How dangerous are cryptocurrencies?

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The big secret of bitcoin’s power is that people who didn’t know each other (so they had no reason to trust each other) trade in a curious environment of trust. 

It is a fact that bitcoin and the cryptocurrency ecosystem in general are treated with distrust by a significant part of the population, which makes perfect sense.

According to a post by cryptocurrency expert Vassilis Pazopoulos on euro2day.gr, it is not easy to understand that bitcoin may have a future, as it is an intangible currency that relies solely on faith and has been invented by anonymous cryptographers. it is not supported by any state entity, it is not issued by any central bank, it does not have an army, police, laws, to enforce its use. 

And on top of that, he has a bad reputation.

This is the first time in history that such a currency has appeared and no one believed that such a thing could happen. It didn’t even exist as a theoretical possibility. With bitcoin you can trade without intermediaries. Without any bank interference. Banking services are necessary, but not banks. At least not in the way we know it today. As it has reformed the media and the way we communicate on the Internet, bitcoin and blockchain aspire to radically change the financial industry.

“Too much; It will show the future. The big secret of bitcoin’s power is that people who didn’t know each other (so they had no reason to trust each other) trade in a curious environment of trust. They may have lived on the other side of the globe, perhaps in hostile states. And yet they exchanged money directly with each other, without losing a single cent. That was revolutionary.

Think about it. How many of you have lost money to someone you know personally? Either intentionally or due to the debtor’s weakness. If not here’s a new product just for you! Even if there is a notarized document certifying the debt, you cannot be sure that you will get your money “, the publication states. 

An average of 350,000 transactions were made daily on the bitcoin network in 2019, but there was never the slightest problem: no one even lost a cent. No need for mediation, no bank, no lawyers, no contracts. And all this among strangers.

But beyond that, there is the prospect of speculation. How risky is cryptocurrency investment? According to Vassilis Pazopoulos, it is. 

“Do you need prudence and study before making any move? Of course it is needed. Knowledge is the most important role for success. But the thing is, this time around, you have a really good chance of benefiting. The real risk lies not in the daily fluctuation of the price of bitcoin but in the final confirmation that the expectations that envision it as an innovative technology, which will change the world, will be verified. Anyone who believes in the prospect of bitcoin, placing a small portion of its portfolio, has little to lose. The loss in case of complete failure will be minimal and easily recoverable. We have an idea of ​​strategy here. Perhaps the biggest problem is that he will be confronted with the cassowary of those who insulted him for his choice “, he states. 

However, he stressed that if the trend of adoption and trust in the bitcoin network continues, the investor will benefit significantly in many ways. From the launch of his invested capital, to the satisfaction of personal justification. On the contrary, the rest will feel as likely as those who laughed at the sight of the first car, in the then horse-held world.

“That’s why we need information. Learn about the philosophy, how it works. As with any investment value. Information doesn’t just mean looking at the price on the dashboard and what’s going on behind the scenes,” he said.