Massive Cryptomarket Growth Indicators Sighted!

The world of cryptocurrency continues to develop and evolve. For example, Samsung is making earning chips for cryptocurrency mining.

Image source: https://www.engadget.com/2018/01/31/samsung-asic-cryptocurrency-mining-chip/

They released the information in a recent earnings report, but are not yet disclosing who they are making the chips for. They have indicated that this will boost their profits, but it seems even more apparent that such a huge move by a technological giant like Samsung will drastically impact the crypto markets in a continuing way.

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As always, other similar companies will attempt to compete and remain relevant to popular opinion. Cryptomarkets will receive even more positive attention from this, and thus more value.

In contrast to this boon, cryptos like Bitcoin are now coming under the watchful eyes of the Internal Revenue Service. The IRS has released the details of their rules and expectations regarding taxation of cryptocurrency profits over a certain threshold for those high-earners. It is expected that people who use cryptocurrency as a primary source of income or full-time job will be paying income taxes on their profits very soon. All of this federal attention may discourage anyone who viewed cryptocurrency as a way to avoid involvement with tax affairs.

Image source: https://www.btcethereum.com/blog/2018/01/18/treasury-official-department-working-with-irs-to-police-crypto-exchanges/

On another front, cryptos are receiving a double-edged sword from Facebook. The social media titan will now block cryptocurrency advertisements on their platform. They do not yet have the ability to reliably block all ads from cryptos, so they request the help of users to play watchdog and report any ads that slip through their blockade.

This will undoubtedly curb the social growth of cryptos as a first-world financial mainstay, for just a short time. This aggressive move is not what it appears to be at first glance. Facebook has said they are open to emerging technologies, including cryptocurrencies, but their concern was protecting users from whichever unnamed technologies are working fraudulently or otherwise abusing their patrons. Facebook’s intent behind this ad block is not to hinder the cryptomarket. In fact, it stands to reason that it will largely help it to grow in social approval by hampering malicious upstarts. This will probably lead to greater perceived integrity for the entire crypto market, and influence other platforms to move with similar intent.

Image source: http://blog.howsociable.com/social-media-platforms-blending-one/

For promising new cryptocurrencies like Godcoin, greater market integrity and new means of utilization spell tremendous opportunity in the near future. Solid asset backing means Godcoin gets to maintain stability while massive public appeal and prominent investment partnerships, without any fear of American taxation or abusive practices plaguing other currencies.

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