The Bad Sides of Cryptocurrencies

in kryptonite •  20 days ago

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Cryptocurrencies. These first appeared about a decade ago. The most common example of these is the Bitcoin: this virtual coin started costing a few cents only but recently rose to 15k$ each. Cryptocurrencies eliminate the need for using banks for any transaction. But these have critical impacts on economy, criminality, and environment.

Let’s see what the bad sides of cryptocurrencies are.

Cryptocurrency markets are a disaster for the planet

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Mining currencies require power. miners use computers to calculate power. But the amount of calculations a single computer can make is fairly low.These are basically concentrations of computers that calculate the movements of currencies at all time. But the amount of power drawn is absolutely massive. This is turn generates enormous amounts of pollution.

Most of the mining takes place in China, one of the most polluted countries in the world. China took a big part in launching cryptocurrencies.
Let’s move on to the second aspect: the crime.

Money laundering and extortions


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The rise of cryptocurrencies is a godsend for criminals. Laundering money through cryptocurrencies is an easy process: the number of transactions that can be made easily make tracking the original money near impossible.

This, in turn, makes extortion and intimidation easier.

What those cybercriminals do is fairly simple: they “attack” websites of big corporations, making them unusable, or simply stealing valuable data. They then proceed to ransom said companies through multiple transfers in cryptocurrencies.

‌This is a new form of criminality for a new form of currency.

A negative impact on economy worldwide


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Because cryptocurrencies can be used anywhere and are hard to be traced, they can be used on what is commonly referred to as the deep net or dark web. This section of the web that is unavailable to most users is where all illegal trafficking websites take place: drugs, human trafficking, weapons etc.

Cryptocurrencies can easily be used to buy from these websites.

Plus, the increase in demand for computer components is making prices skyrocket for all users, including non-miners.

Whats your opinion about crypto??

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Hope some day crypto regulation will fix all this

Positive & negative part are always there. In crypto postive part is more than negative..

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Yes but we also have to learn both. Thank you !

You are posting good news about crytocurrncy

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Yes, and thank you for you contribution!

Cryptocurrency markets are a disaster for the planet..... Totally agreeing with this statement

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Yes , but we still we have to solve that, thank you .

Every where same problem

Future is cryptocurrency

We r used to centralisation..... Just think what world bank can do !!!!!! But if every people unites it is an organisation without any power

@mianadan3218 cryptocurrency have bad side but we have to you use regulation to reduce then. Fiat currency also have bad side

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You got it right, thank you for your support!

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Welcome bro, I will definitely support you

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You are right, thank you for your support!

No one can stop the crypto,

This is wonderful article!
I am very glad to read this from you.

Keep on like this .

Proud to have you in our smart community ~ Nusteemit
Upvoted & resteemed

Nice post

You are doing a gr8 job...keep it up