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.…
Now you might be wondering, what are Altcoins? And why do Altcoins exist? These are quite often researched and asked answers that many people have done a lot of time researching, the reason why is actually quite simple, because altcoins are now skyrocketing in value as time goes along considering how popular they are becoming as time goes along, bitcoin although suffering from a major price depression in the past months has still gone up vis-a-vis its 2015 level by some estimates over 1000%. Because of this, Altcoins are becoming more popular and they will increasingly skyrocket in value over time.
Altcoins have become more popular because of the advent of Bitcoin, Bitcoin technology has not only made it much easier to perform anonymous, silent and private transactions but has also made a large bubble in terms of pricing. Bitcoin’s value eventually caught the eyes of other investors who then made concerted efforts to produce Bitcoin analogs like Ethereum, Litecoin and ZCash. These sorts of bitcoin analogs are eventually becoming known as Altcoins. Altcoins are becoming more popular as time goes along vis-a-vis bitcoin and it should be expected that Altcoins surpass the valuation of bitcoin by 2020 when some analysts predict that their market caps will reach bitcoin levels or more.
That is why it is wise to start to buy alt coins now, before they start to reach stratospheric prices, alt coins are not only going to skyrocket in value but having the experience can make you a better investor in things like Cryptocurrencies overall. When in the future a large amount of the financial world is in cryptocurrencies, expect your knowledge of cryptocurrencies to become extremely useful and practical. For this reason, altcoins are not only recommended but should be used wisely.…
For the past decade or thereabout; discussions bordering on cryptocurrencies have been generating a lot of attention as well as buzz. Coupled with this, we have seen individuals exhibit a mix of curiosity and optimism while some others have been outrightly skeptical of the new trend of financial system in digital reality.
Two common words you must have frequently read or heard like none other would have been ‘Bitcoin’ and ‘Blockchain’. The cause for the concern on the faces of some (persons) is quite understandable particularly as it relates to Bitcoin. However, the Blockchain technology does give a good ground to be optimistic of having better financial services in the years to come.
It is in this view that I give a resounding YES to one and a definite NO to the other and here is why:
Bitcoin might be gaining rave reviews in some quarters but basing the future of financial services on a technology that is not immune from risk could result in something really devastating. Yes, there’s no denying the fact that Bitcoins have indeed risen in stock. Once upon a time 10,000 Bitcoins were equivalent to US $41 – to price of pizza – but this very moment, the same amount (of Bitcoins) translates to something in excess of US $25 million.
One cannot rule out the fact that financial services companies will not get tempted to embrace Bitcoin technology in the future. This line of thought will not be waved aside when you consider how investors are searching out ICO listings on platforms in the mold of trulycoin and how a number of merchants now accede to accepting Bitcoin as medium of payment.
Nevertheless, Blockchain technology does seem to be a more effective invention that would revolutionize the way financial services are rendered in the nearest future. Already, this technology is being employed to bring about on-time [and quick] verifications as it regards financial transactions. But it is not just about the promptness of running the services; it (Blockchain) ensures that the services are carried out in a cost-effective and transparent – since there is no third-party involved – manner. With the aid of Blockchain technology, financial institutions will be able to access the database in an easier way and this means business will follow a more convenient and quick(er) routine. Also, this technology would be of great significance in the aspects of share trading and smart contracts.
So, from the foregoings; it is alright to confidently say that Blockchain technology will become a critical part of the financial service sector in the days ahead while the possibility for Bitcoin [generating as much impact] remains only a speculation.…