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November 29, 2018, 05:31:34 PM |
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Here are my reasons
Decentralization Most cryptocurrencies are decentralized which means the government can not control the currencies and most certainly it can not regulate the circulation of the cryptos as it usually does with mainstream fiat
Volatilty As you may have witnessed. cryptocurrencies are very volatile at the moment which is not healthy for the economy of a nation. This kind of volatility can plunge the economy into the state of inflation and deflation at any time
Technological Ignorance by the masses As you may have noticed, Very many people around the world as still about how cryptocurrencies work let alone the blockchain technology. This means their adoption will be so slow. This could be solved if blockchain course were made available in colleges and universities
Soring Cybercrime Cryptocurrencies have been hit by a lot of scammers and hackers where billions of USD have been lost. This alone has made government very reluctant to take up cryptocurrencies as a new form of currency. Also, people are scared to take up cryptocurrencies for fear of losing their hard earned money to online criminals.
History of Bitcoin We all know how bitcoin started. During its first years, it was majorly used to do illegal transactions involving drugs, guns etc. This sort of made bitcoin infamous in the eye of government and the general public. Bitcoin being the Godfather of cryptocurrencies implied that some people and governments still have the same attitude towards all other cryptocurrencies one of which is said that cryptocurrencies are a portal for money laundering and funding terrorism.
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