My fear and hesitations of crypto.
Each individual wants his money/ skills works for him and generate some income/ profit to fulfill the needs of life with some luxury. We do jobs , business, investment and hustles as source for it.
Affiliation with Crypto as trader / investor is fashion of the day due to its huge charm and potential to fight with inflation and financial uncertainty with unmeasured output. But same time it has high Risks involved in and I have lot of fear and Hesitations on adoption of Crypto. Like ,
- Regularity of Crypto in my country still under the dust of files. Although Pakistan is one of the big potential able soil for Crypto and people individually summoned up in billions PKR invested in Crypto especially top & hot currency like Bitcoin, Ethereum and Bitcoin Cash. An estimated amount of $25 billions are invested in crypto But officially I have big threat to my investment from our government offices and Stock Exchange because they are not ready to recognise crypto as legal trade , oppositely they threaten and warn people time to time for lost .This fear not allowing me to adopt it freely and openly.
- Price uncertainty in Crypto is another factor of hesitation for me and for hundred of users who have low volume of investment. Crypto prices possibly can fluctuate and goes in trash within no time and can touch to moon with a tweet from any influencers. This factor is high scalable to entertain where prices should not go up/ down by movement of any whale.This price volatility putting me in fear of lose my savings.
- Although every one claiming that Crypto is currency of the future economy but I am hesitating to accept it fully due to its Scalability , extra fee charges and delay payments ( in some cases like Bitcoin where block size matters). Then as community people around are not well aware in usage of Crypto, except the CBDC , also not having knowledge about it made hesitant to me about jumping in Crypto.
- Cyber security and data breaching issues are mountain high in territory where phone tapping, cyber monitoring, social media restrictions and transaction monitoring are common by secret wing of different agencies. Even a bigger legal transaction also questioned by banks and other institutions which Push me back to go for Crypto. Although five reputable exchanges are working in my part of land but when transaction came in / out to banks , they caught up the people and use all the techniques to keep far away people from crypto.
- Continuous scams, collapses of exchanges & projects, bankruptcy and pishing, Ponzi schemes and fake campaigns making hard to me for adoption of crypto. It is never easy to judge any project as fake/ scam when professional, clever and well known personals are in back.
The fear and Hesitations may differ in individuals according to territory and regulations but I have above ones.
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Note: The article originally published on read.cash
Title image taken from Pixabay and Edited.