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Tech pundits talk about replacing the middle-man facilities traditionally provided by the financial services industry – such as clearing payments and fraud prevention. Its complexity means end users find it hard to appreciate the benefitsĪlthough its potentially revolutionary applications are apparent once one has made the effort to understand the principles of encryption and distributed ledgering behind blockchain, it takes a while, and a good bit of reading, before the “man on the street” can see what makes blockchains potentially so useful.Again, this is a consequence of the lack of regulatory oversight across the sector. As with many areas of tech in recent years, legislators have largely failed to keep pace with innovators (or scammers), leading to rich pickings for those seeking to exploit “ FOMO” – the “fear of missing out”.Įven if, as a speculative investor in cryptocurrencies, you choose to stick to the relatively established coins such as Bitcoin, Litecoin or Ether, there is always a chance that the exchange or online wallet where you keep your coins will be hacked, shut down by governments due to shady practices, or simply abscond with your coins. Among the high profile cases is Oncecoin – recently revealed as a ponzi scheme which is believed to have robbed millions from investors who believed they were getting in early on what would become the “next Bitcoin”.
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Due to the lack of regulatory oversight, scams and market manipulation are commonplace. But the fact is, as many investing in Bitcoin or other cryptocurrencies for the first time in the last few months have found to their cost, it’s a very volatile environment.
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