Taken from https://www.gettyimages.ae/detail/illustration/bitcoin-royalty-free-illustration/1320813926
Surfing the internet some days ago, I found a post which focused on the danger of cryptocurrencies to a certain category of people. After doing an analysis of the author's opinion on the subject, I decided to give my piece of opinion on the subject. So,here's my take on the subject and thereafter, I would press on the point dealing with the categories of people who are affected by it and why.
I know most of my readers,at this point,would have known what cryptocurrencies means.But for formality's sake,let me briefly describe it.
Cryptocurrency, a digital currency using blockchain for security and decentralization, offers an alternative to traditional money systems, fostering greater freedom, privacy, and financial democratization. Users independently own and manage resources without intermediaries or restrictions. Unlike traditional currencies, cryptocurrencies operate without central authority dependence, allowing universal creation, transmission, and reception of funds through a decentralized computer network validating transactions with cryptographic methods.
•Why should this powerful and promising medium be a form of danger?
Well, Just like fire- To one it is a good servant, and to the other it is a bad master, so are cryptocurrencies. It becomes a subject of threat to those whose dealings do not align with its very nature and predispositions.
— To the global financial system dominated by power elites banks and governments
This category of people derive so much pleasure and benefit by virtue of their position as influencers and somewhat controllers of the flow of it, hence impacting the society, it's finances and politics.
They achieve this by the wielding of powerful tools such as taxation, monetary policies and financial regulations. The problem is, if this kind of power falls into the hands of the wrong people, then the masses are in a serious trouble.
This is where cryptocurrency, as a form of decentralized system, comes in. They tend to counter major things these powers represent, posing as a strong questioner of their legitimacy and power and offer a fairer transparent and democratic alternative.
Oweing to the fact that they can neither be destroyed arbitrarily not censored nor confiscated, they become a major threat to these authorities
This is why you see some countries in South America and Europe kick vehemently against cryptocurrencies.
— To the uninformed users and inexperienced traders of cryptocurrencies
This is another category of people to whom cryptocurrencies pose a strong threat.
It is true that Cryptocurrencies face challenges due to insufficient regulation, consumer protection, and institutional oversight, making them susceptible to various threats like scams, theft, hacking, and fraud. The lack of regulation also exposes the crypto market to issues such as money laundering, tax evasion, terrorism, and illicit activities. Furthermore, the crypto market experiences high volatility, with prices subject to rapid fluctuations driven by factors like supply and demand, competition, innovation, uncertainty, speculation, and mass psychology.
This is the more reason delving into this space requires meticulous research and in-depth analysis.
Look at it as a fully loaded gun-it is a very formidable instrument in the hands of an informed and experienced user,whereas it is very dangerous to the well-being of a novice handling it.This is what cryptocurrency is too uninformed and inexperienced users, especially when they are carried away by greed, ignorance, fear or the 'hear-say' effect, and venture into a volatile, speculative and fraudulent market, where they can lose all their money in a matter of minutes
To this set of people, cryptocurrencies will pose a threat.
—To Non-users
Funny enough, detesting away from the crypto space is a silent way of being faced with a threat of danger. There is nothing permanent or a hundred percent guaranteed when it comes to the issue of finance and economy-No, not it's stability.
Its true world of crypto is very volatile, but so is the economy of nations.in fact,the present financial and economic crises and instabilities many nations are facing today attest to the fact that the crypto space shows a very promising signs.
So, to totally avoid the crypto space is to gamble with the future by casting all eggs in one basket-the nation's economy basket.
To such people, cryptocurrency poses a subtle but serious danger.
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