Bona Fides of Cryptocurrency Token Matter to Avoid Worry among Investors

By Maheen Hernandez April 29, 2019 Off

With Bitcoin crossing the 5000 mark, profit making continues to be a relative standard.  Volatility, adoption and applicability of Bitcoin continue to correct themselves to normal.

For several investors, Bitcoin has provided higher return on investments in comparison to gold and oil. It is now being widely preached that Bitcoin should be a part of every investor’s portfolio.

The Investor Education and Protection Fund (IEPF) favors cryptocurrency ban in India.  The authority comes under the Ministry of Corporate Affairs.

Anurag Agarwal, IEPF CEO stated, “Cryptocurrencies are like Ponzi schemes and must be banned. When it comes to investor protection, the IEPFA has to take a stand against certain things. Against Ponzi schemes, we are taking a stand.”

The largest auto manufacturer in Britain, Jaguar Land Rover, have recently stated that they are testing a software which will allow their drivers to earn IOTA in cryptocurrency reward for sharing data.  They are developing a “Smart Wallet.”

The data that their drivers are expected to provide are related to traffic congestion and potholes to the local authorities and providers of navigation services.  The tokens that they have earned can be used to pay for parking, tolls and for charging electric cars.

Dominik Schiener, IOTA co-founder recently stated, “The smart wallet technology can be easily adapted into all new vehicles.”

Australians lost nearly half billion scams due to cryptocurrency in year 2018.  This information has been provided by the Australian Competition and Consumer Commission (ACCC).

Delia Rickard, ACCC Deputy Chair stated, “These record losses are likely just the tip of the iceberg. We know that not everyone who suffers a loss to a scammer reports it to a government agency.” 

He further added, “Scammers are adapting old scams to new technology, seeking payment through unusual methods, and automating scam calls to increase their reach to potential victim.”

The ACCC has been making several attempts to disrupt scams. 

Cryptocurrency as a tool for financial freedom are highly volatile due to the variations in the supply of tokens.  For as long as the company backing these tokens have a good reputation, the token serves well, but when the company is suspected of fraud, the token trembles.

The Bona fides of a cryptocurrency token matter to avoid worry among investors who choose a particular token. Fast forward, in a decade from now, it is going to be the era of cryptocurrencies; however, several normalizations wait the industry.