Crypto currencies a double edged sword

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3 years ago
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Crypto currencies have been on the planet for about 11 years now and they have been heavily adopted worldwide and are now used for different purposes which include as a form of payment when purchasing things on stores and investments as well. It has been adopted for good and bad purposes which makes it a double edged sword o firstly we will see a few of its features which makes it what it is:

• Decentralized

• Free from interference

It is decentralized in the sense that no one owns it is driven by market forces and its price cannot be set by anyone which makes it decentralized.

Free from interference from the authorities it’s a safe investment and safe haven as well and everyone wants freedom when it comes to utilizing their assets but well these 2 factor are also the other edge of the sword which makes it a double edged sword which can cut from both edges.

Let’s take a look at the weak sides of crypto currency which makes it vulnerable: It is free from interference which makes it good but people tend to abuse it and take it to their advantage and use it for bad thing e.g. money laundering is always prohibited but people can take use businesses to clean their dirty money but with crypto currencies there will be no need for that as no one can track it so they will take advantage of it and use it.

So the crime rate is likely to rise and become unstoppable, back in the day drug lords when they supplied their cocaine across countries transporting their money was always a problem so they had to bribe officers but in this Era of crypto currency it will take just a few seconds for them to complete their payments. Scams These days there are lot of MLM and Ponzi schemes and crypto currencies are used for transacting so those schemes take advantage, since crypto can be sent across boarder they can create schemes and scam people from different countries.

Volatility Crypto currencies are too volatile and one can lose money when the price is fluctuating, so it might not be safe to store your money in crypto but the good thing about crypto is that there are stable coins which stabilize this and these can be used for maintaining the portfolio valuue Conclusion Crypto currencies are good, and if people would stop from doing bad things using crypto as this will create a bad name for crypto currencies. The authorities are always criticizing crypto currency so this will give them a reason to say bad thing about it but otherwise crypto is the best way to transact.

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