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People Are Uncertain About Cryptocurrency

Litecoin (pixabay)

The crypto market has been going through some hard times recently,  it seems as if people are uncertain in the idea of the market which can cause some people to feel that it's not worth the risky investment. Demand for cryptocurrencies is still high but it always goes back to the fact of how well each coin ( a term generally used to refer to cryptocurrency) is going to actually do.

Cryptocurrency has it's foot in the door in several areas but can't seem to manage to keep in there. While it keeps people happy by ensuring that the government isn't in control of their money and they're not subject to inflation, it creates uncertainty because no one can be sure as to how well a coin is going to do. The prices of coins can go up and down every single day. It's really hard to predict the price of a coin when the market is constantly changing.

Some people might not feel so certain about cryptocurrency because of large hacks that have happened in the mining industry. In 2017, Nicehash,  a website where people can buy mining power or offer their technology to mine cryptocurrency was hacked. It's said that in this case around $60M was lost.

Cryptocurrency is still in demand though, some people who are already invested into it have hope that the popularity and knowledge will continue to grow for the cryptocurrency. Under the assumption that does grow, it can be very beneficial down the line for them since they purchased their amount cryptocurrencies such as Bitcoin when the price was low. If the price goes up they make more money.

Certain coins will do better than others based on the time it was released and how much media attention it got. Sometimes the coin will provide something in the community that wasn't previously available which would mean that it's now useful. This would create more demand in the market and this is happening a lot with cryptocurrency mining operations.

Essentially, cryptocurrencies are here to stay but the market needs to advance itself. Many people are currently uncertain about where the coins and going but manages to make people happy with the services the cryptocurrencies actually offer. Demand is still decent due to popularity and new cryptocurrency coins coming into play that offer new options that weren't previously available.


By Michael Normandin

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