Cryptocurrencies Are Future?
Cryptocurrencies were launched to get rid of conventional banking system that was ruling us from centuries. This system is completely centralised and we pay a lot of fee when we use it. We even can't withdraw our own money from banking system by our own choice.
If we have 5 lac in our bank account and we want to withdraw them completely then the accountant will ask us to why are we withdrawing such amount at once? There is a no cash currently; come back tomorrow and collect your cash. And even we have to wait if there is a holiday. Because bank will open after holidays and then we can take our money.
Because of all this problems cryptocurrencies were launched to create a decentralised and powerful attorney which only rely on local public but not on the wealthy people that have more money that mediocre one. Because in banking system the upper class people get more benefits than lower class.
To solve all these problems bitcoin was launched initially and it's the pioneer crypto project indeed. At start people called it as fraud and economy bubble that would burst and much more. Gradually people started joining it and its price swelled from $0 to $68000 this year. It's now currently trading at the price of $41000 approximately.
Not only bitcoin many other cryptocurrencies projects were also introduced and gain much more popularity. Some of them are Ethereum, bitcoin cash , litecoin, bnb etc. All these projects made everyone realized that we can create our bank by our own. We can be our boss of our bank by own and can lead it by our own way.
But still lots of people try to avoid crypto projects because they called them as a scam and feel feared from its volatility. They think that they will lose their money in them if they invested and according to my point of view they are tru indeed. Crypto is so much volatile and not everyone can get oneself benefited from it.
When btc created the volatility was on its peak. The biggest whales used to manipulate it much more than they do now a days. But with time lots of btc move from those hands that can't hold btc to those hand that can hold it for their dear life. But still a large amount of btc is contained by those hikers.
Crypto market crashes and shake on holders and in this way btc moves from hikers to real time holders but still manipulation is on its peak. Bigger whales alongwith some big exchanges manipulate and liquidate market whenever they want and local people loss millions of dollars in this way.
Everyone beleieves that cryptocurrencies are decentralised because that are not regulated by any banking system or government. But according to me, it's still centralised because the whales can shattered it any time. When this market will develop more and the btc shift from whales to those institute that hold it then we will called it as decentralised. But at that time we can called it as partially decentralised or half decentralised system.
Yes, cryptocurrencies can be our future. But it will take some time. May be next 10 to 20 years; after that btc and all other cryptocurrencies will surely be appreciated by everyone because they will save us from the ruling of this centralised system.
Cryptocurrencies are our future only in such case if we make it completely decentralised and make some rules that stop its holders and bigger whales from manipulating the market. That's enough from my side. I hope it'll be worthwhile for you to read.
All these opinions are completely confined to me. You may have some conflicts on it. Because everyone has its own point of view.
Thanks for reading.
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