One of the most glaringly prominent Cryptocurrency news updates these days is that cryptocurrencies have beaten the $ 1 trillion mark. This was so because, in the past six months, the crypto market has been bullish. Bitcoin’s overall market cap as of June 2020 was mere $260 billion. But as of today, Bitcoin is the most dominant cryptocurrency with a market share value exceeding $700 billion.
Bitcoin received record breaking investment in 2020 and that too from the institutional sector. For instance, Microstrategy injected millions of dollars periodically into Bitcoin in 2020 alone. But the unsatisfactory access security protocols are making millions of the tokens inaccessible. Resultantly, a large number of Bitcoins have become inaccessible to their original beneficiaries. The estimate of these lost tokens is estimated at $140 billion, which is 20% of the 18.5 million Bitcoins.
The coins are said to be stuck due to complex encryption and forgotten passwords. Bitcoin owners are provided with unique private keys for spending or moving of the token. These keys are usually stored in protected digital wallets. Most of the owners are locked out of their holdings indefinitely because they couldn’t remember their passwords. The common phrase, not your keys, not your coin fits this scenario.
There was a San Francisco based computer programmer who paid $2-$6 for his 7,002 Bitcoins. The programmer is said to have forgotten his password and is unable to access his very own Bitcoins. The value of those bitcoins is estimated at $240 Million as of today. Reportedly, he has used his frequently used passwords eight times and is left with two attempts now. In case he fails in the remaining two attempts, then his Bitcoins will be lost forever.
There is a genuine need of devising a foolproof mechanism to allow such users to recover their lost or inaccessible coins.
Bitcoin is just a trendsetter and still has to lead the crypto industry from the front for a long time.
Then there is a major issue where it is said that sooner or later Bitcoin will be regulated. The very purpose for which cryptocurrencies were established was making something which is free from regulation. There is still a vacuum where worldwide Regulators lack the understanding regarding the concept of cryptocurrencies. Resultantly, issues develop and the entire crypto industry, as well as the community, is made to suffer.
Most recently, a dispute is going on between Ripple’s XRP and the US’s Securities & Exchange Commission (SEC). SEC claimed that XRP violated securities laws.
Most importantly, cryptocurrencies are for people and people alone. The responsibility of the crypto industry, in particular of Bitcoin, is to facilitate the end-consumers. One way of facilitating the end-consumers is to introduce automated robots so that they can derive benefits to the full extent.
Bitcoin Robots have made it accessible for a number of investors to trade hassle-free. Trading is now faster and automated with a wide range of bots available. The accuracy percentage of bots is estimated at almost 99%. The bots enable its users to predict price fluctuations and make the best possible trading deals. It is therefore essential to keep them coming and updating them from time to time.
Tickeron has recently launched an Artificial Intelligence trading robot for crypto markets. It draws ideas without any human involvement and can take decisions on its own. The Tickeron’s Aldvisor also indicated the bullish sign for Bitcon. It also recently correctly predicted Ethereum’s rally from $733 to $1200.
The top crypto trading bots include Cryptohopper, 3Commas, Zignaly, Trade Santa, Bitgap, Mudrex, Pionex, Quadency, Kryll.io, and Haasonline. They can operate around the clock online and offline and equip to do multitasking without getting crashed. Most importantly, they make things easier for their users and provide desired results with a minimal reaction time.
It is said that in the coming months Bitcoin would be traded for a price range of US$ 50,000. But there is a need to put things in line to facilitate those for whom the entire crypto industry is meant for.