Cryptocurrency has made its mark in the world. Since the launch people have been pouring into this world to earn profits. Many people became millionaires by just investing a few bucks. But many have found it to be a gloomy world. Let us have a look into the gloomy side and the light of hope in it.
Having such a strong hype makes people question what will be the potential of crypto assets? Everyone knows about the volatility but it triggers when it comes to the stability in the cryptocurrency world. People want to know the other side too.
The Peril behind Crypto World.
Cryptocurrencies are so appealing but at the same time this makes them dangerous too. They are decentralized and they do not need any central bank. This prominent the feature of anonymity in them. As a consequence, the digital world has become a vehicle for money laundering and financing of terrorism. Many trained parties have exchanged billions through it. These parties take benefit of the decentralized feature and many illegal products have sold out through these digital assets.
Another dark side is the financial stability. The rapid growth of assets and rapid decline has caused major effects. The increase in crypto assets, the fluctuations in prices of trade and ill-defined connections to the traditional financial world could create new vulnerabilities. The increase of prices for longer periods may cause people to leave this world out of frustration.
The ray of hope
Therefore, it is a need to create a regulatory framework to meet challenges that come in this. Firstly, we need to develop policies that ensure financial integrity and assure the protection of consumers in the crypto world. This should be done in the same way we have such policies in financial sectors.
There is a need to eradicate all the ways these criminals exchange money through the cryptocurrencies. We need improved technologies to ensure such systems. However, it will take a long time but nothing is impossible.
In the future globally the use of cryptocurrencies would increase and so the improvements should be started from the start so that the system becomes well protected till that time. Following are two ways that can be used further.
A Distributed ledger technology can be developed and maintained for a longer time. It can also increase the speed of information sharing process between the market participants and the regulators. This technology could used to create registries of standard and verifies customers. All this information would be protected.
Digital security could be improved by the biometrics and the artificial intelligence. Such brilliant technologies can even identify any suspicious transactions. It will highlight such transactions and instantly they could be verified. This would be a great way to stop all the illegal transactions.
These both technologies can make the crypto world free of pollution. It will eradicate all those filthy means through which people earn illegal.
What is next?
Apart of these two there are may other methods too! We need to pump our neurons to pave ways in this virtual world! People who want to know the potentiality of cryptocurrencies must know that we all need an international cooperation for this.
We know that cryptocurrencies are exchanged across the borders too. So, we need some regulatory team that must be reliable enough to ensure peaceful and verified transactions across the world. These days cryptocurrencies are rapidly being traded through the platforms like bitcoinprime.io and people are earning handsome profits. These websites assist them in trading.
At this time there is a debate among people that whether the cryptocurrency is a bubble or a revolution that would revolutionize everything digitally. The truth is between the extremes. We must trust and welcome these currencies and recognize their risks. We should wait for the implementation of technologies to create protection in the crypto assets. Because the future belongs to this virtual world! So, when are you planning to dive into it!