London, England, 4th Nov 2021, The use of cryptocurrencies in the past few years has increased exponentially and this infographic shows you just how much. From 2012 to 2021, Bitcoin saw a 100-fold increase when it came to users. In fact, two of the top five cryptocurrencies saw their userbases expand by over 5000%. This graphic looks at the main players in the cryptocurrency industry and how they make money.
The very nature of cryptocurrencies makes them extremely volatile when compared with traditional currencies such as USD or EURO. Victoria Coins broker Jack Roberts says that one day may see massive growth and another may see massive falls. Trading is one way in which users can make money from these currencies when they are fluctuating. Trading cryptocurrencies for traditional fiat currency is growing in popularity and shows no sign of slowing down.
Benefits of crypto
One of the main benefits of cryptocurrencies is that they can be anonymous. They allow users to avoid the restrictions and regulations placed on fiat currencies as well as avoid paying taxes or having their transactions traced.
As with all new technologies, there are those who believe in it wholeheartedly and those who think it will never catch on. The infographic below looks at those who believe strongly in cryptocurrencies, whether institutional investors or everyday people using them for peer-to-peer sales. It also looks at some major players in finance who are investing heavily in cryptocurrency startups.
Mr Roberts says that crypto crimes are not something to dismiss lightly. There have been numerous reports throughout 2021 of cryptocurrency crimes, which are becoming increasingly popular with cybercriminals. These range from ransomware attacks on victims who do not pay the fee to outright theft of user wallets. If cryptocurrencies become more widely adopted it is likely that this will continue into 2021 and beyond. There has been strict regulation being enforced upon cryptocurrencies from governments all over the world but despite this, a huge number of people are still using them to avoid taxation and draw attention to themselves.
Ukraine under spotlight
Ukraine has been a country that has shown a lot of interest in cryptocurrencies and their adoption is predicted to be high over the next few years. The crypto laws in the country were recently changed to enable people to trade and mine cryptocurrencies like never before but it seems like the residents are taking the wrong advantage of the relaxed laws.
The law enforcement agencies from Ukraine have exposed a group of criminals who were IT experts and managed to launder cryptos worth millions of dollars. In order to proceed with the dirty game, launderers adopted fake identities and trapped innocent people. The gang was also involved in selling flash drives that had viruses that could compromise the security of digital wallets and this would allow them to access cryptos easily. The public has been informed that the agencies are investigating deeper to take strict action against those found guilty and trace the entire crime chain.
Ukrainian law enforcement agencies have always been working hard to come down on criminals in order to maintain a clean crypto environment in the country. They also work closely with other countries so as to share information in order to track money-related crimes all over the world. This has resulted in being able to expose these scammers in the past as well. In the past, the agencies have come down on criminals who were involved in crypto crimes like hacking, scamming etc. In August this year, Ukrainian authorities shut down several crypto farms in different regions across the country because of their involvement in illegal activities.
Cryptocurrencies have been the first real revolution in the currency for many years. They allow users to transact without being traced and without going through a bank or financial institution. Mr Roberts says that cryptocurrencies are gaining popularity but there is still a long way to go before they become mainstream. Governments across the world are still trying to figure out how best to regulate cryptocurrencies which means that criminals also have enough time to make themselves comfortable operating in this space without any fear. Authorities seem well aware of these issues and will need to work closely with each other to make sure that they are able to crack down on all criminals the moment they step out of line.
The ray of hope
The hope lies in the fact that there are ways in which these crypto crimes can be prevented by using cloud-based services or strong wallet encryption. It’s important for people to keep their digital currencies safe by using high-security wallets that are difficult to hack. Mr Roberts warns that the users must also follow instructions carefully when making payments and not fall for phishing scams. Cryptocurrencies are the future of money, but only if the proper procedures are followed. The more criminals take advantage of them, the more it will be difficult for them to become mainstream.
Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.
Source: Victoria Coins
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Glean News journalist was involved in the writing and production of this article.