The crypto world is making significant advancements, but it still faces numerous challenges slowing its growth. Some of these challenges have resulted in the industry being regarded as highly controversial. As a result, many potential investors and entrepreneurs shy away from the industry, impacting its overall growth.
Romain Prevost, or Monk as he is popularly known, is one of the investors who sees much potential in digital currencies and the crypto world at large. Monk is the co-founder, co-owner, and CEO of Orbit, a crypto-based company helping people trade easily. Orbit is creating an entire ecosystem of products designed to provide holders with opportunities to create multiple income streams with high levels of passive income from the OrbitFund with various presale investment opportunities through our launchpad, whilst allowing use of advanced on-chain data analytics tool to assist investors in making smarter, more informed decisions.
When the project goes live, it will allow people to trade on the platform with ease. Orbit will offer crypto traders a launchpad to invest in new projects and give them access to a trading community, which will allow users to supercharge their trading position. Since its launch in December of 2021, the project has received tremendous support and equal opposition, especially from other traders. Monk says that Orbit became a target for thousands of bots when it launched. These attacks were driven by traders who wanted to make money from the new coin and Monk's business rivals who tried to destroy the company with waves of bot attacks.
Overcoming these challenges was a step-by-step process to stop the bot attacks and fix the problems they created.
To minimize the damage, Monk relaunched the Andromeda coin, re-issued the new coin to his 10,000-plus followers, and redesigned the entire website. "We worked around the clock to combat each attack and immediately rectify the problems," Monk explains.
However, Monk identifies the biggest issue facing the crypto industry: the lack of cryptocurrency adoption in traditional marketplaces. To him, it's still challenging to understand the space, and it faces opposition from governments that do not want to lose their power over the monetary system. They block crypto from growing by making it very complicated for users to use it, so a small percentage of people use it, resulting in you not being able to buy anything with crypto. At the moment, crypto traders are just betting on the wider adoption of crypto in the future.
Monk adds that government opposition and the market's volatility because of low liquidity are the industry’s two biggest hurdles it needs to overcome. But he also admits that unscrupulous operators running scams and the negative press it has generated has also battered crypto's image to the wider community.
Monk’s advice to anyone aspiring to start a business in the crypto space is to shut out the noise from naysayers. According to him, “The chances are that 99% of the people you are seeking advice from don't know or understand little about the subject matter.” He also wants you to be open-minded as the crypto world is different from the normal world.