There has been a lot of discussion about the act on crypto in various countries in the world for some time. The governments have been talking about and making laws on this subject against the popular demand of the public. People are requesting and even agitating in favor of crypto-currency in various developing and under-developing countries for a long time.
The governments are adamant and have no answer. Meanwhile, the media is also involved in its own belief and stories based on reports from their own sources. However, the media is in favor of cryptos like most citizens that see crypto as an additional source of income and investment.
National banks of all such countries have their own viewpoint as they don’t want a parallel economy or currency saying that there is a lot of fluctuation in the price of crypto, so they have to take a decision on this subject and protect the investment of the citizens of these countries as well as the security is of the country at risk and they need to take care of that too.
It is clear from both of these above-mentioned concerned parties that the governments are concerned about the welfare of citizens’ financial security as well of the countries concerned. But there is a need to think a little more on this subject.
Let’s first talk about the price fluctuation risk connected with cryptocurrency. Okay, it is for sure that there is some abnormal fluctuation in the cryptocurrency, but isn’t it the same in the stock market too? There is no guarantee of the stock price in the share market whether it will go up or down.
We saw stock prices crashed down during the pandemic era last year. Talking about bitcoin, it is hard to believe it can go down as much as the stock prices went during the last year. Because of huge fluctuations in the price of shares, people always invest in stocks and they always analyze the company and the trading chart before investing. The same thing happens in crypto. Isn’t it? Because crypto trades globally, it is normal to see heavy ups and downs in the crypto price. So if we ban or limit the crypto trading based on fluctuation of prices, it will not be appropriate.
If we talk about last year, because of the corona, there has been a decline in every sector in the entire world, but if we look at the crypto, then it has seen the biggest boom compared to any other sector. In March 2020, when Corona knocked the world and locked down the life of normal people, the price of bitcoin was $4000 and the price of ether was $90.
Also, the price of other big cryptos was very low. Today after one year, bitcoin is close to $60000 and ether is around $1800, ie bitcoin is higher by 15 times and ether at 20 times. The prices of cryptocurrencies have increased so much that the investor has benefited from this so much, which was not possible in any other business.
Crypto is no security threat
The governments say that while enforcing the laws on crypto, will help save any threat to the security of their respective countries. This sure needs a little rethinking by policymakers of all these countries. The world of crypto comprises highly educated people, technology-savvy, and skilled in the IT field. If we talk about all the CEOs who run big crypto exchanges, all of them are educated and technically sound.
All the crypto developers require high technical skill sets, and they all are highly educated in their respective educational fields. And that’s not all but even to trade on a crypto exchange, you also need to be educated to a large extent. The blockchain projects that are being made or have already made in the world are all well-known worldwide.
Many big crypto projects of the world have been created and are working on it by experts from various countries. So saying that this is a threat to any country directly raises a question on all these educated people with their expertise and skills.
Crypto exchanges adopt a very strict KYC rule before allowing any user to create an account on their exchanges for a depositor withdrawing money. This KYC needs all the information that a trader needs, rather than many exchanges. The exchanges provide proper guidance and the guideline going a step ahead by giving live video training. After such a strict rule, hardly anyone can use an exchange or crypto with a fake account.
If we talk about misuse, then it can be anything. With a knife, you can kill someone or use it to cut the vegetables and fruits with it. You can travel by car or run a person over while driving your car. How would you like to use your car? Should we discontinue traveling by car?
Bitcoin and crypto have just arrived on the scene, but the money-laundering has been going on for many decades. No country can be threatened by cryptocurrency or else America, Australia, Europe, Canada, and many other developed countries would have never recognized crypto as a legal business.
The support of crypto in the Pandemic era
Along with the security and look at the economy and business sector of the world. In the Corona period, when people were losing jobs, people were becoming unemployed. Many middle-class families were in a livelihood crisis. It was then the crypto supported millions of people.
This is not something that is being said as an expression of sentiments, but we base this figure on the new accounts and trade volumes registered on the crypto exchanges. Crypto accounts have increased a lot in the last year. Thousands of YouTube channels, the crypto websites are in the making based on various crypto-tokens.
The crypto sector has provided employment to millions of educated people, directly or indirectly. Millions of new jobs generated during the time of Corona in the world of blockchain show how important crypto has proved for the job sector throughout the world.