Cryptocurrency is still in an embryonic stage in financial market today, though its has the potentials to be greater than every other financial markets like Wall Street if given the opportunity to strives without these problems or challenges associated with crypto-growth.
There are various challenges,factors, variables and parameters that conditioned the growth of cryptocurrency in modern day economic reality.
Firstly, Media Propaganda -
It saddens my heart that,at this point of cryptocurrency origin, there are groups of individuals who tends to sabotage the effort of cryptocurrency growth by propagating fake news, untrue story about cryptocurrency market.
Cryptocurrency market today is dominated by fake news which find their way to the unsuspecting mainstream media. Their editors pick these stories directly from websites like CCN, Reddit and without a proper verification, in order to substantiate the validity of the information at their disposal .
What is even more worrisome is that , once the news turn out to be fake, no retractions,no penalties, no apologies,no actions are made in order to serve as a deterrent for future occurrence .This act further deepen the decline nature of cryptocurrency, because fake news, media propaganda tends to scare prospective investors away.
Secondly, Price Manipulation : In the Land of cryptos there are what we call “crypto whales” ,these are group of traders or traders who have a large numbers of crypto coins ranging from thousands to millions, “crypto whales” have different categories but we won't dabble into that for now.
Crypto whales have done alot of harm than good since the inception of cryptocurrency, there are what we called buy and sell walls ,pump and dump in crypto trading.
All these terms are orchestrated by these set of traders called “crypto whales” to reap off young traders of their hard earned money.
This act negate the massive growth of cryptocurrency because crypto money are concentrated in the hands of few. I called this term De bourgeois of cryptocurrency",because they operate same way the feudal Lords did during feudalism.
Thirdly, The HODL syndrome:
It's true that we tends to hold on for a dear life, that is,most of us invest in cryptocurrency by holding, you buy a particular coin from exchanger and you take it to your private wallet for the sole aim of selling high when the price of that particular coin soars,what happened is that you have succeeded leaving the market for whales, scammers and price manipulators to have total control of the market,in this case anything can happen.
How ever we all are guilty of this point, including me, because am a huge fan of HODL.
Fourthly, Hyips/ponzi schemes,Forex and Binary options -
High Yield Investment Programs and Ponzi Schemes Forex and binary options syndromes are a major destroyer of cryptocurrency growth,they lure thousands of investors into these platforms by fancy YouTube advertisements promoting “get rich quick” lifestyle, where they place 60x leveraged positions on a volatile derivative on top of Bitcoin, and loose all their money in a minutes.while HYips promised daily returns, yet you are unable to get your principal out of their system, let alone return on investment.
Conclusively, the aforementioned points and explanation has shown some of the challenges the growth of cryptocurrency faced in our modern society.
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