Eniola Olorundare
A lot of efforts have been made to destroy cryptocurrency but this path remains thorny. What seems like the only success achieved so far is in exploring regulation. The fact is that the decentralised nature of Cryptocurrency has been a major challenge for top government in the world.
According to Elon Musk at the Code Conference in California, it is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.
It is difficult for hackers to tamper with cryptocurrency because they it usually built using blockchain technology. It’s a fairly complex and technical process and transactions require a two-factor authentication process.
As great as crypto investment is, however, is it ever secure? That it is likely “secure,” doesn’t mean it’s “safe” by any means. There are, indeed, two elements that make cryptocurrency riskier than holding cash in a bank account: market volatility and lack of federal insurance and regulation. If your bank goes out of business, you will not lose your money. But who do you hold responsible if something drastic happen to your crypto? That’s why there are professional tutors for those interested in cryptocurrency trading so that they won’t lose their money.
Technically speaking, bitcoin will live as long as a handful of computers run the bitcoin software on a network. Only one extreme scenario would lead to annihilation. It is likely then that it will still be the top cryptocurrency in the coming years, unless the community destroys itself due to greed or carelessness.
A lot of questions have erupted about mining Bitcoin, I will give answers to them. The only way to produce new bBitcoins is by mining and this consumes massive amounts of electricity, which may lead to the world exploding or even worse, imploding.
The reverse effect of not regulating Bitcoin is that people can skip paying their taxes, it means the government will suffer losses, your country’s economy will decline, dragging the neighbouring countries down with it, then the whole continent of course. I am exaggerating but if more and more people start hiding their money in cryptocurrencies and stop paying taxes, things could get pretty rough.
