Expert Takes has voiced the opinion of their leaders from the inside and outside of the crypto industries who have expressed their views, also have shared their views on their experience and gave their professional advice. Expert Takes had covered everything from the Blockchain technology and ICO who are funding the taxation, regulation and cryptocurrency adoption in different sectors of the economy.
The Prices of Bitcoin when goes way too high
The fact cannot be ignored that the Bitcoins have always more than 60 percent from its high time, the price of 1 Bitcoin- around $ 7,000 at some time of writing, this discouraged a lot of people from entering the market. Since the mid of 2017, it is only Bitcoin which has been on the front pages of most of the newspapers still most of the people of the world are clueless as to how can they buy the Bitcoin even if not a whole but even a fraction of it. So let’s set the record straight: 1 Bitcoin can be divided into 100 million satoshis (the smallest Bitcoin unit). Just because one cannot afford a full gold bar - which are $600,000 a piece - does not mean one cannot buy a gold coin or invest as little as $126 through a Gold ETF to get exposure to gold. The same thing can be done with Bitcoin.
The Price of Bitcoin is very Unpredictable
No arguments can be made on the statement that the price of the Bitcoins varies a lot in nature. So before investing in it, the investors have to think a lot as all they hope is to gain profit instead of gaining losses after such a huge investment. It is for the first time in the history of currencies that a currency is not under any central bank or country. Cryptocurrency is a stand-alone individual currency which doesn’t have an owner above its head.
Cryptocurrency is very volatile and they have a large speculation around the world. Also, its assets have a large spread in the world of finance. So if someone wants to invest in cryptocurrency they should know about it thoroughly and should only invest if they can afford to face some loss in the trade. The most valuable thing you can invest in it is time. If we have time then there are very fewer chances for someone to face loss in their investment.
Bitcoin is very harmful to the Finance Environment
It is said that if the origin of something is unknown to us it can never be good for the health and environment around us. The saying is a perfect for the Bitcoins as it is said to be mined by Satoshi Nakamoto, back in 2009 whose identity is unknown to the world except for the name.
The mining of this cryptocurrency took only 10 minutes to be mined through a simple laptop and has mined a block for itself as it does today. The puzzle through which you mine is pretty difficult for a person to crack as the algorithm used for it is quite different and difficult for people to understand. But after solving it we receive a reward within the span of 10minutes that is the average time required to gain the reward.
The reason why the miners have invested billions of dollars in Bitcoins because due to its demand the price of the currency keeps rising high and high and then people gain profits from it. For e.g.- At $7,000 per Bitcoin, the current annual cost of the Bitcoin network is $4.6 bln, and a sizable portion of it spent on electricity bills. But what the Bitcoin network provides for this cost is a Blockchain that is unhackable by any existing computer or technology on the planet.
The currency is misused by the drug dealers and money launders
When the transaction of one bitcoin is made public, which is not exactly ideal as if you are looking to engage in illegal activities. There has been a release of two reports stating that only 1 percent of all Bitcoin transactions are used for money laundering and 44 is being used for other illegal activities. These anonymously as many exchanges follow Know Your Customer (KYC) and Anti Money Laundering (AML) procedures when registering users. This is where criminals using cryptocurrencies will get caught as law enforcement agencies are monitoring these exchanges. So cash will probably remain the currency of choice for criminals for the time being.
