Invest in Cryptocurrencies in your conscience

So, as you all know there is a lot of buzz going around cryptocurrencies, people are very curious about it and people kinda want to be rich using cryptos and they actually have full faith in it.

What are cryptocurrencies?

In a simple form if I can explain you, its a kind of digital currency, more accurately decentralized digital currency outside the ambit of government that means they are privately owned. Just like you invest in stocks and its value fluctuates, value of cryptos also fluctuates to a large extent. 1 cryptocurrency can have value of lakhs and crores. Everything about cryptos is computer based and transactions are done through mining, which revolves around solving complex mathematical problems. It was first discovered in 2008. It revolves around blockchain basically.

What’s all the buzz around it?

Talking about the world, absolutely there are lot of opinions, some are in complete favor of cryptos, some are figuring out and some are in opposition. Hence, I want to ask you first, do you favor them? and ,if you do what's the reason behind that ?Is just because some influential people favor cryptos so you also have a firm belief in that or is it based on your findings. If, it is based on your findings and you have got interested for the sake of future technology trend then I must say its encouraging.

In India also we are having great discussion around cryptocurrency. Government is going to pass a bill to regulate them. Some people are like totally against it, some do favor. But if I talk about todays scenario I do think there is a need of regulation. Let me explain you why I’m saying so, to give you my angle of thought process, which may be a lot are missing.

Why it need to be regulated at least at this point of time?

See I 'will try to let you understand it. Actually a lot of time, some person actually get attention because of time, place etc. of some event, while a lot more people can have that credential or a lot more caliber than the person who is being recognized, and slowly every one starts to believe in them and all the jargon revolve around them. Just like that we starts giving value to something because it is getting attention without seeing it through different angles. This can be a case with cryptos as well.

Points to be noted

Regarding cryptocurrencies I want you to take your focus on some issues:-

1. Cryptocurrencies can be used to buy merchandise anonymously. In addition, International payments are easy and cheap with cryptos, because they are not tied to any country or subject to regulation but that’s the point where it can be used for drug dealing, trafficking leading ultimately to crimes.
2. Security can be a risk.
3. It cannot be implemented in daily life as complex mathematical problems need to be solved, which take a lot of time and see how inconvenient it would be to wait for such a long to buy groceries.
4. Servers can be hacked and have been hacked. Companies have fled with clients money.
5. Then we additionally have to spend a lot of money to regulate it for the purpose of protecting the citizens of the country from any kind of exploitation because that’s the thing for which government is elected.
6. It can be bubble also.
7. Fluctuations are too much.

I want to say that if we want to accept it, just because our banking system is inefficient or corrupted, then the people who want to indulge in such kind of activity will find there way, even now a lot of scams are being exposed. Technology is not any kind of gurantator for this.

Innovation should be encouraged. Cryptocurrencies can be used in international transactions and in areas of inconvenience but it should itself not create inconvenience.

So, what's the point of me saying all these things, see I want you to see it through social point of view for the millions of people who can be exploited… because whatever we say, one thing cannot be ignored that acts of a little proportion of people are affecting innocent people, which is according to me is not a good act. Plus to the people who are going to invest in for the sake of because it provides lot of money or are investing without adequate information, do perform lot of search, because I know no one want to fall prey of it, people there are maybe actually masters of all this hence the safety of yours is in your hand.

And if government is going to regulate it, its actually for the people, even now everyone cant be having private entity or a big company, it is the role of government to intervene at right place but yes I also say it should not be complete control because you actually have to experiment with technology to fully understand it.

(These were my opinion, not against anyone nor in favor its just a concern. And as far as I think everyone should have a opinion and also opinion also can change overtime, So its basically a process of learning).