Investors are in constant search of the most convenient ways of investing their money. Cryptocurrency is one of the most popular digital currencies available in the market. With so much info available about the currency, it remains a big riddle as to why the cryptocurrency is not widely used, many years after its invention. In this article, we will discuss the nine issues facing crypto today.
- It’s too “techy”: Cryptocurrency was invented by high-tech hackers and cybercriminals, which makes it extremely techy. Today, most people still associate it with insane technology which for easy navigation. With most ordinary people finding it easier to use, it is one of the leading reasons crypto has not hit the market mainstream.
- Numerous Scams: The internet is associated with unlimited scams, which makes crypto users susceptible to the same. Most people cringe at the idea of investing on a platform full of hackers, scammers, and theft. With crypto not yet in the mainstream, very few people can risk investing in digital currency.
- Price Volatility: Society believes in working hard before gradually getting rich. The get-rich-concept, which rarely ends well, does not sit well with some people. The unbelievable price volatility in the crypto world, such as 2017, can easily scare off people who work based on the above belief.
- Risk of Government Interference: Despite being an appealing idea to most investors, cryptocurrency suffers the risk of interference by some governments in the future. Some regulations (underway) target wiping out crypto exchanges in the set countries, which scares some people. With such threats possibly coming, it will be harder for crypto to enter the mainstream.
- Scalability: One significant challenge associated with crypto is scalability. Most cryptocurrencies are not scalable in value, transaction time, and processing power. With minimal scalability, it would be so challenging for these cryptos to go mainstream. Even then, the few that would go through would still fall apart.
- Wallet Issues: Investors can’t invest in a place where they have no trustworthy party to hold their wallets. The wallets are highly vulnerable to hackers, theft, or declaration as long-term scams. It is scary to invest in such wallets, which is a big challenge for the crypto world.
- No Insurance: Planning for the future entails ensuring everything ranging from homes to cars, health, and education. Investing on a platform without insurance poses a greater risk regardless of the immense returns. There is no government guarantee for crypto as it is for banks and other mainstream platforms.
- Feel like a cult: Despite all the support available on crypto platforms, users still experience significant cliquishness, which scares off most potentials. Instead of teaching the visitors what they should know, the support focuses mostly on grilling a great turnoff. In the end, most investors choose the mainstream investment options.
- So much clarity is still required: Despite being in existence for over ten years, there are countless questions still being asked about crypto. Today, crypto still feels new to most people, which poses a big challenge to the potentials. More awareness should be made about crypto for everyone to get enlightened and comfortable with investing.