Crypto-currencies a new alternative or a new danger?



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I have come with the argument that cryptocurrency is a new danger into our society at  large.  First what is cryptocurrency- It's a digital currency that is secure by cryptography which makes it impossible to double-spend.


Digital technology has do with electronic tools  systems, device that generate and store or process data.  


Equip with the knowledge of cryptocurrency and digital technology, I will with my following points convince you of the danger of cryptocurrency to our society.


Dangers


1. Most cryptocurrency boast of it decentralized nature but that lack of centralization is the reason why the people and the government are afraid of the future of cryptocurrency,Some governments fear that Bitcoin can be used to circumvent capital controls, can be used for money laundering or illegal purchases, and could be risky to investors.  The rate of theft, hacker and fraudulent has come to increase with the Introduction of cryptocurrency and young youth who are talented in the operation of computer has diverted their knowledge into theft and hacking, and the idea of making-quick-money syndrome has become the other of the day.


Why control matters


​​​​Its the government who control fiat currency through central bank, using monetary policy then dictate how they were transferred, how made profit from them and other criminal activities that was carried out, all this control is lost when non-government bodies create their currency. This control is mainly targeted in controlling crime around the use of money. Again if bank is completely erased become of cryptocurrency , how would people be informed when there's error or a dubious transactions reoccurring in one's savings. Though with the security measures put on most exchange market, no one can completely trust it's safe from hackers because they keep increasing in ways to steal from digital technologies.




2. Ignorance about cryptocurrency : most people who venture into cryptocurrency ends up having just little or no knowledge about cryptocurrency, they put in huge amount of money blindfoldedly hoping to make interest only to be shocked with an issue of a bearish market when all they have invested drops into a value not worth half the money they have invested into it. Lack of knowledge in cryptocurrency has only led to doom for so many. Imagine if the world has to focus on cryptocurrency, how would the illiterate cope? How would those who are aged cope? How would the poor struggling to survive get gadget that could effectively help them generate or mine Bitcoin or how would the market look like with lot of ignorant people about how crypto works. Many will loose from their ignorance than on account of thefts .




3. Volatility: If an investor invest 2million in crypto , he is at a risk which is uncertain, the market changes at anytime and can't be predicted correctly in the future. People may loose great amount of money investing into it, unlike the banks to which one is so such to make double of his money if he puts it into savings and it's invested. The price of cryptocurrency changes rapidly and sometimes does not survive to become bullish again. I remember a time when steem started at a price of #3500/1 , it all seem promising then and most people would have invested their lifelong savings into it ,then suddenly it experienced a fall from #3500/1 now down to #97/1 imagine the amount of lost for those who thought it will yield them much profit in the future. So the volatility of cryptocurrency has only caused pain, depression, lost and to this it serves as a danger to the society in the future.




4. The majority of the coins will never appreciate in value and many will become worthless: This a bitter trust about some crypto currency coins, some may never appreciate in value, no matter how much is invested into them making it worthless for a profit and come in the future may become worthless. You can agree with me that many coins has been proven to be worthless and doesn't in anyway promote growth to investors or users. 


5. No profitable increase to a country's economy: Investing on digital technology has not in anyway increased or helped a country's economy, it doesn't set job for three quarter of a country's labour force, it doesn't set up industries that generate revenue for a country or provide infrastructure.




6. Finally, Limited secure exchanges: crypto currency has limited exchanges with are actual secure, there are also other many exchanges created just for fraud because crypto has introduced hackers, gangsters and thugs. It leaves many confused and in fear on which exchange is actually secure. Many people has been crowded with fear which is a bad start for anything that is thought to be promising in the future.




I hope , with my above points, I have been able to convince you and not to confuse you that cryptocurrency will serve as a danger to the future of a country, the people,  it economy, their safety, their investment, their future, the educational system, it future leaders and the generation to come.


Thank you.

COMMENT

1

waheed umrani
26 Jul

Some of your points are right brother

27

Donkyzhang Nobert
26 Jul

I believe cryptocurrencies are the new alternative and best chance to help us overcome the central government control of Fiat money. 

11

Shemzy Shem
26 Jul

You're right, it's just a debate and I decided to speak the opposite against what looks like the reality

20

preview not available Kris JS
28 Jul

People often speak about the criminal side of Crypto, the money laundering, buying from the blackmarket etc etc but fiat is by far worse than any cryptocurrency and is still favoured by criminals so should we stop using this too? Also yes, the crypto industry is volitile, its still young  but look at Venezuala, they got to sleep one day paying the equivalent of $0.80 for a coffee and wake up the next day to finf its $15! Volaltility in uncertain times can happen anywhere to any currency so crypto is actually not as different as it seems. We still have along way to go for mass adoption but its going to happen, crypto is getting better, faster and cheaper year after year as fiat is getting worse! Watch this space.

11

Shemzy Shem
28 Jul

I believe cryptocurrency has a future, and government are fighting it in defense for their greed but sometimes I ask what then will become of those who are illiterate about this online Currency or people who are old to engage themselves in it

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