3 Reasons You Should Probably Stay Away From Cryptocurrency
As far as money and investing, banking and finance are concerned, technological disruption is a reality they have to contend with.
There is still a debate as to whether cryptocurrency is financial technology, but in the meantime, people have latched onto it raking in millions of dollars after one of them, Bitcoin saw a bubble in 2017 when it rose from $1000 at the beginning of the year and peaked at $19,000 by December.
No one can tell you for sure what is happening with cryptocurrency, including the so-called experts, yet it is a rave of the moment, as even novices are beginning to plunge their life savings into making quick bucks from the bubble.
Before you get tempted to invest in any cryptocurrency, here are 3 reasons why you should probably reconsider your decision.
1. It Is Not A Legal Tender In Nigeria: From America to Europe to Asia to Africa, no country in the world has legalised cryptocurrency trading.
As a matter of fact, authorities in Nigeria including the Central Bank of Nigeria, Securities and Exchange Commission,and the Nigerian Senate have warned people to stay away from the technology.
The CBN has, for instance, repeatedly called on financial institutions in Nigeria not to transact businesses in the currencies and that anyone who does, does so at their own risk.
2. You Could Be Paying For Crime: Many of the allegations leveled against cryptocurrencies include the fact that the proceeds are used to finance organised crime such as human trafficking, prostitution, money laundering and the mother of them all, terrorism.
These allegations are not far-fetched. Ask yourself why money you cannot easily use to buy what you desire could be so valuable? If you don’t want to fund organised crime and terrorism, you probably should shelve your decision to invest in cryptocurrency.
3. Reputable Global Brands Are Beginning To Take A Stand Against The Technology: Just on Tuesday, social network giant, Facebook banned all ads that promote cryptocurrencies, including Bitcoin.
This is in an effort to prevent people from advertising what the company is calling “financial products and services frequently associated with misleading or deceptive promotional practices.”
“That means no advertiser — even those that operate legal, legitimate businesses — will be able to promote things like Bitcoin and other cryptocurrencies,” read a Facebook blog post.
“This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices,” wrote Rob Leathern, one of Facebook’s Ad Tech Directors.
“We will revisit this policy and how we enforce it as our signals improve,” he added.
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