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ICO (initial coin offering) is the blockbuster when it comes to crowdfunding. What makes this unique is that it is powered by the new currency called cryptocurrency. Cryptocurrency has been making its name in the financial industry proving to skeptics that the financial bubble is still just a dream and it’s the future and with it’s invasion in various industries that are slowly embarrassing cryptocurrency, it’s a sign that they are winning and the believers of this currency proved many critics wrong.
Over the years there had been many businesses that relied on a cryptocurrency driven platform like blockchain because this offers a direct trade with one cryptocurrency to the other. No need to convert it to various currencies just to make it acceptable because now it’s developing to be the new online currency of the future. Forex acknowledges that, some e-commerce acknowledges it and there will be more coming.
ICO: ICO is a new concept in crowdfunding that offers direct line between a company and a contributor thru cryptocurrency. It aims to trade conveniently with cryptocurrency to fund a project or a product from a certain company. Although it’s a pretty successful concept, there is no denying the fact that ICO is still in its initial stages because changes when it comes to credibility is still not addressed as far as safety goes. While it’s a good platform many are still reluctant to embrace it because of that fact.
It’s unsecure: As courtesy companies try to update investors on what they have accomplished and if it’s possible for them to successfully launch a product. Although each companies offer their personal assurance in terms of product creation, management and going live. The fact is that it still has no clear guidelines and regulations on how to do about it. Not to mention safety and security regulations for each company and investors and by the nature of its payment method it’s prone to fraudulent transactions and very easy to miss the accuracy especially if you’re in a hurry.
Why self regulation is the key for growth: It may have been very successful now, but until when? If it wasn’t for paypal and other say payment methods e-commerce wouldn’t had been fruitful as it is today. Sure many people are using it but without a guarantee that it can be safe over time or even have proper standards of practice people will just shrug the whole idea over time. Change is constant and it should be regulation. Putting a standard to the industry favors everyone. It’s time to ditch the shirt and the jeans and replace it with a suit and tie.
ICO is a great concept for the reason that it brings cryptocurrency to another level of playing field and making it mainstream further. The issue here is not the concept not the idea of trading with cryptocurrency, it’s about safety and regulations because as it is now it’s prone to security issues and some investors don’t like that and who wouldn’t? If ICO needs to grow it has to self regulate. If you’re interested to learn more, Mark Curry wrote all about this, click the hyperlink to be redirected.