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Usually, when we make a transaction, the payment is processed by a credit card company or a bank. However, this could lead to risks such as protecting data from hackers, taking longer for international payments and expensive. Therefore, cryptocurrency helps to keep data secure and protected using mathematics as it only exists in computer networks. With digital currency like Bitcoin and Ethereum, the media attention has gained as there’s public knowledge in the modern marketplace.
The main argument in favor of cryptocurrency is blockchain technology providing secure area meaning there’s an advantage of high-level security. Blockchain technology is a ledger in a network of computers that is open to anyone. However, once data has been recorded inside a blockchain it becomes exceedingly difficult to change it. This system has been particularly useful as it helps track money in individual accounts and have easy access to any stolen coins. Also, the use of blockchain technology has helped to address fraud risks through technology because the transactions are transparent and cannot be changed. By providing strong security, more consumers are leaning towards cryptocurrency to keep their finance safe as hackers find it difficult to invade the system due to high focus on cyber-attack. Furthermore, it helps individuals during auditing as it assures you that no transaction can be changed. Furthermore, they provide Cryptocurrency Security Standard (CCSS) which is required for all information system that uses cryptocurrency. It has enabled cryptocurrencies like Bitcoin to have high level of security and transparency when dealing with transaction.
On the other hand, cryptocurrency is highly volatile making the prices fluctuate quickly. As it lacks intrinsic value, cryptocurrency is not backed by traditional currency as its purely digital currency. This means that their value is completely unpredictable and hard to measure. Although cryptocurrency gets lots of attention from the media, it is still relatively small which means it easy to take advantage and manipulate for prices, their customers, liquidity, and price feeds. This could lead to disbalance and decline for the market as prices have higher impact due to small market size and therefore impact investors. Having a volatile nature, the market stays unpredictable and going to affect investments as it becomes too risky to invest in cryptocurrency as there’s fluctuation in prices. From cryptocurrency currency chart data, it shows prices tend to fluctuate 2%-10% per days. This means that risk-averse people are unlikely to invest in the currency as it could lead them to financial difficulty.
In conclusion, this essay has discussed both arguments about cryptocurrency and the interest it gained from media over the past years. Cryptocurrency has changed the way we save, invest, and buy. As the world is developing cryptocurrencies are known to be new technology and dominate the future currency. Due to its high security, it attracted a large number of spectators and the media. This means that it will be widely acceptable and available globally as the demand increases. This creates a positive future for cryptocurrency as the market improves and expands.
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