There is a lot of rush to buy the cryptocurrencies because of the exceptional returns that they offered. Also, the Blockchain technology looks promising and many believe that this is the new way to do business and run the country. But one should also be aware of the dark side of this technology.
Prone to hacking
The cryptocurrencies and the Blockchain technology have shown intense volatility and also have offered huge profits to the investors. This has caught the attention of the hackers. Even the regulators are keenly watching this space. So much of attention could cause the future of this technology to be jeopardized.
Where is the money?
Money has seen a lot of transformation and is complicated to understand. If cryptocurrencies and the Blockchain technology were to be used then the zeros and ones would replace the currencies. No one would know what is its value is and if money is still there. It will have no government regulation and will be based only on trust and in the integrity of the system.
More criminal activity
The users of the Bitcoin and cryptocurrency are anonymous and this is a weakness of the system. This also gives more easy access to the criminals.
Beit any currency that you see today it is based on the economy’s performance. These economies are stable and also well regulated. The token economy is immature and unregulated and lacks stability.
Financial assets have been the victims of price manipulations and frauds. Digital currencies like Bitcoin were through to be immune to these frauds. But that is far from the truth. The price manipulations are happening at very large scale and this is the major reason for such huge price movements in this space.
Read more details about the problems of using cryptocurrencies and blockchain technology on coinspot.com.au review.…