Everyone has a different view of cryptocurrency, but will it be a saving grace or the downfall of many? Only time will tell.
Over the past few months, there has been a lot of debut regarding the safety of cryptocurrency and the debut continuous to this very day. The latest update on this debut being, Dubai releasing their own cryptocurrency and businessmen losing 750 Bitcoin.
• emCash: The saving Grace
The good in cryptocurrency:
1. It is an anonymous way of dealing
2. It cannot be counterfeited
3. Lower fees
4. Easily transported
Dubai recently released their very own state cryptocurrency called emCash. emCash can be used to buy your morning coffee, pay school fees, pay utilities or to transfer money. Dubai is currently considering enabling citizens to buy property using cryptocurrency, but the matter is still under consideration.
Dubai is welcoming blockchain with open arms, believing that it will make the country the fintech hub in the eastern world.
• Great losses: the wolf in sheep’s clothing
The wolf behind cryptocurrency:
1. No liability
4. Strict regulation
5. No reimbursement
6. Difficult to understand
7. Cannot be traced
Several businessmen have experienced losses this past month, Dan Wasyluk and his colleagues were some of the unfortunate casualties.
They lost 750 Bitcoin! The exchange rate being $3 mln (Moolah) per Bitcoin. That would result in $2250 mln (Moolah). There is little to no chance of getting their money back.
Wasyluk added that when a company starts to lose a client’s money, they or the company should be held 100% accountable and currently there is no such system in place.
Currently, everyone has their own opinion regarding cryptocurrency. There are those who believe that it is the future, the path to a brighter future. Then there are those who believe that cryptocurrency will cause more devastation in people’s lives. Will cryptocurrency be the future?
As always only time will tell what cryptocurrency has in store for us and the future.