The cryptocurrency was born on the belief of decentralization back in 2009. It was a war against the dominating and usurping authority of banks and governments.
The prevailing concern was, that people have to pay hefty transaction fees with never-ending delays when transferring their money. It is even more cumbersome if the money has to move across the border.
On top of that, you have to prove your identity and justify why you are making the transaction.
Moral of the story: you’re answerable and dependent on these powerful intermediaries who are determined to rip you off under the guise of their unwarranted service charges.
The introduction of cryptocurrencies to the people was a sigh of relief for such people.
You now can:
- Send money across the border in minutes
- Pay minimal charges
- No cap on the transfer of money
- Privacy and security when making transactions
- True accessibility
Volatility is a Party Crasher
Just when you thought that you have an alternative to the domineering financial system, the volatility factor stepped in.
Since the inception of cryptocurrencies, volatility has never left their side.
So far, crypto hasn’t been able to break the shackles of volatility. And it is this factor that keeps many investors and businesses at bay – one of the biggest hindrances in crypto adoption worldwide.
This fear keeps people going back to the traditional fiat currency since its stability is ensured by the governments and banks – they regulate the fiat currency.
Experience with Crypto Volatility Combo
After investing in crypto, two sorts of people have come forward. One, those are turned millionaires overnight with their long-term investments and cashing on the volatility intelligently.
Two, that have burned their fingers after losing millions. They are wary of crypto now and discourage others to invest in crypto.
From the former class of people, Carl Runefelt is one of the prominent ones. Not long ago, Carl was a cashier in a supermart but he kept investing his savings in the crypto month after month.
One day everything changed forever when he woke up to the news of crypto shooting through the sky.
His value of crypto was worth millions now. Today, he drives his dream car Bugatti on the roads of Dubai and travels in a private jet worldwide.
While commenting on his personal journey with crypto on his YouTube channel, The Moon, he said, “I heard about Bitcoin more than four years ago. I was actually working in a supermarket back then, but my small little net worth that I had back then, I was pushing into crypto every month. I was a big researcher of the financial system. I was very interested in how money worked. I was interested in how the central banking system was working, and I realized back then that it was a very broken system, and that’s why I chose to convert my salary that I was earning in the supermarket into crypto and it paid off.
Calls for Regulations Rises
As the other group of unfortunate investors that lost their millions amid the crypto crash – volatility – the cries of crypto regulation got louder.
The thing is, the crypto market has had many winters and it has crashed more times than you can count. The volatility goes hand in hand.
And this is expected to stay together for some time in the future lest the global crypto adoption reaches its pinnacle.
Experts say that the rallying cry to regulate the crypto market defeats the very purpose on which crypto was introduced – a decentralized, free financial domain escaping the designs of banks and governments to forcefully demand their share under the guise of transaction charges.
Carl Runefelt comments, “We’ve seen that people increasingly turn to Bitcoin as a form of money and store of value because Bitcoin is the only money in the world that has no political attachment. Your bank money can get frozen, or your gold can get confiscated but with Bitcoin, you can literally cross a border with your private keys in your head, and you can travel the world with millions of dollars literally stuck in your brain. This is something that has never been possible before.”
The Contemporary Crypto Crash
The recent crypto crash has brought the prices of prominent cryptocurrencies, Bitcoin and Ethereum, down to what they value last year.
Many investors have lost their millions.
The latest crypto crash has only blown new vigor to the cries for crypto market regulations.
But it will take another decade or so for some solid headways into its implementation – if regulation is considered.