ONLINE Is the Best Time to Invest in Cryptocurrencies 2 years ago Iwo Bulski Post Views: 584 For better or worse, what once seemed magical—the internet and its offspring—has become ubiquitous. Now another digital innovation is beginning to feel a lot like social media did a decade ago. Cryptocurrency’s advocates say it will change the global economy and make money more private and more fair. What could possibly go wrong? A decade after crypto’s invention, many people can’t decide if it’s real money. (It is.) But the world of digital money is the Wild West and the Gold Rush all at once. Anyone can invent a currency and strike it big if they hire a few programmers. Crypto promises to fund new global economies—or unleash fresh means of extortion, money laundering and financial scams. There is an enticing view that crypto could pull the developing world into 21st-century commerce, enabling millions to emerge from poverty. It could mean access to cash and loans in parts of Africa, for instance, where banks don’t operate but cell phones—the only tool necessary to trade crypto—are common. “Africa has informal economies—lots of things are done peer to peer,” says Akin Sawyerr, who performs a governance role for a digital currency called Decred. He imagines people in remote villages establishing and expanding businesses. Cryptocurrencies also appeal to those looking to skirt existing monetary-control systems. “What if governments are no longer the ultimate arbiters?” asks Meltem Demirors, an executive at CoinShares, which oversees more than $500 million in digital assets. While I prefer my currencies closely monitored and controlled, it’s easy to see the potential in crypto secrecy. Transferring funds across borders is fraught with bureaucracy and fees. Countries with weak currencies could gain muscle. The Bahamas, for instance, is testing its own digital currency, called Sand Dollar, which it hopes will help those who live in remote areas by providing reliable access to banking as well as help fight crime by reforming a financial system that’s been plagued by money laundering. We are in a period not unlike the Arab Spring, that naive era when many believed the internet would make the world freer and better informed. Enthusiasts are going all in. Home buyers are placing down payments with Bitcoin. Others are buying Lamborghinis and fine art with it, spending it on PayPal. Fidelity’s Digital Assets arm now offers crypto trading to institutional investors. But there are several reasons all this should raise the hairs on our arms. First, the markets are notably volatile. Bitcoin’s 70 percent market share should make it the gold standard for stability. Yet in 2019, the price of one Bitcoin tripled to almost $13,000, then fell to about $7,000. Swings like that could bring a national economy to its knees. Second, cryptocurrencies are rife with scandals. In 2014, hackers managed to steal $450 million worth of crypto coins from Mt. Gox, a Tokyo-based cryptocurrency exchange. Then there’s Gerald Cotten, the founder of QuadrigaCX, a Canadian crypto. Cotten died unexpectedly in 2018, taking to his grave the passwords for his clients’ assets, possibly as much as $250 million. Ernst & Young auditors said Quadriga hadn’t maintained even basic accounting records. In December, investors demanded the exhumation of Cotten’s body to prove he really is dead and not living the life in the Caymans. Finally, there’s future influence. Mark Zuckerberg has proposed a coin that Facebook would control. How we oversee these currencies, beginning now, will play a critical role in who steers wealth and economies in the years ahead. Do we really want tech CEOs at the helm? Demirors says tech companies are in the best position to gain control because they have the networks, engineers and knowledge. “Tech companies will become financial-service companies. The idea of them having all our financial data is terrifying.” Yet sitting this out seems a poor option. One of my intents this month is to buy some Bitcoin. I look at it as investment-portfolio diversification. Also, I don’t want to be left out. As I’ve procrastinated, the price of Bitcoin has yo-yoed. I’ll have to just close my eyes and leap. Source: robbreport.com About Post Author Iwo Bulski Issues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. See author's posts Iwo BulskiIssues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. Facebook Twitter LinkedIn Email Print Tags: bitcoin, cryptocurrences, investment Continue Reading Previous The Rise of Online Gaming in ZimbabweNext Online Bingo Game Market More Stories ONLINE UGANDA The Contextual Analysis of Social Media in Uganda 20 hours ago Szarlot ONLINE WORLD NEWS AstroPay Seeks to Bolster Growth with Affiliate Program 2 days ago Samuel ONLINE WORLD NEWS 4 sales-boosting modules from Slotegrator’s new platform 1 week ago Iwo Bulski KENYA ONLINE The influencers paid to push hashtags 1 week ago Iwo Bulski NIGERIA ONLINE BGaming develops compression algorithm to cut game loading time 2 weeks ago Iwo Bulski ONLINE SOUTH AFRICA Africa Records a High Number of Gamers 2 weeks ago Iwo Bulski ONLINE WORLD NEWS Keep VIP programs compliant with the right bonus module 2 weeks ago Iwo Bulski BURUNDI ONLINE Grupo Pefaco enlists Moobifun to take it digital in Africa 2 weeks ago Samuel ONLINE Volatility & Variance for Slot Games Explained 3 weeks ago Szarlot ONLINE SOUTH AFRICA How gambling has evolved world-wide 3 weeks ago Iwo Bulski ONLINE WORLD NEWS TVBET unites forces with Technamin 3 weeks ago Iwo Bulski ONLINE WORLD NEWS How the iGaming industry is driving the global economy 3 weeks ago Iwo Bulski Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.