Debate Has cryptocurrency done more harm than good?

[Kennysplash]

The debate whether the advent of cryptocurrency has done more harm than good is still lingering. This is one of the main reasons why many government authorities have not accepted it as a legal tender.

Many argue that it is an avenue for scammers to carry out their scam activities, as there is no way to trace or query the transactions due to the anonymity.

But at the same time, we cannot deny that it has offers a lot of financial benefits to users, turning some to millionaires.

What do you think? Has cryptocurrency done more harm than good?

 

[Nomad]

I don't think cryptocurrency has done more harm than good. The reason why government hasn't accepted it as a legal tender is due to its speculative nature and also being decentralized. When crypto is accepted, government will lose control over money. Their fiat currency will become obsolete.

 

[krishatnet]

Due to control authority some people used it as a medium for transferring fraud funds. But crypto advantages are more when compared with disadvantages.

 

[Kennysplash]

I don't think cryptocurrency has done more harm than good. The reason why government hasn't accepted it as a legal tender is due to its speculative nature and also being decentralized. When crypto is accepted, government will lose control over money. Their fiat currency will become obsolete.

That is a valid reason why they have not accepted cryptocurrency. Also they will not be able to tax it since it is decentralized. Even now they are looking for ways to tax those that are making money from cryptocurrency but they have had little success.

 

[uptrendfinancialsignal]

This one is a little tough . For me, it’s a mix of both. Crypto opened doors for people like me to earn online, but at the same time, scammers have use it to scam many people. Many people lost savings during bad crashes too. So yeah, it’s not perfect. If you understand it well and manage the risk, it’s good. But if you rush in without knowledge, you will surely land in big trouble.

 

[Mike30]

Also, governments are too slow to adapt new technologies (specially the ones they don't control)

Cryptocurrency is one of the best things out there. It represent freedom for the regular joe, and that's exactly what governments don't want
to adopt it fully until they find the way to control it or control you with it's usage.

 

[King Belieal]

In my country, the government said that crypto was responsible for the instability of the exchange rates of the local currency. That is why it was banned. And since they banned crypto, the local currency has not really fared better. Crypto has done more good than harm from my own assessment because it has helped with financial inclusion for people in remote locations to participate in the global gig economy.