Uncovering the Dark Side of Cryptocurrencies

Key points

  • Cryptocurrencies dark Side
  • Wolf in Sheep’s Clothing

Cryptocurrencies are being portrayed as the future and many experts believe it to be the tomorrow, in currency. Cryptocurrencies are expected to completely redefine the present method of exchange and transfer of money. 

With all the promises that Bitcoin is showing for the coming years, there is also a dark side to it which needs to be explored and understood. In this blog, the dark side of cryptocurrencies is explored.    

Cryptocurrencies dark Side

The growing popularity and the anonymity feature of cryptocurrency are accumulating a lot of attention from all sorts of people around the world. Criminals too have been attracted towards cryptocurrency features that allow them to easily launder money and secrecy, while investors are seeing this as an opportunity to make huge profits without reporting them. Many regulating authorities and governments have become aware of the intentions of criminals and have started to scream foul. 

In response, to the increasing criminal activities through cryptocurrency, many countries have banned them and few countries are trying to regulate them. When the talks of regulating cryptocurrency first began in 2018, prices of cryptocurrencies started to fall. Ever since the prices of cryptocurrency have been fluctuating based on the decisions of governments around the world to accept them, reject them, or regulate them.    

Wolf in Sheep’s Clothing

Cryptocurrency has created a lot of craze in the market and everyone has their own opinion about them. Some well-known investors, corporate raiders, CEOs of big financial institutions predict cryptocurrency to be a fraud and expect the bubble around cryptocurrency to eventually blow up, sometime in the future. Whereas, many believe Bitcoin to be the future and are expecting it to soon reach the $100,000 mark. 

Regulating cryptocurrencies is not only an attempt to capitalize on the revenue but also is a way to protect the investors from abuse, fraud, and extraordinary risks. Though the thought of decentralized and unregulated currency may seem to be very appealing to investors, the worldwide adoption of cryptocurrency is still in question due to the price fluctuations occurring every day. High returns from cryptocurrency have attracted many speculative investors, who have flooded the market to get rich quickly. But, if not be careful, this could also backfire on them.         

Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.

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