Reflecting on 2017 for Cryptocurrencies

As we come to the end of 2017, let us take a short trip down memory lane and remember how far we have come together with the Cryptocurrency industry.

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Coinhako Highlights

  • Coinhako’s user base has grown by more than 5 times over the year.
  • Ethereum added to our platform.
  • MYR trading added to our platform.

We are very thankful for all the users that have continued to support Coinhako through 2017 and are very glad to see more people joining the Coinhako family.

Outstanding Market Growth

2017 has been nothing short of incredible for the industry in terms of growth.

  • Bitcoin grew by over 1000% and Ethereum grew by over 8000% on the year.
  • The Cryptocurrency Market Cap reached over 500 billion USD.

Year of Further Discovery

With the industry coming into prominence, 2017 has also been a year of discovery as Blockchain technology looks to figure out its fit with society.

  1. The capabilities and dangers of Initial Coin Offerings (ICO)

ICOs have shown to be an innovative and robust method for companies to raise capital in 2017. Many Altcoins and cryptocurrency-related companies had raised a substantial amount of funds during the year and the trend is likely to stay around for awhile.

ICOs, on the other hand, has also shown to be an easy way to scam money from cryptocurrency users by providing fraudulent services. There have been a substantial amount of reported cases about the loss of funds as a result of buying into these fraudulent ICOs.

We would like to take the opportunity to remind everyone to not get carried away by the bull-runs and to stay vigilant towards protecting your online data and funds.

As the industry develops so does the threat from cybersecurity matters and fraudulent services. Educating yourself on the technology and keeping up with the latest news will be crucial as the industry continues to develop.

  1. Need for scaling

While Cryptocurrencies are new and innovative technologies, they are in no way faultless. This is evident with the cancellation of Segwit2x with BTC in November.

One of the key purposes of adding on Segwit and Segwit2x was to allow the BTC network to scale. With the spike in demand for Bitcoin, transactions have been taking significantly longer to process and transaction fees have grown significantly. The cancellation of Segwit2x is more than likely one of the main contributors of such a situation.

What to watch out for in 2018?

We believe that 2018 will be another exciting year for cryptocurrencies as the industry starts to mature. There will be many topics and issues to look at for the next year.

  • The regulatory landscape and fit for Cryptocurrencies
  • Bitcoin’s ability to scale to the rapidly increasing demand and adoption rate.
  • Inclusion of GST fees to our transaction fees. Coinhako has been registered with the Singaporean Government since September 2017 and we have been absorbing all GST fees for our users. In 2018, we will be adding this to our transaction fees. We will be updating our users very soon on the matter very soon.
  • More Cryptocurrencies, more countries and more services to be added to Coinhako.

Coinhako actively strives to provide our users with the most optimal of solutions and to improve our services. We sincerely hope to continue being of service to you for the next few years as we work together towards building a more conducive environment for this innovative industry.

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Please note that this post is purely informational, not meant to influence any investment decisions or promote any products. Should you have any further enquiries please do not hesitate contact our support team at hello@coinhako.com

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