, ‘… there are a few essential prerequisites that need to be fulfilled before, an increase of this magnitude can happen’.
Armstrong and other cryptocurrency promoters must take significant responsibility and promote value based growth in crypto space – this, before a huge rise in crypto usage can happen.
Recent history has seen an exponential growth in the interest of cryptos. Bitcoin has surpassed its tipping point long ago but still remains quite volatile. Other cryptos (altcoins) continue to try and build a crypto from ‘nothing’. Pure speculation is often encouraged through rumor mongering and paid crypto media hype.
An increasing number of first time crypto participants are non techies – with a less than thorough knowledge of issues related to crypto trading and safe crypto custody. While a growing base of crypto interest is good, it also means that these newcomers are more likely to face the wrath of crypto scammers.
Being truly understood by few, and having a bit of a Wild West mystique, the crypto industry has unfortunately attracted a range of crypto fraudsters. These unwanted elements prey on innocent victims – both seasoned and debutant crypto participants often experience losses through various scams.
Going forward proponents of cryptocurrencies need to first actively promote and strive for better crypto security. Crypto laws designed to track and punish fraudsters are required, these should be formulated and implemented on priority. There is an encouraging trend where an increasing number of crypto scammers, are being tracked and punished even under existing laws.
Implementation of crypto laws might require, the strong ‘anonymity’ concept of cryptocurrency to be compromised (to an extent) but, the benefit gained in terms of increased confidence and security, would far outweigh the compromises made.
Like Brian Armstrong’s hope for a huge increase in crypto usage is to materialize, it is only fair that crypto promoters, analysts and exchange operators work together, to create a more conducive crypto trading environment.
GLITZKOIN: Glitzkoin is developed on the Stellar blockchain. The project includes the multifaceted GTN token that currently trades actively on 3 crypto exchanges (Cointiger, Stellarport and Dobitrade). Glitzkoin makes a direct connect to the multibillion dollar diamond industry. The project is promoted by second generation diamond veteran Navneet Goenka, it aims to improve productivity and market scope for the glittering industry. A comprehensive diamond trading platform (DiaEx) is part of the project, it supports both B2B and B2C trade in diamonds. As mentioned above GTN is traded by crypto traders on three exchanges, it is also designated as the mode of payment on DiaEx.