It is not right to be overly trusting in the cryptocurrency space – Fixes Important before mass adoptionMarch 28, 2019
James Angel, an associate professor studying financial technology stated that there are several cryptocurrencies in the market.
He remarked, “I’d say the average person should just say no.”
Investors who launch into the cryptocurrency world do so expect to achieve a lucrative opportunity. While most investors know that the chance is risky and unstable, they are willing to dive deep to execute the best strategies. It is about the internal work that the investor does methodically to process the trade and investing as their daily routine.
Angel stated, “Cryptocurrencies are very volatile, and there are a lot of scams out there” further adding that “No one knows what they are worth.”
It is not easy for investors even when they are investing in tokens whose creators had perfect intentions for the cryptocurrency. In reality “No one knows what the real worth of cryptocurrencies is.”
There have been several investors who do not know what they are doing. They lose a lot before they realize their ignorance to work on those areas to improve their concerns. Some traders learn the ropes only during real-time trading, and they commit to trading with time.
Investors look into the real-time results of investors. Some of them consider words as facts and get into trouble. With experience, people tend to differentiate between scammers and influencers and they ultimately realize that they need to know what they are doing. It is finally that investors believe that it is not right to be overly trusting in the cryptocurrency space.
Angel stated, “I do not think any of us are going to walk into a fast food restaurant any time soon buying the burger with Bitcoin.”
Regardless, blockchain provides with the probability of executing familiar transactions very efficiently. Angel implied, “The underlying technology for cryptocurrency is very useful.”
Not all cryptocurrencies are meant to be used the same way as traditional currencies. Everyday transactions can be streamlined with the underlying technology. The applicability of digital assets is probably invisible to people in a lot of ways. Several administrative functions can be replaced with smart contracts, therefore making behind the screen tasks fast efficiently executable with the same terms in place.
While the distributed ledger keeps track of hacks when they happen, recovering the funds lost in hacking is not easier. While the blockchain is a security revolution, if the customer loses their private keys, they are not going to have access to their funds any longer. Several fixes are to be done before mass adoption.