This is a valid question that people will ask, criminals are well known for using it to hide their ill gotten gains, the Blockchain that it runs on isn’t controlled by anybody and the prices can fluctuate at a ridiculous rate.
This is all true, because the transactions are untraceable criminals can buy and sell whatever they want without being detected – often illegally. The Blockchain is an uncentralised and completely independent entity with nobody overseeing it at all. As for the cryptocurrency price variations they can rise and fall at far faster rates than conventional stocks and shares as history has proved.
But Is It Still Dodgy?
No it isn’t, it’s not perfect as I’ve just explained. But what you need to bear in mind is that billions of pounds worth of cryptocurrency are traded every single day all around the world. That is an indisputable fact and there is no sign of this stopping or even slowing down any time soon, in fact cryptocurrency transactions continue to grow.
Some cryptocurrencies have been a source of fun or ridicule Doge is one example, I know Elon loves it for its quirkiness as much as anything. But it was originally a joke, a humorous endeavour and never meant to become what it is today. This kind of publicity did cryptocurrency no good and inflated the idea of not being serious, one big cryptocurrency laugh.
The banking institutions hated it, governments mocked it, joe public thought what the hell is this? It can’t be any good as it’s not part of the establishment, it’s hard to understand and nobody is in charge of the transactions, gotta be dodgy.
Also see: The Blockchain Simplified
This scepticism was well grounded as trust was thin on the ground in the early stages and lack of trust was a big issue. Even the though it is a global powerhouse in the world of finance today, with banks and governments investing in it, with cryptocurrency transactions still continuing to grow, I’m still not sure.
I understand the doubt even though cryptocurrency transactions are carried out by investment companies globally and stockbrokers willingly trade huge sums everyday there is still that unease.
I think that comes down to the fact that it is different, its not real money you can hold in your hand or take out of the cashpoint and spend in the shops. I get it and no it isn’t, for some people that’s enough to put them off, then so be it. But that doesn’t mean its dodgy it’s just an option they don’t wish to pursue – fair enough. It’s a choice not a requirement, but people fear what they don’t understand therefore it must be dodgy – yeah right!
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I have traded cryptocurrency on a cryptocurrency platform and it did feel a little weird I must admit having used traditional trading platforms up until then. But after a relatively short learning curve I understood what was happening and what to do. After all its just a another currency that has price fluctuations, good days and bad days.
Bitcoin and Ethereum are the two major players in the cryptocurrency market and are part of many traders portfolios and rightly so, they are all part of an investment for today and for the future. Cryptocurrency is going nowhere and is incorporated globally into many financiers minds as a given when it comes where to put their money.
Summary
Yes the prices can fluctuate quite a bit at times, mostly not. They never have been like a traditional currency and have received bad press in the past – that’s all true. As for being dodgy that’s a ridiculous outdated notion that clearly isn’t true, when the establishment invest huge sums in it and continue to invest it’s not for the fun of it. It’s because cryptocurrency trading is big business and a serious financial investment for traders and private investors alike.
