What security challenge would cryptocurrency bring to economy

[Khezo]

We are quite familiar with where IoT is heading. We mostly anticipate a positive outcome, and hence those anticipations drive us to find and do more towards IoT's development. One such promising idea is block-chain driven crypto-technology. Although it is in its infancy optimists have already invested a good fortune towards its development. For example, we have IOTA cryptocurrency being traded as we speak. In one hand we shall have machines to collect payments or share labor costs with one another. On the other hand, we shall have security challenges like trust.
What are your predictions on pros and cons of the machine-to-machine economy?

 

[btaliat]

The only security challenge i can predict about cryptocurrencies is the issue of hackers. The influx in the trade on cryptocurrencies can generate the increment in the rise of hackers. Since most transactions on cryptocurrencies are always based on anonymity, there is tendency that hackers will want to take the advantages of this loophole especially illiterate and gullible cryptocurrencies users.

 

[marcusfe]

Cryptocurrency is capable of bringing serious economic challenge into many countries economy if not properly managed.! The fact that the operations on cryptocurrency trading cannot be traced is a serious aspect that government should look deep into. In many corrupt nations where leader embezzle the public fund, cryptocurrency will enhance this act and encourage the so called corrupt leader to steal more.

 

[Haypril]

In my opinion, I think the question should be constructed as; What issues has Crypto currencies bring? The general public are being left out in the atrocities that the so called digital money has caused. Money laundering, easy purchase of hard drugs, looting of national budget and many more. Before, there are alarms been raised in respect to the sum of amount some of our leaders had in possession but the rate of alarm has reduced.

 

[Domsimon]

Incontrovertibly, crypto currency has come to stay. With the current wave it has created all over the world and the extent to which it is embraced, is a clear indication that it is an effective and efficient medium of exchange, which technological innovation has provided. Talking about the security of the economy, recently the Nigerian government has placed a ban on Bitcoin and crypto currency as a legal tender in the country and this has generated a lot of mixed reactions. To many, in their opinion of the policy, the Central Bank of Nigeria is threatened by the overwhelming activities in the financial sector which perhaps has starved the Nigerian banks of cash flow and could have a serious negative impact on the economy. Aside, this, the government in justifying their action, stated that the decision was taken for security reasons. It is not gainsaying that the country has been threatened by insecurity for over a decade now and the government is working hard to block loopholes fueling the phenomenon.

Be that as it may, Bitcoin and crypto currency has really been of tremendous relief to many around the globe as it has redefined financial and investment sector.

 

[Prettybabe]

I don't see the issues anyone is expecting to see with the rise in cryptocurrency that they haven't already seen with the fiat Currency.

Cryptocurrency is not going to cause anymore problem than what the fiat has caused. A lot of illegal and corrupt activities have been going right before the invention of cryptocurrency. So?

 

[Deleted member 27126]

We are quite familiar with where IoT is heading. We mostly anticipate a positive outcome, and hence those anticipations drive us to find and do more towards IoT's development. One such promising idea is block-chain driven crypto-technology. Although it is in its infancy optimists have already invested a good fortune towards its development. For example, we have IOTA cryptocurrency being traded as we speak. In one hand we shall have machines to collect payments or share labor costs with one another. On the other hand, we shall have security challenges like trust.
What are your predictions on pros and cons of the machine-to-machine economy?

I think the main reason why some countries have chosen to ban cryptocurrency is that their governments are fully aware of the fact that the existence of cryptocurrency will make their fiat money to be a bit useless, taxes will be evaded successfully and bank charges will be totally forgotten. The federal inland revenue services will record low sales.