INSUBCONTINENT EXCLUSIVE:
Cryptocurrency market has recovered from its low and showing early signs of another wild run.Cryptocurrency has been around for more than a
decade but the craze about it is recent
Over the past two years, several people have become cryptocurrency millionaires after their investment jumped manifold as the market showed
This attracted the attention of more investors, who had money but did not want to invest in stocks given the market sentiment due to the
They saw the very high returns of cryptocurrency and joined the bandwagon
The market crashed steeply in May this year, after four months of continuous bull run, drowning many into losses
Still, the lure is so high that many more have entered the speculative market.Riding on the positive sentiment lately, the cryptocurrency
market has recovered from its low and showing early signs of another wild run
The question now is: Will cryptocurrency upend the existing financial system and create a new one?What works for cryptocurrenciesBetween
2015 and 2019, a lot of cryptocurrency coins and blockchain projects emerged
Some countries recently decided to allow cryptocurrency and El Salvador even became the first country to classify Bitcoin as legal currency
The proponents of cryptocurrency say it is inclusive as it is decentralised, free from a country's central bank's oversight.Also, more
companies are now warming up to the idea of accepting payments in cryptocurrency, opening a new exchange system for consumers
It is also faster to operate
Finally, though risky, it promises unmatched returns to investors.What works against cryptocurrenciesStill, there are genuine questions
about how this technology can replace the existing one
The biggest issue here is that blockchain technology is far more complex than an average user would want to indulge
Another problem is the underlying asset for any cryptocurrency coin is the fiat currency (i.e national currencies like rupee or dollar)
Despite its massive and rapid success, it is far, far behind the fiat currency in terms of the user base.There could arise pressure from
