Cryptocurrency is almost accepted by the mainstream but a lot of people still have fears about it that need to be overcome.
Since the time of its beginning and throughout its unstable journey towards the acceptance of mainstream, cryptocurrency has obtained passion and fearfulness both in equal levels. After the unjust bashing it has faced over the years, the time has arrived to defend the digital currency.
As the first impression always counts, for cryptocurrency, unfortunately, BTC in its beginning years gained a bad reputation as the asset of choice for illegal activities by the drug traffickers, money launderers, dark web users, and ransomware hackers across the globe.
But after the first Bitcoin (BTC) mining in January 2009, the world has changed. Now there are more than 18 million Bitcoins in circulation and above 90,000 people have savings of above $1 million Bitcoins according to Bitinfocharts which is a crypto data-tracking firm.
Despite its success stories, concerns are persisting among the people, and politicians who feared decentralized currencies putting the general people in control of their money have expressed their objections. In September cryptocurrency transactions have been declared illegal by China, due to their government concerns regarding money laundering and gambling. Politicians from around the globe have shown their fear about digital currency’s potential of transforming the current dynamics of the established financial ecosystem.
The fear of unknown factors could be behind all these concerns suggested by the recent research. According to money app Ziglu national survey, 31% British public is curious about investments in cryptocurrency, out of which 62% have been constrained from buying it because they could not understand its market. Bitcoin is also viewed as a smart investment compared to property in the survey which is the sign that crypto is gaining legitimacy in the public eyes as well.
With its inherent risks, it is also a time of crypto recognition as a good force in the world. In times of declining saving rates, it is comparatively an asset category that offers the opportunity of investment for all of us without conventional barriers existing in regular financial institutions, regardless of how little or more money is available to us. According to the data from World Bank around 1.7 billion individuals even do not have bank accounts around the world to save their hard-earned money.