Finances

5 Biggest Issues Cryptocurrency Industry is Facing in 2020

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Written by Quentin Hack

We are pretty sure that a lot of people around their world have their heads spinning due to the terms like cryptocurrencies, Bitcoin, Ethereum, Blockchain, etc. Without any doubt, these are too much for some people to understand. But once they get a full glimpse of the whole concept, people are able to understand them in the best possible way. We can see that people were pretty skeptical about this trend when it was introduced to the world in 2009.

Nowadays, we are talking about something that is one the road to becoming mainstream in the world of finances. Slowly but surely, a lot of different countries from every corner of the planet have the aim of creating their own cryptos, which only tells us about how interested people are in the concept. We absolutely have no doubt that this is the future.  If you would like to learn more about this whole concept, visit readersdigest.co.uk and inform yourself a little bit better about it. But that doesn’t mean that there are not any kind of problems with it.

We are talking about issues that can become pretty big over time. Since not too many people know about these, we’ve decided to conduct research about it and present you with what we’ve been able to come up with. Now, we are going to provide you with the biggest issues cryptos are struggling within 2020. Without further ado, let’s take a look at the most important ones.

  1. Marketing is a Pretty Big Problem

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It doesn’t matter how many benefits people get from cryptocurrencies and other features that come with them, we can see that it’s perceived as bad due to the lack of control. At least, this is what we are told by official financial institutions and banks. But you cannot deny the fact that we are told that there are criminals who take advantage of it. Without any doubt, we are talking about pretty bad marketing that follows cryptocurrencies.

Therefore, we cannot deny the fact that many people are not attracted to the concept since there is so much bad marketing around it. Naturally, when you talk to someone who has managed to achieve much with these, you will hear only about the positive side of things. At the same time, the official statement is pretty contradictory. We are told that this is bad, but why there are countries that are developing their own, national cryptos? This is something that people need to though about in the future, without a doubt.

  1. The Balance Between Security and Privacy

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We all know the story about how Bitcoin came to be, right? For those who don’t know, this crypto was invented by an anonymous Japanese professor. Naturally, this means that there are some shady activities in its history.  But, we can see that some things were updated over time. The main thing that was updated is KYC or know-your-customer.

This is a positive tendency in this world since one of the major things official institutions don’t like about it is the fact that privacy is complete. So, in order for it to be completely accepted into the world of finances, there needs to be a fine balance between privacy and security. Only by achieving this level, we are going to be able to find a solution for the current situation.

Read also Why Gold and Bitcoins are the Best Way to Preserve Your Wealth

  1. Many Uncertainties

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We’ve mentioned that it doesn’t matter how popular cryptos are in today’s world, we can see that there are a lot of uncertainties. People don’t have full knowledge about it. Who can blame them? Really, we can see that this is a pretty complex concept, and many of the experts don’t understand it completely. So, for it to get much better marketing it is important for people to understand it a little bit better.

This cannot be achieved without having some lecturers who can explain to the people the whole concept behind cryptos. We are fully aware that this feels like one of the hardest things that can be done. However, when you take a look at it, you can be sure that it isn’t as hard as many people think. In fact, we believe that the development of a system can help the further popularization of cryptos.

  1. Countries Who’ve to Ban it

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We know many examples of countries that don’t have any kind of opinion towards cryptocurrencies. However, many people don’t know that there are countries that completely banned all of them for a variety of reasons. We are pretty sure that they are solid. However, that doesn’t mean that these cannot provide much more good things than negative ones.

But we can say that the general opinion about cryptos is slowly changing and that we are going to see this opinion change pretty soon. We just have to wait for it to happen. Among countries who’ve banned cryptos are Bolivia, Ecuador, Bangladesh, and Vietnam, just to name a few.

  1. The Tension Between Institutions and Cryptos

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Throughout this article of ours, we’ve mentioned the fact that the majority, if not all, of the official institutions, have a problem with cryptocurrencies, mainly because their users are completely anonymous. So, the control is not possible, until now. We can see that depictions of this system are not good, which doesn’t help in its implementation, at all. Even though there are countries that are more liberal towards cryptos, we can see that the majority of them don’t really want to relieve it of the pressure.

The result is, many people avoid having any kind of contact with cryptos. So, it goes without saying that if these tensions decline over time, the room for the implementation will become much bigger. Despite the fact that the general opinion is not good, we can see that many companies from all over the world have adopted it as a legal method of payment. Governments don’t like it since some of them are avoiding paying taxes. However, we don’t have any doubt that this will be regulated in the future. In fact, we are absolutely sure of that.

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Quentin Hack

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