How the digital currency industry continues its expansion is one of the most difficult challenges facing cryptocurrency today. While it is clear that vendors are going to have to lead the way in some aspects of adoption, the industry also needs to have those championing the technology in areas of influence too. This is why a new resolution put forward to the U.S. Senate that calls for a unified government program to promote the adoption of new technology to enable consumers to take advantage of all the benefits they bring is so important. Focusing on the benefits of digital currencies and blockchain, it offers a look at where the industry could grow.
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There is much talk about the ability of the digital currency industry to expand its user base and market reach and how precisely that will be achieved, and it is definitely one of the biggest issues facing all cryptocurrency businesses right now. However, while there is a definite need for improvements in many areas to achieve that wider user base, what is often underestimated is how much the technology itself is drawing people and organizations to the concept of digital currencies. Indeed, it may be that we are seeing the beginnings of a snowball effect that will see increased interest grow right across the spectrum of people and businesses, and a good example is the recent resolution submitted to the US House of Representatives.
Although the resolution does not mention Bitcoin or any other digital currency specifically, it does reference alternative, non-fiat currencies and the underlying blockchain technology itself, going on to say that it brings with it the potential to fundamentally change both the perception and reality of security and trust for online transactions. The resolution is sponsored by Indiana republican Representative Adam Kinzinger and Californian Democrat Representative Tony Cardenas, and calls for the government to develop a national policy for technology, specifically taking advantage of the way that alternative currencies are leveraging technology to not only improve security but at the same time adding transparency, and this could allow them to surpass the payment technology that has been in place for decades.
With this in mind, the resolution suggests that the U.S. should develop a national policy that encourages the development of tools that enables consumers to make the most of the technologies now available to maximize the abilities of modern technologies such as blockchain and cryptocurrencies.
It is this kind of move that will further the cause of the digital currency industry, and while ultimately there needs to be a vendor led expansion for the industry to succeed at the level those involved in it desire, it is clear that initiatives like this, driven by the significant advantages the technology brings, are also essential for the industry’s future.