Cryptocurrency is like the stock market and oil price. Sometimes it goes up, sometimes it goes down. Despite the fallbacks it incurred, bitcoins still have a brighter future in the coming years. It is undeniable that digital currencies are so popular not only to individuals but also to businessmen and politicians alike. Currently, bitcoin is priced at more than $8,000.
Different kinds of cryptocurrencies are now circling the internet around the globe with the use of blockchain technology and a decentralized system which make it more convenient for members to use within the network. Several platforms just like Decenternet provides an absolute hi-speed P2P decentralized internet structure solution that can be created by the blockchain technology. It is not owned or controlled by any third-party institution except its users.
Because of the digital currency’s flexibility, many countries are beginning to adopt the crypto craze mania. In fact, Ted-Jan Bloemen, a Canadian speed skater accepted a cryptocurrency as a mode of payment during a funding agreement with a social network and a VR firm at the current Winter Olympics in Pyeongchang, South Korea.
He is the world’s first athlete to accept cryptocurrency as payment for the one-year contract he signed with ONG Social. This social network has mined an approximately 300 million coins (created in June 2017) worth almost $138.69 million. The details regarding Bloemen’s crypto sponsorship was not disclosed but gave a hint that cash is less than the cryptocurrencies itself.
Although there is a restructuring of cryptocurrencies happening in South Korea, digital currencies remain impregnable. Even if there are regulations to be imposed, the government will not ban the “coins of the future.” Rather, it will curtail illegal cryptocurrencies activities and pursue the legitimacy of cryptocurrency in the country.
The government of South Korea expresses a keen emphasis on transparency for the crypto industry by all means. Furthermore, they want to eliminate any illegitimate procedures. The new appeal is the forthright result of a solicitation received by the government where more than 280,000 South Korean residents insist a justifiable cryptocurrency regulation. It is noteworthy that the local administration is likewise a consistent advocate of blockchain technology.