Ever since the debut of Bitcoin and Blockchain, the growth of cryptocurrency continues to attain unforeseen heights. This height has resulted in numerous development which no one had perceived to be possible in such a short time. The journey has not been smooth and easy as it seems like cryptocurrency has had to battle tough government policies melted out to halt the growth of the crypto industry.
It is evident that the government's tricks and tactics appear to be failing as numerous countries continue to adopt Bitcoin and other Cryptocurrencies as legal tender. This further attests to the fact that crypto is really the technology for now and the future. This statement means that crypto technology still has a long way to go to attain perfection and be really accepted by the world in general.
Some of the issues that still rock the cryptocurrency world remain the high tax the government of some countries has placed on people and cryptocurrencies entity operating within their jurisdiction. Despite obtaining these hefty Taxes from the crypto entities, other laws are still being deliberated on just to dissuade the public at large from investing in cryptocurrency. In my own opinion, the government is just a minor issue as they could be controlled.
Some big problems which still rock and make people doubt the credibility of crypto are:
- Transfer of Wealth
- Lack of Trust
Security issues around the cryptocurrency world top the list of problems that need to be fixed at the speed of light. The reason for this is due to numerous wallet hacking news always trending around the crypto sphere. It is always a case of one account being hacked or groups of accounts hacked. This has been the order of the day. The most recent was the case of bored Ape holders losing their coins/ NFT as the Bored Ape Instagram account got hacked. A lot of people lost millions in dollars as they connected their wallets with the bored ape coins while following the instructions of the hacker (Who was in control of the Bored Ape Instagram Account). It is becoming an all too familiar affair and this is one issue that needs to be critically addressed as hackers are making the technology look like a joke.
When I say the transfer of wealth, well, I mean it like a next of kin type of situation. In the world of today, when someone dies, his wealth will be transferred to his or her next of kin or anyone which the deceased states in his will. To the best of my knowledge, this transfer of wealth is still not yet in place as central exchanges carrying the coins of a deceased person will likely not release his fund to the deceased family. No one plans for death especially when someone is young and just starting out in life. So, in my opinion, this has taken the use of crypto in my country a little backward. Asides from some writing out a mnemonic and transferring it to your next of kin either through a will or just handling it to them just in a just in case situation, there is really no way to assure that the next of kin get the cryptocurrency invested. And writing down a Mnemonic could be risky as the person you gave it could withdraw the funds in it even without your knowledge.
The last of these issues is lack of trust and that’s the biggest issue of all. Trust in the technology is not really there as a lot of people who are even making it big doesn’t believe in the sustainability of the technology. Most see it as just a way to flip their money or make something big out of it before it crumbles. While that notion might be false, the belief of people in that notion is scary and it has put a lot of people off. Aside from that, Rug pulls as made it quite hard to want to invest as it is becoming hard to properly dictate a project that will rug. Lots of projects are becoming wiser as they don’t even rug pull at a go instead, they do it slowly and that’s more brutal.
These issues are all fixable in the unforeseen future but people need to be intentional about making those changes a reality. Although people might think that they are lots of controls in place against these issues, I must say that the controls are either inadequate or they are not working at all. We still have time to perfect the technology and it is achievable
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