(The Game Changer)
Cryptocurrency is mainly known as virtual currency but is also referred to as payment currency. Nobody has any knowledge and how the origin of this crypto. But, the moment of surprise is that it was just invented 12 years ago and it never stopped since now.
Cryptocurrency has neither been seen nor touched by any individual whereas, this virtual currency merely exists on speculations and trust of people who believe in investing in it.
Types of cryptocurrency
Cryptocurrency is based on various types such as
• Blockchain economics
• Privacy coins
• Utility token
• Payment currency
• Stable coins
Crypto is high secure blockchain to transmit data. So, it is not easy to find that to hack data traveling through blockchains. Hence it is stored in several thousand chains of blocks.
Cryptocurrency is categorized into various coins i.e Bitcoin, Ethereum, Dogecoin, and many others. Bitcoin is a superior currency as it has taken 40% of all market currency.
There are more than 8,000 cryptocurrencies existing. Some are still not known and others have gained immense popularity among investors and backers.
As per the 2017 estimation, the total assets of gold are US$7.5 trillion. While crypto which came into the limelight just in 2008 has its $2.48 trillion worldwide.0
Crypto is an interesting and vast topic to discuss. Not only investors but the Government of developed countries i.e US has shown its interest in the investment of cryptocurrency.
As many miners have assured people to give them a huge profit of their little investment. So people’s interest in cryptocurrency has skyrocketed. So, the increase in the number of people in the investment of cryptocurrency is just astonishing. It curved the attention of people to keep their money in the shape of cryptocurrency rather than relying on banks.
Dogecoin is a product of an artist Elan Musk, it was made to make fun of bitcoin but soon after its invention, its value in market place increased.
Since, all crypto market is highly volatile as it is high at one time and low in no time, to predict their consistency is a little difficult but in my opinion, dogecoin is not suitable to invest a hefty amount.
In 2021, we have seen a bitcoin price all-time high. It shows that there is the second to follow bitcoin by its price.
China was the biggest investor to invest in the crypto market. But soon after imposing a ban on the crypto market, USA took the charge of 1st. It is done to invest most in the crypto market.
The reason behind imposing a strict ban on crypto is to curb difficulties. It consists of the practice of money laundering, terrorist funding, and tax evasion.
As, trading is happening through various apps such as Binance, Paxful, etc and such apps are providing facilities for peer-peer transactions.
It shows that where there is no bank and legal institution is involved to testify. So there, if any legal transaction is happened between two people and hence transaction remain suspicious.
Another, reason to refrain people from trading in crypto is that people are in the illusion of becoming overnight millionaires. So, in this sorry state of affair, most of them has lost their hard-earned money.
The government has warned the masses to invest in such an amount that they would be able to cope with the loss amount.
Crypto is a wonder currency. Yes! I will definitely love calling it a wonder currency. But it has revolutionized the underprivileged class which helped them to upgrade their living standard.
Any person who is eligible to trade in cryptocurrency is powerful. This person as sitting in any advanced country, no matter, whether he is living in Nigeria, Africa, Afghanistan, Pakistan, and India Crypto is helping people . It makes sure to increase individual power of purchasing products of every country.
If the Government of South Asia and African countries would legitimate the trade of cryptocurrency all their debt will be paid. Hence, poverty will vanish in no time.
The strategy maker of a country should foresee the importance of crypto before it is too late.
A country should adapt itself according to the fashion of the modern era and proceed with time.
If governments of underdeveloped and developing countries wouldn’t take immediate steps. Then it is to be certain that to legalize the cryptocurrency, the residents of such countries will never be able to compete with modern countries at any forum of the world.
War zoned countries such as Iraq, Pakistan, India, South Korea, Afghanistan are destitute from stable economic growth. Hence, no such rapid growth is predictable. So they should quit spending too much of their national budget on defense. But should find a solution to solve the issue of rising inflation.
Cryptocurrency is a blessing in disguise for the people and Governments of these countries.
To avoid cryptocurrency at present time is inevitable. But if the Government of any crypto bans all the tax money. Then they can earn through it. But it will be shifted to the black market and it is not in the favor of national interest.
So, sooner the Government will accept this reality sooner they will be able to take advantage of it.
Crypto is a revolution that cannot be stopped by any institution or Government and people’s interested in saying it all. Banning crypto is not a solution to the problem, national departments should find an alternative to curb the ill practice.
Now the situations of 2022 are not even better. Cryptocurrency tends to follow a scam situation. As we see that this is the talk of the town. Likewise, the situations are not better accordingly. Now this situation serves as something worth considering for the whole of the world.
Many of the investors have lost their belongings.