According to Elon Musk, CEO of Tesla, furtherance in cryptocurrencies will decelerate but it will not vanish from the market.
Musk also advised the US political leaders to not touch the cryptocurrency ecosystem as he was directing the Code 2021 meeting at Beverly Hills, Los Angeles in the US. He also commented that cryptocurrency is rudimentary lined up at decreasing the might of a centralized government. So, the government will try and lessen the reign of crypto but they will not be able to eliminate them from the business world.
Musk's recommendation to the government bludgeoning for no action against cryptocurrency was the effect of China’s decision to ban the mining and trading of cryptocurrencies
After China banned cryptos from their market, the crypto market has noticed extensive fluctuations even for the profoundly valued cryptos like Bitcoin and Ether.
One of the reasons behind the Chinese government decision was the lack of electricity in the Southern part of China who is facing major outages in power supply as the power requirement is more than expected. As claimed by Musk, the Tesla CEO, who also controls space company SpaceX aside from EV-Maker, mining the cryptos might be the reason behind it.
In 2019, scientific journal Joule predicted that in near future within a year production of Bitcoin is reckoned to bring about between 22 and 22.9 million metric tons of carbon dioxide emissions.
One portion of the world consisting of Russia and China has raised barriers to produce cryptos while the other portion consisting of El Salvador and Miami, or Florida is searching for ways to discover eco-friendly solutions to aid cryptocurrency mining.
Earlier this year, Tesla had picked up Bitcoin worth $1.5 billion, which elevated in value to $2.5 billion as its value enlarged in the second quarter. Bitcoin and other cryptocurrencies had caused several mischances as well.
Musk also agrees on the fact that cryptocurrencies are the solution to all the problems but he also believes that they can bring revolution in the upcoming future.
EVERY COIN HAS TWO SIDES: HEADS OR TAILS!
Bitcoin or any other cryptocurrency is similar to any other risk-involving investment. This implies that your risk tolerance and trading objectives decide whether you should invest in cryptocurrency platforms, or not. Like every other thing, there are, without doubt, both pros and cons in getting your foot in the boat of cryptocurrency. You got to analyze both aspects and then make a decision whether you are or not ready to indulge in the cryptic world.
Let’s move ahead and discuss the pros and cons of cryptocurrency investment.
TRANSFER IN A FLASH: It only takes a few Mississippis to transfer any amount of money. In comparison to the global transactions made through the banks which are way too expensive while the Bitcoins hardly cost you a few bucks to make your transactions move globally. Bitcoin has no geographical limitations like the Internet and e-mail. Bitcoins have no time or place limitation which makes them a truly worldwide currency. In addition to that you are provided with all possible payment methods, so you can easily get your hands on bitcoin.
POLITICAL-FREE: The government does not have any hold on cryptocurrencies as it is created by the people, so there is no third-party involvement. This means no one can charge, freeze, or demand your tokens.
The cryptocurrency will not be stolen or seized by the government in any case. Also, Bitcoin trading does not involve any requirement of disclosing any confidential information. The cryptocurrency solely requires two keys: a private key and a public one.
The fear of commitment: The prices of Bitcoin are exceptionally volatile, one moment it is rising and in a blink of an eye it falls at a rapid rate. The lack of rules and regulations in cryptocurrency transactions increases the possibility of scams and frauds.
Unsheltered asset: Bitcoins are like sand in the hand. They can slip away easily just by the pinch of the virus, or the hard-drive cash. You can be bankrupted in a matter of seconds. Also, your coins will be orphaned forever.
If any mess up happens in your bitcoin wallet, you will lose all of your assets. You can't get it back unless you have backed up with a backup phrasal code.
In a nutshell!
The cryptocurrency ecosystem has a lot of loopholes that are yet to be discovered. The two-faced coin has to fight a long way to become a crucial part of the trading world.