Blockchain Splits Slow Down Mass Embracement of Crypto: Research

News
Sun, 09/16/2018 - 14:09
article image
Yuri Molchan
New research says that hard forks stop crypto from mass adoption
Blockchain Splits Slow Down Mass Embracement of Crypto: Research
Cover image via U.Today

The new study has found out that when any specific platform and its coin divide in two, it causes withdrawal of user trust. Besides, every time a hard fork happens, users become less confident that this particular digital token will be able to prosper as a means of exchange.

Hard forks are coming

In 2018, experts in the crypto field are expecting around 50 hard forks, even though the year is over soon. The study that summarizes it all came out in Springer’s Journal recently.

Low survival percentage

Apart from predicting that big number of Blockchain splits within about three months, experts in the study also point out that the chances of surviving, let alone prospering, for a fork of a coin is low– it can only last about two months or so.

Of course, there are exceptions, like Vertcoin, DOGE and Litecoin, among others– they have been prospering for years already.

Major beliefs

As mentioned above, the study concludes that the low speed of crypto adoption is due to the lack of trust after hard forks. However, regulators and government members all over the planet insist that it is because virtual coins are often used for illegal purposes.

Besides, this point of view is supported by a recent YouGov poll. 25 percent of participants believe that crypto is mainly used by criminals or those who avoid paying taxes.

Other recent polls explain the slow pace of wide crypto adoption by heavy risks for investors and lack of governmental regulation.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.