Some claim that cryptocurrencies like Bitcoin, Ethereum, and Litecoin will never be used by the greater public as means of payment while others argue the currencies are primed for mass adoption within the next decade. However, there seems to be a broad consensus around the technology behind the currencies – blockchain. It is here to stay.
Today other cryptocurrencies such as Ethereum, Litecoin, Ripple, Tron, and Cardano exist alongside Bitcoin. According to a report written by Gabriel Söderberg at the Swedish Riksbank (central bank), roughly 1,500 different cryptocurrencies are used today with Bitcoin still being the largest with an estimated market cap of $40 billion. The increased number of cryptocurrencies led to a warning in late 2017 from the Swedish Financial Supervisory Authority pointing to the high risks connected to ICOs (Initial Coin Offerings).
We had a chance to chat with Monarch Blockchain Corporation as they shed light on all things blockchain.
Monarch shared how they stand out from most other companies in the cryptocurrency and blockchain industry as they aren’t an ICO. They are a mostly self-funded Crypto start-up who already have a working product and happen to be holding a Token Generation Event which lasts until June 30th, 2019. With over 200,000+ downloads already, its decentralized universal crypto wallet supports over 1,900 cryptocurrencies.
We decided to cover Monarch
because of its recent collaboration with Celsius Network to enable in-wallet
interest earning on crypto.
Celsius Network on the Monarch Wallet offer rates of 3-7% on the most popular coins without requiring long-term commitments. That is 5-7x more than banks offer their depositors.
Cryptocurrencies are to a more considerable extent used as a form of investment. But the volatile nature has made investments in cryptocurrencies high risk. Bitcoin prices rocketed in 2017 when prices soared from below $1,000 for a single coin at the start of the year to over $19,000 in December. But prices took a downward fall late that year which has continued through 2019.
Essentially, Monarch now enables you to make money in both a bull and bear market.
Blockchains are also increasingly used in supply chain processes. Instead of having paper documentation to track the origin of, let’s say apples, transport companies can store the information using blockchains which allows them, and buyers, to digitally track the apples from the orchard to the store.
Companies like Maersk, IBM, and Walmart, have introduced blockchains into their systems.
So, while there seem to be different opinions regarding the future of cryptocurrencies, blockchains seem to be on the brink of being widely introduced. It doesn’t necessarily mean that we will not see stable digital currencies soon. Many central banks — including those in Canada, Singapore, and England — are studying and experimenting with blockchain technology and cryptocurrencies.
In a nutshell, Monarch is basically a decentralized Coinbase. Monarch enables their users to buy, sell, store, and earn interest on a decentralized wallet. Monarch took it a step further and created Monarch Pay for merchants so merchants can accept cryptocurrencies yet be paid in fiat. Robert Beadles, President of the Monarch Blockchain company, tells us this is just the beginning. Check out their app today.