Is It Time to Do Away with Doubts and Suspicions about Cryptocurrencies?
$5 billion frauds and criminal activities includes just 3% of the whole cryptocurrencies market. Announcing this figure and elaborating it in the news and papers might cause feeling intense fear and danger toward cryptocurrencies
Every day different news is published about the possibility of fraud or the stories about criminal activities by cryptocurrencies in different media. According to what has been told, this new technology is full of opportunities for fraud, scam, and crime. Of course, such events and adventures in the space of Blockchain and cryptocurrencies cannot be denied. However, it is not the whole story. In fact, the exaggeration in showing this dimension of cryptocurrencies as a weakness seems unfair and strange. According to the reports in the last year, the frauds to the value of about $5 billion were committed through cryptocurrencies. Of course in a large and wide scale, this figure is not so catastrophic for a newfound infrastructure and technology.
Is Fraud through Cryptocurrencies Worrisome?
$5 billion frauds and criminal activities includes just 3% of the whole cryptocurrencies market. Announcing this figure and elaborating it in the news and papers might cause feeling intense fear and danger toward cryptocurrencies. However, it is false. For example, if you take a look at the statistics of shopliftings, you will notice that during a year, a figure much more than that of financial crimes in the cryptocurrencies infrastructure will be there. So if the description is based on exaggeration, every industry and market should be known as black and full of fraud opportunities.
Should We Look More Carefully at Cryptocurrencies?
A very vital point which should be considered in defending the market of cryptocurrencies is that this new technology is not under the official and state rules in different countries. Therefore, crimes and frauds are normal in such an atmosphere. Furthermore, by elucidating the aspects and the structure of cryptocurrencies and Blockchain network activity, the number of people who feel there is the possibility of fraud in this new technology has greatly decreased. The reason is that more people have noticed the capacities and structure of new digital technologies. Therefore, considering the fact that no legal measure has been conducted yet, facing a percentage of fraud and illegal activities is common.
Will the Accuracy of the Crypto World Increase?
The existence of scams or scammers is probable in every space. Scammers in each market and infrastructure are seeking methods to proceed their illegal activities. Therefore, such events in the world of cryptocurrencies are not surprising and far-fetched. However, with all these issues, Blockchain network, data encryption method and generally the structure of such technology have been designed in such a way that the possibility of modifying and manipulating registered data in it is minimized. Blockchain structure is such that all the existing users in this space have the possibility of overseeing the condition of the network and own a version of the events in their system. Therefore, to hack and manipulate the data, the hacker or the criminal needs accessing to all the computers the users of which are present in Blockchain. Such a condition is impossible and impractical and shows that gradually with the evolution of Blockchain structure, its security coefficient will increase and criminal activities will be minimized in it.