Along with the development of modernization and globalization which has now entered the industrial era 4.0 revolution, there is a blockchain-based technology, Cryptocurrencies (Amsyar I., 2020). Cryptocurrency can be defined as the form of transactions that are verified by the decentralized system rather than the central one. This new form of advancement has brought a lot of criticism plus an appraisal with it. For some people, cryptocurrency is such a powerful concept that it can overrule governments. They think that there will come a time when cryptocurrency will be everywhere and the world will be readjusted, the governments will have to readjust themselves.
However; some group criticize this cryptocurrency and thinks that it does not hold any future Warren Buffet said that “In terms of cryptocurrencies generally, I can say almost with certainty that they will come to a bad ending.”Nobody can guarantee a future but we will go through the positive plus the negative side effects of cryptocurrency so that people can take the step as per their understanding. In addition to that; we will be explaining the regulation of cryptocurrency as well. We have done our homework and have taken the Best Assignment Services in the related topic so that you won’t have to go an extra mile for the research work.
Do you know that American youth is known to be spending 7 hours online per day (dissertationwritinghelp, 2022). With the advancement in everything in our lives, we have seen progress in the transaction of currencies as well. The transference of digital currency which is recorded and verified by the decentralized system is known as cryptocurrency. Even though; the digital transference of currencies are being carried out for quite some time now but all these digital transactions were under the control of the central authority. This is the main difference that lies between cryptocurrency and other forms of digital transactions.
Not all the countries and systems have adopted or accepted this means of currency transference as of now. So; all the students who are thinking of paying for the services of British Essay Writers with cryptocurrency or the buyers who are thinking to buy the items in exchange for Ethereum coins are at fault right now as only some countries and systems have accepted cryptocurrency so far.
The acceptance percentage cryptocurrency:
As far as now; the acceptance percentage of cryptocurrency across the world is about four percent with 300 million crypto-users. Even though the number of crypto-users is increasing day by day but most governments won’t allow its significant rise, especially the governments of developing countries. The reason for this limitation in the cryptocurrency is that it is handled by a decentralized system which makes the economy of the country a little unstable.
Until now; only a few countries (developed ones) have made it legal to invest in cryptocurrency. However; they still have set some limitations on it. These countries include the United Kingdom, the USA, and Canada.
Who regulates cryptocurrency?
Cryptocurrency is regulated by the US Securities And Exchange Commission who controls and looks over digital investment matters. It does not fall under the authority of the central government which is why it makes it a bit insecure for people to invest in it. The matters that might involve any type of crime or legal issue in this means of money transaction are handled by the Commodity Futures Trading Commission which regulates the derivative markets.
There are different types of cryptocurrencies and each type has certain features that make it different from another. The SEC keeps a check on all these types. The types of cryptocurrency might vary from Bitcoin to Ethereum, from Cardano to Tether, and from Solana to Dogecoin. Each of these types has its own qualities but Bitcoin and Ethereum are the most popular ones.
Should people invest in it?
This post is meant to guide you through the positive and negative aspects of cryptocurrency. So; we will only be giving you the knowledge and then you can decide whether you want to invest in it or not. Following are some of the benefits of investing in cryptocurrency:
- This form of digital currency is governed and managed by the holder himself. The investor is the owner of his money by all means.
- The inflation in different countries results in a decrease in the value of the particular country’s currency but this inflation has no impact on the digital currency (cryptocurrency) that you own.
- Cryptocurrency is made with such complicated coding language that nobody can steal it from you hence it is quite safe and secure to use.
- It can easily be handled and transacted without having to pay any fees for its transactions because it is the true form of digital currency.
- The combination of cryptocurrency with smooth connectivity makes the process of business dealings smoother and faster.
The above-mentioned are some of the positive points of investing in cryptocurrency; having said that; there are some negative sides to it as well. Some of which are as follows:
- The main issue with cryptocurrency is that many countries have not permitted its usage; hence, making it illegal to be used.
- It is led by a decentralized system so all the power is retained in a few hands only.
- If you lose the records and the data then you lose the cryptocurrency as well.
- Once you have bought the cryptocurrency then there is no going back in the form of refunding or cancellation.
- It is prone to getting hacked. Even if high-quality coding language is used still best hackers can do anything.
Cryptocurrency is the new talk of the digital market and people are obviously hesitating to invest in it. This is why we have tried to explain all the sides of the cryptocurrency so that people can make a decision depending on all its negative and positive aspects of it. We hope that it will be helpful for you guys.
Amsyar I., C. E. (2020). The Challenge of Cryptocurrency in the Era of the Digital Revolution: A Review of Systematic Literature. Aptisi Transactions on Technopreneurship , 2, 153-159.
dissertationwritinghelp. (2022, April 28th). How social media helps you to complete your dissertation? https://dissertationwritinghelp.uk/how-social-media-helps-you-to-complete-your-dissertation/ .