My fear and hesitations of crypto.
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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.
What is your fear of crypto? Talk in comments, like , thumb up on wow and appreciate the author by tipping in $Bulb.
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Thank you so much for your time till here .
Note: The article originally published on read.cash
Title image taken from Pixabay and Edited.
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Amjad.
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38 Comments
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mkmizan
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Crypto has certainly shown its potential to revolutionize the financial world, and it's gaining more mainstream acceptance. So, while it's perfectly natural to have reservations, it's also worth keeping an open mind and considering the long-term possibilities that this technology may offer. Just remember, responsible and informed decision-making is your best defense against those fears and hesitations.
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I think it's having both hesitation and lack of knowledge towards what will happen at the end moreover technology revolution also give lot of opportunities in the future we should think in that way.
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Congratulations, what you think is exactly the same as my thought. I believe that today there are countries with very high inflation, political instability, wars, where perhaps the jump in crypto is less scary than in others
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Despite the scalability issures and low payment speed of crypto, it still has a lot of potentials to establish a bright future economic ecosystem
It has already been said but research and then more research. There are some things 'safer' than others. Some regulations are hindering me but so far I have been finding ways around it. Start with very small allocations. Almost 3 years in crypto and I am still learning every day.
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I fear there will be huge regulations. On top of that I have a feeling something big is going to happen which will make the markets crash which will kill off a majority of these projects. I think there will only be a small amount that survive what is coming. What do I know though lol
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Thanks @AmjadAli for your article. When investing in crypto you should do good research about the coins.
Coins that have been on the market for a long time, such as Tron, are a safe investment. Coingecko and Coinmarketcap are a good place to go for information.
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i agreed with you but in my opinion government officials cant resist more against the power of people of the country and will allow crypto in country
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Thanks for sharing your thoughts with the community. I think a lot of people have similar fears that need to be addressed. Thanks for openly sharing your concerns. Hopefully these can be addressed.
To tackle your first point: there have been countries in Africa and other places that have tried to ban crypto, this ended up having the opposite effect and people have adopted crypto even more. CBDCs and goverment outreach are free advertisment for crypto. Keep it with the safest crypto, invest small % of your income monthly and enjoy the ride! NOT FINANCIAL ADVICE.
Fear and hesitations are parts of the game, normal feelings in an uncertain world :)
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You sir and me are thinking the same thing. But in the end, who knows what will happen. I do hope that crypto will reach its worldwide adoption.