The hype around cryptocurrencies has been around now for quite some time and this trend has been excessively promoted on social networks, in the media and in social gatherings and discussions, under one objective: to take your cash and give you in return fake money.
Cryptocurrencies are still not recognized worldwide as an actual currency that you can pay for goods and services which put its credibility under the spotlight.
A cryptocurrency is made by huge capacity servers working 24 hours with very sophisticated software to create this hype online - or what is called mining. But mining here doesn’t refer to the underground digging but rather to online traffic looking for buyers who are dreaming of becoming rich quickly, or for people seeking money laundry knowing that central banks cannot trace these types of transactions.
Those billions of transactions are made to manipulate the markets of crypto and manage a virtual stock market where the stocks are only cryptocurrencies.
It is true that this is a stock market, however, it is not regulated by any company, federal bank or central bank to protect users or buyers.
On another note, mining servers consume a lot of energy which adds exorbitant costs. Now with the soaring energy cost, cryptocurrency mining costs much more and is starting to suffer just like any other industry.
Those are the facts and it’s up to you to take your stance.