This year, 2023, has seen a lot of cryptocurrency fluctuations. From the security breach in the Poly Network hack scandal to the heavy fluctuations and speculations by skeptics and other cryptocurrencies ‘gurus’. But we cannot eliminate or deny the glaring fact that cryptocurrency is here to stay despite many issues plaguing the blockchain space today.
Another interesting thing that happens is that a lot of those who were skeptical about this concept is now interested in it, and ready to get to know it better. Everyone is talking about the investments, trading, exchanges, they are using advanced crypto terms, and try to discover all the positive aspects of it, so they can make some profit. Those who know something more, are gladly sharing their knowledge through blogs and specialized articles. People are getting aware of the advantages of this market, and probably it’s one of the best things that can happen, as long as there are rules and regulations that prevent cybercrime related to it.
Amidst some of the very compelling arguments against crypto and the usage of blockchain technology are the following:
1. Government regulations
Crypto users do not directly pay taxes to any government due to the decentralized nature of blockchain technology. As a result, many low and mid-income earners have resorted to using cryptocurrencies to carry out many transactions and even save money.
Central banks of some governments have out-rightly banned the use and trade of cryptocurrency in their nations. For example, the most popular black nation in the world (Nigeria) has resorted to closing fiat accounts of citizens that have any form of dealings with cryptos. Though this development has received backlashes from the populace, there is still no end in view.
On the other hand, some countries around the world are still trying to put some regulations over the way cryptocurrencies are used inside, by making these activities taxable, or encouraging people to capitalize on their crypto belongings. Also, there are countries that completely forbid any crypto activity on their territory, and that’s understandable too, especially if their finance authorities are weak and can’t control this whole market.
2. Hidden/Ulterior motives
In recent times, bitcoin has become one of the most used virtual currencies to launder funds across the globe, as terrorist organizations, crime syndicates, and other criminals take advantage of its untraceable feature to move money freely without getting caught.
Also, recently, there were some cases of stealing electricity, by illegally installed rigs in public areas. It’s considered a huge crime, especially knowing that there is an electricity crisis in front of us.
There are examples of people using the energy sources at work, so they won’t have to pay for that at home, to mine cryptocurrencies, which is a huge misuse of the basic concept of this market.
Yes, cryptocurrency is one of the most secure ways to save, trade, and carry out other transactions. The transaction information is sealed in the chain, and the more blocks are generated, the better the safety is. However, even with the tight security blockchain boasts of, hackers and criminals have caused high-profile breaches of accounts and money transfers from accounts. The biggest heist this year was the hack of over $600 million from a trusted platform. Even though the perpetrator was caught, the scars from the ordeal are still visible today.
So, it is safe, but we have to be more careful, so we can prevent cyber-attacks and breaches, that can be harmful to the whole market.
4. Market fluctuations
This year has seen some of the deepest dips for cryptocurrencies, from bitcoin dipping from over $50,000 to $38,000 in the space of a few days. Another is other new cryptocurrencies pumping and dumping within a few days and even hours of their launch. In the end, cryptocurrency is a bull vs. bear market with the scales tilting aggressively without any warning.
Knowing this, we can’t be sure what will happen today or tomorrow. The crypto market is a concept that requires fast decisions, without giving a lot of second thoughts on what you are doing and why are you taking some actions.
Despite all of these issues, there are still very legitimate ways of making a lot of money off the cryptocurrency rave today and even in the nearest future.
One of the easy ways to churn out steady money from cryptocurrency is using platforms like QuantumAI and other online programs that help people make money by auto trading. This platform caters to all experience levels, beginner to professional.
It is worthy of note that cryptocurrency still can make a lot of people wealthy within the shortest time possible, and this is not about to stop. As we can see from the actual situation, they know how to plan their activities on the market, they use advanced charts and methods to gain control over their trades and to recognize the right time to get interested in some alternative currency, which is not Bitcoin or Ethereum, and see its potential.
Apart from auto trading platforms, crypto newbies and enthusiasts are encouraged to hoard whatever cryptocurrency they buy. The reason is not far-fetched. The volatility of the crypto market can see spikes of 100% to over 1000% increase in the portfolio of hoarders in a very short time, which is very difficult with other investment opportunities. That’s why sometimes they miss important events on the market, and can’t get along with all the volatility the cryptocurrencies bring.
On the other hand, some countries around the world are still trying to put some regulations over the way cryptocurrencies are used inside, by making these activities taxable, or encouraging people to capitalize on their crypto market investments on exchanges like OKX.com. Also, there are countries that completely forbid any crypto activity on their territory, and that’s understandable too, especially if their finance authorities are weak and can’t control this whole market.
One other way is for crypto owners to trade by either selling or buying using P2P (Peer-to-peer) platforms, or by using digital platforms to take and monitor trades manually. Some online traders are biased toward this method, but the risks are higher than using an auto-trading platform.
In conclusion, predictions of the future of cryptocurrencies tell us that very soon, having to convert fiat to at least one cryptocurrency may be compulsory to transact business and trade. We are optimistic as we are immersed fully in the possibilities of cryptocurrency and what can be achieved in the nearest future. And as the current situation shows, there will be huge changes in the traditional finance sector, and cryptocurrencies will be the main reason for that. People are no more encouraged to recognize their potential and to start trading or exchanging by themselves. Very soon, the governments will have to come up with regulations that will be acceptable for the crypto owners, so they can slightly regulate the market, and let the people enjoy the benefits of these currencies.