Here are some of the 'loopholes' while discussing #bitcoin and #cryptocurrency
Here are some of the 'loopholes' I get while discussing #bitcoin and #cryptocurrency with those who are skeptic to get involved in it :
What is crypto BACKED by ? Simply demand and supply ? Satoshi Nakamoto is not even known. If even one terrorist activity takes place because of crypto, it will DUMP HARD. Fiat on the other hand is BACKED by central banks.
There is no regulation in crypto and it is MUCH more easier for terrorists and money-launderers to take advantage of crypto over fiat.
Companies and #governments are NOT interested in crypto, but are interested only in #blockchain #technology
Nations are slowly but surely bringing their OWN centralized digital currencies, J-Coin in Japan, emCash in Dubai, Estonia too coming with their own.
The fate of most of crypto rests upon the decisions of a few 'whales' who hold a gigantic amount of crypto in comparison to everyone else.
Even Central Banks are secretly working on creating their own digital currency. Like LaxmiCoin by the Reserve Bank of India for example.
Cryptocurrency can only be used by the tech savvy and it will take many many many years for it to be truly used on a mainstream basis as millions if not billions of people are NOT tech savvy.
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