Cryptocurrency Debate In India

Cryptocurrency debate in india

What about the challenges ahead.

2. ANONYMITY

IYour name is not connected to your account.

Cryptocurrency debate in india

You are free to use whatever pseudonym you want to manage your cryptocurrency wallet. What’s more, the identities of coin owners are always encrypted.

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This is a level of privacy that no other currency can promise.

As the currency is completely decentralized – a peer-to-peer system, you are its master. You own it.

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Neither governments nor banks have control over it.

Critics may point out that it is not completely private as criminals have been tracked using Bitcoin. That’s true but Bitcoin is not the only cryptocurrency on the market.

You could opt for Monero, DASH, or Verge instead, which place an even stronger emphasis on privacy.

2. INSECURITY

How can you trust that which has no rules? As supporters of cryptocurrency proudly flaunt, it is completely unregulated and decentralized.

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As of yet, there is no central power dictating the rules of cryptocurrency. When we interviewed ECB President Mario Draghi on the subject, he warned: while the euro is backed by the ECB, no institution backs bitcoin.

Cryptocurrency debate in india

That is not reassuring.

Also, if you buy something with Bitcoin and get ripped off, don’t expect anyone to help you. If someone hacks into your wallet, no one is coming to your aid.

Cryptocurrency debate in india

Think it’s unlikely? Think again. This has happened before.

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If it happens to you, you’re on your own. Such is the risk of an unregulated system.