The first idea of Bitcoin were to decentralize monetary system and to simplify money transferring. It was created to make the world a better place. However, the crypto world is exposed to many flaws and swindles. Since the insane rise of popularity and value of bitcoin, everyone wanted a piece of that cake. People lost a lot of money due to scams, monetary system has been questioned, and many other things. That is why Digital Marketing giants are banning cryptocurrency. There are many reasons why cryptocurrency can be a great thing to humanity, don’t doubt that. On the other hand, let’s be honest. They are still not ready to make a positive influence. It might take some time to get there, but it is all up to people.
#1 Most of the cryptocurrencies are scams
Not all cryptocurrencies are bad, but most of them really are. There are over 1000 cryptocurrencies, and most of them are created with only one idea, to earn quick money. This can be the reason why people are losing trust in cryptocurrency. Many people try to take an advantage of investors by creating a cryptocurrency that has no solid background. That is the most important reason why Digital Marketing giants are banning crypto ads, because of no. one wants to advertise scammers.
#2 Cryptocurrencies are unpredictable
This is one of the major problems. People are trying to learn as much as they can about a crypto market, but let’s be honest, it is complicated. It is not like regular stock market and basically, people are shooting in the dark with any potential investment.
#3 It can raise cybercrime
We all know what happened with Silk Road a few years ago. Sometimes people are taking advantage for the worst possible reason, and it happened the same for cryptocurrency too. People could easily buy weapons, drugs, etc. on the Silk Road without providing their personal details or any kind of information. This is one of the reasons why some people are skeptics when we are talking about cryptocurrency and Blockchain technology in general.
#4 It is very hard to control them
Nobody can track your purchase record. That is one of the great benefits of the cryptocurrencies (refer point 3). You cannot control cryptocurrencies and that is why governments all over the world are trying to ban cryptocurrencies.
#5 Institutional fear
Many state-related institutions like banks, credit institutions, and community law institutions would be out of work. With a decentralized monetary system, their need becomes zero. This might be a great benefit from cryptocurrencies like reducing corruption and smaller transfer fees. However, as I’ve already said, they are still not ready to take over the world. All the big marketing giants are also having this in mind. Cryptocurrency could easily replace their money, and with new currency who knows what the value will be.
#6 Crypto is a threat to a global economy
No one actually knows what changes cryptocurrencies could bring. Therefore, having a stable digital currency without involving the third party sounds like a great idea. Still, this is just hypothetical because it can cause very bad crisis too. Especially in a current situation when it is not fully developed yet.
#7 Problems with legality
In many countries trading cryptocurrency is illegal, or like in India, it is not illegal, but you can do it because it is not recognized as a currency. This one of the biggest problems that cryptocurrency is going through today. Governments all over the world are banning crypto trade because they want to protect the citizens from being tricked. Of course, there is a fear factor from the government, they are just doing it for the good cause.
#8 Many people are trying Ponzi scheme
As I already said, many cryptocurrencies are created just for defrauding the people. Many companies are guaranteeing success and even if you lose your money, you will be able to get something back. People like these are actually one of the big problems in cryptocurrency world. They simply want to take advantage of misinformed people, or the ones who are looking to invest.
#9 The increase of interest
As interest in cryptocurrencies constantly grows, trade companies simply don’t have the capacity to register people anymore. Many exchange companies have stopped adding new users. This is one of the reasons why cryptocurrency is still not ready to take the world. They simply don’t have a capacity for it. Marketing might be overheated, but you should never take a break from it. Especially in this crypto business, where the future is so much dependent on it.
#10 Easy market manipulation
There are many different bloggers, influencers, and self-proclaimed crypto experts that are misinforming people around the world. They simply look for popularity and earning money without taking any risks. I read in every well-respected magazine how Bitcoin would surprise 500k dollars by the end of the year. Those kind of information are really working against cryptocurrencies because their value should not be compared to current currencies. That is the philosophy of Satoshi Nakamoto.
As you may see, Cryptocurrencies are going through problems and difficulties but you shouldn’t worry. If you are investing in it, do it wisely, don’t spend much and surely don’t follow trends! Wait for the right opportunity, and it will definitely come. With cryptocurrency, we can change the world, and make it a better place. We must work together on improving the cryptocurrencies and not react impulsively.