What are the global challenges that’s facing cryptocurrency

[Ramolak19]

Have been thinking of investing into cryptocurrency for the past few years now but am still afraid on global challenges that’s facing coins. Because the global challenges that’s facing cryptocurrency are numerous and varied.

One of the main issues is scalability, as blockchain networks can become congested when too many transactions occur at once. there is a lack of regulation in most countries which makes it difficult for businesses to accept cryptocurrencies without fear of legal repercussions.

security remains an issue with digital currencies due to their susceptibility to hacking attacks and other malicious activities. And public perception still needs work; while some people have embraced crypto assets as legitimate investments or payment methods, others people like me also remain skeptical about its potential use cases and long term viability.

 

[Shaf]

You're right in your fears and concerns, and even though diehard fans of crypto may argue against it, cryptocurrency is not perfect at all.

The obscurity around it, the limited knowledge and understanding that people have about how it operates make people reluctant to use it especially in their daily transactions. It doesn't help that there are multiple block chains and projects, each with its own issue and solutions.

Another problem cryptocurrency has its the volatility and how it's subject to the influence of news. No one would like to receive money, only to have it depreciate within a few minutes or hours because of bad news.

 

[Ramolak19]

You're right in your fears and concerns, and even though diehard fans of crypto may argue against it, cryptocurrency is not perfect at all.

The obscurity around it, the limited knowledge and understanding that people have about how it operates make people reluctant to use it especially in their daily transactions. It doesn't help that there are multiple block chains and projects, each with its own issue and solutions.

Another problem cryptocurrency has its the volatility and how it's subject to the influence of news. No one would like to receive money, only to have it depreciate within a few minutes or hours because of bad news.

@Shaf thanks you for commented, in fact another challenges which i yet to mention is my concerns about energy consumption associated with the mining operations for some cryptocurrencies. Because many countries have yet to recognize it as legal tender, meaning that its use may be restricted in certain areas

there is a risk of fraud or theft due to the decentralized nature of cryptocurrencies around the world. Another challenges that facing cryptocurrency may include the lack of regulation, which can lead to uncertainty and volatility in prices like you said earlier but to me I can only invest in crypto when I noted that the price are lower