Cryptocurrency has the power to transform people from rags to riches, as they say. Let’s support data to justify this. The value of Cryptocurrency in the year reported in October 2013 was a mere 196.02 USD! Thereafter it took one vertical charlie to reach 61374.28 USD in the year 2021.
Pundits of the economy say that there is virtually no sector, nothing on earth, that attained such high growth but Cryptos. Of course, you have the naysayers at the other end. People raised their eyebrows in utter disbelief. Markets are filled with rumors about burglary, theft, and scams.
Well, we do not fall into this group. We suggest you trade Cryptocurrency. You could use Bitcoin Motion to facilitate Cryptocurrency trading. So let’s dig into the controversy here.
Cryptocurrency: Lava Of Controversy
You know, whenever you see something beyond your layers of thoughts, you tend to disbelieve it. Anything that goes beyond conventions creates controversy. Cryptocurrency’s immense success and potentialities have led to controversy floating around like an ocean oil spill. Let’s try to see what the areas that bring in the controversy.
1. Cryptocurrency’s Decentralized Nature
The government regulates the traditional system of the economy. The economy is regulated to keep order. Cryptocurrency goes the other way straight to become decentralized. Decentralized denotes any authority that does not regulate them.
Bitcoin and other Cryptocurrencies remain unattached to any jurisdiction or institution. Each and every transaction gets recorded in a decentralized ledger and is spread across a network of multiple computers. So forget about the naysayers; even the government is heating the cauldron of controversy.
2. No Regulations
When a mode of transactions or an entire economic system gets deregulated, people will have disbelief.No regulations mean no network. With no regulations, you can easily trade with people from abroad.
The role of banks fully gets eliminated. Imagine an economic system with no work from central economic agencies. That really brought with it controversy.
3. Market Risks
We have already heard a common saying. Investments are subject to market risks. There are risks and uncertainty associated with Cryptocurrency too. These risks include Systematic and Unsystematic risks. Systematic risk is present in all Cryptocurrencies because it is inherent in the cryptocurrency markets. So this high risk opens a controversy among the people.
4. Registration And Licencing
Around a 27millon people use Cryptocurrency, and the figures keep increasing. A growing number of digital currencies is generally questioned by people. In any financial area, you need to be registered. This is a greater requirement for you.
But the areas of concern that you have with Cryptocurrency’s legal status is that they are a little vague. Whom would you question? Where is the questioning authority? This is the reason for the heat of controversy.
5. Fraud and Money Laundering
Since its onset, Cryptocurrency has been associated with fraud and money laundering. People suggest a network with no regulation and self-driven is a black network.
However, there are investors who have no such issues. People have started to believe that if they trade in Bitcoins or the Ethereums, unknowingly, they will turn out to be part of some unethical schemes. Moreover, they might turn out to be victims of financial crimes.
6. Digital Security Issues
There has been a great deal of fraud in the internet network in recent times. This new type of wallet not only provides safety and security of the currency.
Cryptocurrency uses Blockchain technology and makes the network extremely safe and secure. But there are sections of people who still have doubts regarding the safety and security of these networks. Therefore the controversy remains strong and pungent.
7. High Volatility
Cryptocurrency is highly volatile. If you are a hero with Bitcoin holdings in the morning, you might turn out to be a villain in the evening. That’s what volatility is. This shift also brings in the air of controversy. People question how the value of the currency can reach Alpina heights in the morning and cascade by the evening. This really gives birth to controversy.
Conclusion
In conclusion, it can be said that Cryptocurrencies are a cradle of controversy right from the beginning. But slowly, the iceberg of mistrust works to allay controversy. Of course, there are areas where we don’t know 100 percent of it. But normalcy will establish in the kind of Crypto soon.
