Open In App

The dark side of Cryptocurrency

Last Updated : 20 Feb, 2023
Like Article

Cryptocurrency still rules the software market till date. Yet like a coin has two sides, cryptocurrency too has a dark side. Let’s see this in detail. Cryptocurrency is a form of digital currency which has no physical form. It contains of a block which has all the transaction details and a chain which secures the block forming a blockchain. As the transaction goes on, a huge network of blockchains form. We have various currencies across the globe. In the same way, cryptocurrencies are of various kinds. Bitcoin, Ethereum, Litecoin, Stellar Plenum are some popular among the cryptocurrencies. They are not directly available to us. One must mine them using a supercomputer, uninterrupted electricity and mathematical knowledge. The miner is given an encrypted code which must be decoded in order to gain the currency. Many organizations prefer cryptocurrency to transfer huge amounts. There are many people investing on these cryptocurrencies. While it has bought huge profits, there are some drawbacks about it making it a ban in countries like India.

  • Security: No one can assure security to these currencies while it is being transferred. They might even get stolen in some cases.
  • Rise and fall: Consider a person A. He wants to invest in Bitcoins and he gets huge profits. Thinking that be might gain profits even this time, he invests in them and gets losses. The conclusion is that we cannot determine the rate of a cryptocurrency as it keeps fluctuating making it another drawback.
  • Anonymity: While money is being transferred, there are chances of money being stolen away.It becomes quite difficult to trace the thief. Hackers are the middlemen who are benefitted due to this. They can steal huge amounts without our knowledge. Huge organizations might have more losses if this happens.
  • Banking institutions: There is no involvement of banking institutions making it a drawback. In case of money loss, there is no refund option available in case of cryptocurrency. 
    Therefore in countries like India, RBI or The Reserve Bank of India has issued a notice stating that they are not responsible if any loss occurs thereby no refunding is done by them.However there are many countries like America investing in cryptocurrencies and making it legal. While cryptocurrency has a huge scope in the coming years, it is not guaranteed that the money is safely transferred among people. There might be losses and an alternative might be discovered for this. Inspite of the drawbacks, cryptocurrency will start to rule all the sectors in the future.

Similar Reads

Dark Web vs. Deep web vs. Dark Net: What's the Difference? [Yuvraj DONE/Image required]
There are possible chances that you all must have heard of the Deep web, Dark web, and Darknet, and sometimes people get confused while differentiating between them. Did you know that we can only access 4% of the resources from some of the most popular search engines like Google, Bing, etc. The rest of 96% of the resources are not accessible to all
6 min read
Various terminologies used in Cryptocurrency
Coming to the cryptocurrency, there are some vital terminologies that must be known in order to get started with this digital asset for all digital transactions. Hence, following you will find complex terminologies in context of cryptocurrency all that made this marvel possible. Vital terminologies associated with the Cryptocurrency : Blockchain -
4 min read
How to Build a Cryptocurrency Tracker Android App?
CryptoCurrency nowadays is in most demand and many people are investing in these currencies to get high returns. Many websites and applications provide us information about the rates of different cryptocurrencies available in the Crypto Market. In this article, we will be building a similar application in which we will be displaying the rates of di
10 min read
6 Common Cryptocurrency Scams You Should Know
The cryptocurrency industry has a worth of more than a billion-dollar. According to the analysis of MarketsandMarkets, the 2021 cryptocurrency market size is around 1.6 Billion Dollars which will exceed 2 billion by 2026. Such a growing market is attracting a lot of investors, entrepreneurs, and business owners too to invest in various cryptocurren
6 min read
Top 5 Cryptocurrency APIs For Developers
In the past few years, there has been a massive jump in technology. We have witnessed a dynamic change in many cryptocurrencies companies and they're rapidly changing every single day. As we are speaking, today there are more than 10,000 cryptocurrencies that exist in this world. The new future is going to be an intense crypto world for sure where
6 min read
Does Dark Data Have Any Worth In The Big Data World?
Big Data is the new oil in modern times!!! And those companies that can analyze this data for actionable insights are the new super-rich!!! More and more companies are understanding this fact and investing in Big Data Analytics. So much so that this number has reached 53% in 2017, which is a huge growth from 17% in 2015. But Big Data is of multiple
5 min read
What is Dark Web and Why You Should Access it Carefully!
What is the dark scary part of the internet? It’s the Dark Web!!! You can buy guns, fake money, assassins, hired hackers and whatever else you can think of over the Dark Web. You could even buy a lifetime Netflix subscription for a few dollars if you wanted! But that’s not all the Dark Web is about. There are also harmless sites that you can visit
5 min read
Dark Web Analytics and Interesting Facts Behind its Anonymity
Today, the Internet is the most-used human-built technology and even growing more with its full potentialities day by day. This Internet is not only an important real-life technology but also the backbone of this largest networking system in the world today. Though, the Modern Internet is not only limited to the general using-purposes, but it also
23 min read
Meet DarkBERT: New AI Trained on the Dark Web
The Dark Web getting more and more dangerous many report says that in recent years after the development of AI dark web has also been AI for cybercrime. Now, to protect from cybercrime a language model specifically trained on the shadowy underbelly of the internet, the dark web this AI module known as DarkBERT, In a daring exploration of the hidden
5 min read
Tips for Making Side Projects
Have you heard the name of Facemash? If not then let's come a bit closer and we request you to check the link History of Facebook. The most popular social networking site started from Harvard's room by Mark Zuckerberg with his college roommate and it was his own personal project/side project which is a huge success now. Udemy, Instagram, Khan Acade
6 min read