According to a Wall Street Journal (WSJ) article published the first day of the year, cryptocurrencies and blockchain technology provide few tangible uses. The article analyses the cryptocurrency bull run experienced in 2017 and how the most popular virtual currency performed during 2018.
The article says that Bitcoin and other virtual currencies are currently used only by developers in the space.
The article reads as follows:
“Bitcoin and the hundreds of other digital currencies that have popped up over the years are still largely usable only by developers.”
The article goes on saying that Ethereum (ETH) offers a less intuitive way to develop applications than other non-blockchain platforms. At the same time, the report says that there are currently no developer kits available to build applications for iOS and Android.
Although the overview that the WSJ has about virtual currencies and blockchain technology seems somehow negative, it admits that there is real interest from institutional investors in joining the market.
Nevertheless, this report that not take into account the positive things about virtual currencies. The number of addresses is growing in many important virtual currencies. Bitcoin has registered millions of new addresses during 2018 and the trend seems to continue.
One of the most interesting things that will mark the first quarter of 2019 is related to the launching of the Bakkt platform for institutional investors. The Intercontinental Exchange (ICE) could be launching the Bakkt platform as soon as the next month, allowing institutional and traditional investors to enter the market. However, the company has yet to clarify the launching date for the platform.
During 2018, several Initial Coin Offerings (ICOs) launched tokens to the market. According to a recent report released by the WSJ, hundreds of crypto offerings showed signs of fraudulent activity. This is why the U.S. Securities and Exchange Commission (SEC) is currently working in order to have a larger control over the crypto and blockchain markets.