Disadvantages of Digital Currency

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If criminals could launder their cash, as has already been proven, they often invest it into cryptocurrencies because no authority can track or trace it.

Digital currency is a new form of currency that is not physical. It is created and stored electronically by a computer or group of computers. The first digital currency was Bitcoin, which was introduced in 2009. 

Digital currencies are becoming more popular among people who want to avoid the disadvantages of cash - such as high transaction fees and the risk of theft. 

The prospect of using these cryptocurrencies may prove to be very lucrative compared to traditional payment methods like Visa, but with hefty transaction fees, that could lead to an increase in turnaround time.

 

The disadvantages of digital currency are that it can be volatile and its value can change quickly. It also does not have any intrinsic value like physical money does, so it's very easy for someone to counterfeit it. 

The digital currency lacks a physical presence, and traditional currency doesn’t have some major disadvantages that digital payment mechanisms have.

 

Fraudulent Use of Digital Currency 

Digital payments are generally felt safer because any third party cannot manipulate them. This is true in general, however the users of the technology do not need to make the payment subject to fraud because it is ruled by technology. There are some examples with weaknesses like cybercriminals or hackers who may get into networks and monetize people through these mechanisms from digital frontend platforms in a quick way.

 

Criminals Can Adapt To New Tech 

If criminals could launder their cash, as has already been proven, they often invest it into cryptocurrencies because no authority can track or trace it. 

Silk Road has since been closed down, but at its peak, hundreds of thousands of pounds and dollars were exchanged using bitcoin. During its peak, the dark web network was used to buy and sell drugs, weapons, and even killings.

 

Decentralization Means Destabilization

 

If digital cryptocurrencies were to become extensively embraced internationally tomorrow, there would be a global crisis since the currencies themselves aren't based on anything of value other than trust. After all, nothing more than a piece of news can cause something to climb or decrease.

 

The banks would collapse, destroying the whole global economic framework.

Effectively, digital currencies are extraordinarily useful. However, it is unlikely that they will ever replace the major global currencies until the big banks and governments discover how to control them, effectively ending their promise of being decentralized from them anyway.

 

Tracking and Identification of Individuals 

In the case of traditional currency, every individual has a unique number assigned to them by the government. This number can be used to identify the person when they are identified in any part of their life like healthcare, law enforcement and so on. There is no such rule for digital currency, so tracking is more difficult in some cases.

 

Jesus said in Luke 21:12- But before all these, they shall lay their hands on you, and persecute you, delivering you up to the synagogues, (THE SYNAGOGUE OF SATAN) and into prisons, being brought before kings and rulers for my name’s sake. 

Understand that during these end times, there will only be two types of CHRISTIAN: PERSECUTED PROSECUTED! 

 

It’s late in the game, my Christian friends, and we had better wake up!

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