Tag Archives: cryptocurrency

Cryptocurrency Boom: How to Avoid Risks & Government Violations

This is the second part of the two-episode series on the cryptocurrency boom. Rocketing in value, it currently occupies a large space in Southeast Asia, Latin America, and the African economy. Galloping amidst the craze, investors are rolling in huge numbers to capture their share in the crypto market.

The rise of crypto-billionaires has fueled the demand. Amongst the thousands of cryptocurrencies in the market, the 5 star-rated ones are Ethereum (ETH), Bitcoin (BTC), XRP (XRP), Stellar (XLM), Cardano (ADA), and Dogecoin (DOGE). Bitcoin being the first blockchain-based cryptocurrency, it still remains the most popular and valuable.

Despite the buzz, there are quite a few issues surrounding the trend — volatility, risk factors, and environmental concerns. Though decentralization is the highlight of cryptocurrency, the lack of central authority does create discrepancies. With anybody and anyone being able to create a cryptocurrency, the worth fluctuates with complete dependency on the number of users – demand/supply ratio. 

Lack of regulation conceptualizes a space that regulatory bodies fear of being misused. But one cannot deny its popularity and the roaring future ahead. That’s the reason we have governments across the world engaging in fruitful discussions that can devise an inclusive financial coexistence.

As of now, businesses across the US, Canada, Australia, and European Union have welcomed bitcoin payments. El Salvador, a country in Central America also became the only country in the world to allow bitcoin as legal tender in June 2021. It won’t be long before we have a large number of enterprises opening up the market for cryptocurrency as a viable option for transactions. Meanwhile, few conservative governments like India are still evaluating the prospects of the digital currency and incorporating regulations like KYC and mandatory disclosures to allow inclusion on watch.

 Another major concern is the impact on the environment due to the production of cryptocurrency, which is also known as mining. The power consumed with every transaction, requiring several thousand computers logged together, is still a question to ponder. However, crypto manufacturing companies claim to have come up with alternative renewable energy methods to solve this crisis.

Though concerns are many, cryptocurrency is here to stay and flourish as one of the promising profitable options in the world economy. Major economies like China are creating their own digital currency.

Through this second episode of the two-part series, Tell-A-Story dives into the reasons for market volatility, how to identify risks, what the top cryptocurrencies in the market are, government regulations, and the future ahead!


Suchithra Pillai comes with over 15 years of experience in the field of journalism, exploring and writing about people, issues, and community stories for many leading media publications in India and the United States.

For more such intriguing stories, subscribe to the channel. You can also follow the stories on Facebook @tellastory2020 and Instagram @tell_a_story2020


 

Cryptocurrency Boom: What To Know and Why To Invest?

Tell A Story – a column where riveting South Asian stories are presented like never before through unique video storytelling.

There is a lot of buzz around Cryptocurrency and 2021 is termed as the ‘Year of Cryptocurrency’. People around the world are joining the crypto bandwagon, especially South Asians. Garnering popularity, the craze has soared heights, and economists predict cryptocurrency to be the future of economics. 

Crypto is a long-term investment that remains perpetual amidst the fluctuating trends of recession. A global currency for all that stands tall in the virtual world. The narratives are many but people worldwide still struggle to understand the basic concept of cryptocurrency and wondering how and why to invest?

Some consider it as a passing trend, many fear its volatility, yet it steals every headline opening up an avenue of investment opportunities. As of now, there are more than 300 million cryptocurrency users across the world. And nearly 12 cryptocurrency billionaires amongst the lot who made it to the Forbes’ 35th Annual World’s Billionaire List this year. 

The popularity is not a farce, never before in human history has there been a way to digitally transfer value through a system that is almost impossible to forge and secured to the core. A system that is unaffected by Dollar supremacy, fluctuations of the world economy, exchange rates, or inflation.

Cryptocurrency is an encrypted virtual currency — A currency created by computers through secure aisles of cryptography. Anyone can buy a cryptocurrency as it’s open to all with no guidelines. A decentralized digital currency, a medium of exchange with only a virtual presence.

Bought and sold via cryptocurrency exchanges, the transfer involves only two parties with no middlemen. It is this ease of transfer and security that has rocketed the reputation of cryptocurrency right from the start. The exchanges are open 24 x 7 and with low transfer fees, people are eager to embrace the virtual currency over the paper counterpart. 

Though its growth attained a spike last year amidst the pandemic, unknown to all is the fact that the legacy of cryptocurrency is more than a decade old. It all started with the 2008 recession when Satoshi Nakamoto (a pseudonym) created the first cryptocurrency, Bitcoin, as an aftermath of the financial crisis. 

It quickly became a favored method for money exchange because of the data security features offered and blockchain technology. To break down these complex concepts to their most simplified version is a two-episode series by Tell- A Story that helps any layperson understand this new trend in finance.

This first video focuses on how cryptocurrency works, the process involved, and why people prefer to invest. It also sheds light on how you can gain from cryptocurrency and what makes it different from traditional financial institutions like centralized banks. Let’s explore it further and understand the concepts for better investments and long-term sustainability. 


Suchithra Pillai comes with over 15 years of experience in the field of journalism, exploring and writing about people, issues, and community stories for many leading media publications in India and the United States.

For more such intriguing stories, subscribe to the channel. You can also follow the stories on Facebook @tellastory2020 and Instagram @tell_a_story2020