It seems like the cryptocurrency debate is breaking down into the old model of which side are you on? On the one hand, adopters and adherents of the technology will swear to its merits and tell you that cryptocurrency will be the only kind of currency the people one hundred years from now know. Detractors, on the other hand, have a laundry list of reasons why the digital coins are at best a far and at worst a nefarious, criminal endeavor designed to destabilize the financial world. The truth lies somewhere in between, and that’s an important truth for people to reach, especially if they are looking to include cryptocurrency in their own lives or at least invest in it.
When considering crypto, it’s important to understand that many of the so-called flaws to which detractor’s point are actually something that others would consider a benefit. The latter group would be far more likely to invest in these coins, either with their own knowledge of them or with the help of trading programs like Ethereum Code. The following are three of the biggest criticisms labeled at cryptocurrency and the ways in which they are easily answered. With all of that information at your side, you can decide whether the coins are for you or not.
1.Criminals Use It
It is true that, at least in its earliest years, cryptocurrencies were often used to mask criminal activities, although blaming the medium for criminal behavior is a bit like blaming cash if someone embezzles it. The fact is cryptocurrency can be used in that manner because it provides total secrecy in terms of the people involved in a transaction. What that means is that, if you’re worried about identity theft, using crypto is the way to go.
2. It’s A Moneymaking Scheme
Well, it’s true that cryptocurrency is used by many entrepreneurs as a way of raising money, and there certainly are some charlatans among that group. But the truth is that many of these entrepreneurs have wonderful ideas that they’d like to finance, often using the blockchain technology that is also at the heart of cryptocurrency. If the money raised by these people goes to filling some kind of niche in the business or technological world of filling some societal gap, then it seems to be money well-earned.
3. It Will Blow Up the Banks
Many people fear that, if cryptocurrency is adopted on a widespread basis, banks and credit card companies will quickly fade out of existence. You have to ask yourself if that is really such a bad thing. After all, these companies impose fees and control your money. Cryptocurrency would put you back in charge of it and eliminate the need for any bureaucratic interference. It connects people on a so-called peer-to-peer basis. None of those seem like terrible outcomes.
It remains to be seen whether or not cryptocurrency will survive these attacks. What’s clear is that, because of its utility and potential, crypto is not going down without a fight.