Bitcoin being the most famous cryptocurrency has marked the popularity all around the world. It has made many people crazy and they are getting into the bitcoin buzz like anything! Since the launch in 2009 the cryptocurrency world has made many new advancements. It has changed the dimension of the society but there have been challenges too. Is Majority of Bitcoin being a Hoax? Let’s find out!
The Paradigm shifts.
This paradigm shift was further elaborated during pandemic times where people made the most use of the digital assets. People wanted an alternative to their jobless lives and so opted for several platforms to help them earn coins. The most comprehensive website Immediate Edge official website helped in trading bitcoins. These websites have detailed analyses that prove useful during trading.
Opportunities for people
People invested and traded whole heartedly because this was the only solution they can do while sitting homes. However, many transactions were also carried especially the cross-border transactions where people sitting in a different country can easily send to the other party. Therefore, bitcoin was a great opportunity during that phase and it continued after the pandemic as well.
People not only invest rather stake coins that is holding them for a period of time to get handful profits. The intelligent ones mine with the specialized skills to gain more coins. The rest is taken up by buying and selling on the perfect time. One has been able to be a millionaire by just investing few bucks. People want to know more and explore in this realm.
Read Also: Novelty Of The Idea Of Bitcoin Mining
The False side
Everything has got a dark side and so has bitcoin become. Recently the report stated that about 95% of bitcoin trading has been fake due to the unregulated exchanges. The cryptocurrency markets are now being manipulated and this is creating a mess.
Money laundering
Many people have stepped back due to sudden volatility changes in the cryptocurrencies. These changes are not random rather have many causes behind. Since 2018 the figure of the money laundering has increased. The major reason behind such an increase in money laundering through bitcoins is their feasibility to use.
They are easily exchanged without any bank formalities. Moreover, the transactions are online that makes it more vulnerable. There is a potential gap between the law enforcement and the main point is the transnational nature of the cryptocurrency that makes them the target for money laundering.
Wash Trading
The analysis has even showed that the many of the exchanges was wash trading. This is a term used to describe that the same person simultaneously sells and buys the same stock or bitcoin to create that there has been an activity in the crypto world. Moreover, hackers are now behind the bitcoin and trying tactics to perform illegal activities with it. It is estimated that about 90 percent of remote hacking is focused on bitcoin theft by commandeering other people’s computers to mine coins
No Value
According to the greater fool theory, bitcoin has no intrinsic value on its own. The value it has is only according to what other people will buy. That is the basic reason for the high price fluctuations it has. The cryptocurrencies pound up depending on the buying pace of other people.
What to do?
The bitcoin was the famous asset that was transacted during the whole pandemic. There was no other option for people to earn as many of them lost their jobs as well. So, the main thing is you being vigilant and hitting the right ball at the right time. This would help you in earning profits. Stepping back away from crypto world is not a solution. Therefore, look into it and start by taking small steps.
