Cryptocurrencies are Not Here to Stay in Our Society

Cryptocurrencies have been around for a little over 10 years, but it's only recently that they've become as popular and profitable an investment. The reason? In April 2021 cryptocurrency was on everyone’s radar thanks to Bitcoin getting marked upward by Ethereum - which quickly became known colloquially among traders everywhere else under sun when one token wouldn't do! There are now 4K+ cryptocurrencies available out of which many don't trade much or at all; however you can find more information about them here (https://coinmarketcap.com/all/views/all/). Unlike traditional currencies, cryptocurrencies are not backed by any government or central bank, and their popularity is largely due to their anonymous nature and the ability to use them for illegal activities.

ㅤ

The Current State of Crypto Currencies

• Cryptocurrencies are based on logically incoherent ideas and serve no legal purpose.
• Cryptocurrencies are not backed by any government or central bank, and their value is not determined by anything other than supply and demand.
• Cryptocurrencies are also not legal tender, and there is no guarantee that they will be accepted as payment for goods and services.
• Cryptocurrencies are, in essence, digital Bearer Bonds; they are a digital asset that can be exchanged for goods and services. However, unlike Bearer Bonds, Cryptocurrencies are not backed by any government or central bank and their value is highly volatile.
• Cryptocurrencies are also not legal tender, and there is no guarantee that they will be accepted as payment for goods and services.
• In short, Cryptocurrencies are a speculative investment at best and a fraud at worst.

Reasons Against the Future Scope of Cryptocurrencies

The technology is still in its infancy, and it is highly likely that better and more efficient solutions will be developed in the future. Furthermore, the price of cryptocurrencies is highly volatile, and there is no guarantee that they will retain their value over time. Cryptocurrencies are best compared to other pre-scientific models of reasoning about the world, such as the phlogiston theory, phrenology, miasma theory, or homeopathy. Cryptocurrencies are based on folk reasoning about economics much in the same way that the idea that homeopathic substances can cure human ailments. Cryptocurrencies and homeopathy are ideologies that have substantial followings and yet have no basis in scientific thought or are assailable by reason. And yet both ideologies are popular simply because they are based on an underlying ideology that is explicitly anti-orthodox and which appeals to people who have lost faith in traditional institutions. Cryptocurrencies appeal to the same sort of people who believe in homeopathy: those who want to believe that there is a simple solution to complex problems and that the Establishment is keeping it from them. But just as homeopathy is nothing more than snake oil, so too are cryptocurrencies nothing more than a digital Ponzi scheme. Cryptocurrencies may make some people rich, but they will never benefit humanity as a whole. It is also worth noting that many countries are cracking down on cryptocurrencies. China has banned all cryptocurrency exchanges, and other countries are likely to follow suit.

Crypto is an obsolete concept that will be forgotten like all other fool ideas in history. It has no logical reason to be accepted as an institution, and it is based on incoherent ideas. It might make some people rich, but overall it will never benefit humanity as a whole. Many countries are already taking action against cryptocurrencies, so their future looks grim.

So there you have it! Cryptocurrencies are not here to stay in our society. They are based on incoherent ideas and serve no real purpose. If you're thinking about investing in cryptocurrencies, think again – you would be better off putting your money into something more stable. Thanks for reading!

ㅤ

Please share this article if you found it informative. :)