Cryptocurrency slammed as dangerous, and gambling is it so?

While some perceive cryptocurrencies as a cutting-edge and perhaps disruptive technology, others have slammed them as risky and similar to gambling.

Since its conception, cryptocurrency has been a contentious issue. Some supporters describe it as a ground-breaking technology that can decentralize banking and upend established financial structures, while others claim it is a risky form of speculation and gambling. And If you want to invest in bitcoins then you can visit online trading platforms like bitcoin-360-ai.com.

Most cryptocurrencies’ values can change drastically in a short amount of time, making it challenging for investors to forecast their returns.

There have been several instances of theft and fraud in the cryptocurrency sector, as well as worries about cryptocurrency being used for criminal purposes like money laundering and supporting terrorism.

But bitcoin proponents contend that it has the potential to broaden financial inclusion, especially for those who are unbanked or underbanked. Also, it can speed up international transactions and lower the costs and wait periods connected with conventional banking systems.

Cryptocurrency slammed as dangerous and gambling : 

Berners-Lee presented an electronic database in March 1989 that would ultimately develop into the web page we are all familiar with today. On the latest episode of CNBC’s “Beyond The Valley” program, the British computer scientist discussed cryptocurrency, which tends to spark debate.

Bitcoin, according to Berners-Lee, is “just theoretical.” He linked it to the marker bubble, which occurred in the late 1990s and was caused by businesses trying to increase their stock and attract investors by adding.com to their names. Before the stock market bubble in 2000 burst, several stock prices rose dramatically.

It is simply hypothetical. Naturally, that’s risky,” Berners-Lee told CNBC. 

I don’t want to spend all my time spent in certain items, which is purely baseless.

Not all of Berners-remarks Lee’s on cryptocurrency was unfavourable. He emphasized the value of virtual currencies for transfers, provided that they are transformed back into fiat money as soon as it is received.

Bill Gates is another well-known cryptocurrency critic; last year, he said it was entirely based on the bigger fool idea.

He has also cautioned average investors to be more conscious of the volatile nature of cryptocurrencies’ prices and not rely on tweets from people like Elon Musk. According to Gates, in 2018, cryptocurrency is being used to purchase narcotics, giving it an unusual technology that has directly contributed to deaths.

Warren Buffett, the chief executive officer of Berkshire Hathaway, once referred to Bitcoin as “rat poison twice” and refused to pay $25 for all of it.

Charlie Munger, his longstanding former colleague and deputy chairman of Berkshire Hathaway, has previously been increasingly essential of Bitcoin, trying to call it “evil” because it threatens the security and reliability of the US banking markets and trying to call having to hold onto cryptocurrency “fool.”

Munger also predicted that Bitcoin’s price would eventually decline to nothing. 

According to Munger, the use of cryptocurrency made the US “look silly” because China was smart enough to outlaw it.

The one said that cryptocurrency should be outlawed because it is a “venereal sickness” if his thoughts about it weren’t clear and sufficient.

Due to the cold cryptocurrency weather of the previous year, 2022 was a major headache for both investors and businesses operating in the sector. However, Bitcoin has experienced a slight reappearance in 2023, rising 50% since the year’s beginning to achieve nearly $25,000, its top price since August.

Although some researchers predict BTC will grow over the next ten months, others say the warming will take much longer. And yet, Berners-Lee is not happy with how his initial internet plan has been carried out.

Web3 is a concept for the World Wide Web’s expansion thanks to the blockchain technology and decentralization that has developed recently.

Conclusion : 

Bitcoin is still a contentious issue, with proponents praising its potential to transform the financial sector and detractors highlighting its dangers and potential for illicit usage.

Concerns about cryptocurrency’s dependability as an investment have been raised due to its volatile nature and incidents of theft and fraud. Business leaders like Warren Buffet and Bill Gates have been outspoken opponents, calling it “rat poison” and a speculative venture. Proponents contend it can cut costs, speed up international transactions, and improve financial inclusion.

Opinions on cryptocurrencies will remain mixed as the market develops and changes.