Since Bitcoin gains momentum, the concept of decentralization, blockchain, and distributed ledger taking the lead in the financial life of everyone, many invested in Dogecoin and Bitcoin, but only a few make a fortune, but a large number of investors went bankrupt, some withdrew early and no longer invested and some still struggling in between the ups and downs of the crypto market, after the introduction of crypto assets in the financial world the financial experts and analyst unable to find the wider crypto roles in economic activities, however, cryptocurrencies are only for means of payment among gaming and rewards websites, cryptocurrencies have multiple problems such as cryptocurrencies are completely speculative currencies, cryptocurrencies could be used as illegal payments methods and become the good choice for ransom and blackmailing.
According to experts, the most important point about technology is what types of problem blockchain technology, how much it cheaper for audiences, how much easy when accessing its function by users, and why people invested their wealth for such useless technologies, it is believed that those who entered the crypto market earlier have made a lot of money and the latecomers just paying the prices. Many users relate the crypto asset like Bitcoin as the large Ponzi scheme and think that this scam will over in a couple of years.
Bitcoin is so much popular is because investors have doubts over the current fiat currency system, they feel that the currency issuance has passed its limits, and due to the overissuance of fiat currencies, the system completely lose their value, power and depreciates enough, therefore increasingly affected the purchasing power of the people. The other important factor is decentralization, which frees everyone from paying the high fees, and they do not rely on central bank control, these factors create a huge attraction base for investors to invest in Bitcoin.
The cryptocurrencies and USD have similarities and dissimilarities such as both types of currencies have no intrinsic value, but one needs to keep USD in banks and physical wallets for further usage, while cryptocurrencies as a digital asset must need a bunch of passwords and seed phrase to store in online address, the major difference in cryptocurrencies and fiat currency is like a user never worry about when transferring the money from one place to another, without third party interference, heavy fees, and regulation.
People get familiar with the blockchain via Bitcoin and familiar with Ethereum via smart contracts, both currencies have a different set of rules and regulations, Ethereum has no fixed limit but Bitcoin has, in Ethereum you can develop many programs for financial management while in Bitcoin you can’t do anything except transfer from one node to other, after all, people believe that the biggest significance of blockchain technology is the ease of operating mechanism, the rapid execution and no worries over to allocate the whole bunch of supercomputer to calculate the interest rate of the currency.
Many experts show strong concerns for cryptocurrencies they believe that cryptocurrencies will allow illegal fund-raising schemes, pyramid schemes, and fraud under the cloak of crypto assets, in order to clear such concerns the financial experts must understand the true power of crypto assets that lie in global communication, the financial experts should take a rational view of the crypto world, establish a correct cryptocurrency investment concept, and familiarize themself with risk awareness, and actively view the blockchain information from relevant websites for clues about illegal and criminal activities.
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Source: https://medium.com/cryptocurrencies-ups-and-down/for-those-who-think-that-cryptocurrencies-are-fraud-and-ponzi-1a9eeac93d5c?source=rss——-8—————–cryptocurrency
