In fact, the modern way of life necessitates spending a significant amount of time in the digital world. Almost everything a person does nowadays has an online equivalent, such as:

* Working;

* Studying;

* Communication;

* Financial operations.

When people celebrated the new millennium, reality changed dramatically from what it had been in the past. Could mediaeval people have imagined having all of their money on a single plastic card? You can even do without this tiny square these days, storing all costs in an online wallet. Furthermore, the variety of digital currencies available is now greater than ever, including:

* Bitcoin;

* Litecoin;

* Ethereum;

* USDT, etc.

Indeed, many people are optimistic about the impact of cryptocurrencies, and there are several reasons for this. However, it is also important to keep in mind the potential side effects of cryptocurrency. Let's dissect some contentious aspects of digital currencies!

The environmental impact

Without a doubt, the first point of contention raised by crypto opponents is climate change. Everyone has probably heard about such a problem through the media or at school. Regardless of how much attention it receives from the media, the disclosure is insufficient. For example, eco-activists have been fighting the oil and coal industries for decades, but the results have been almost imperceptible.

The crypto industry is in a similar situation. Unfortunately, this economic sector has become just as dangerous as the previously mentioned spheres. Just consider this: crypto mining consumes up to half of global energy consumption! Clearly, renewable energy is not a viable option for meeting such demands. As a result, miners take the easiest route and use electricity generated by coal or peat burning.

The main issue is a lack of centralisation and control in the crypto world. As a result, assigning blame for a massive carbon footprint to anyone is impossible. Regrettably, such a method only works with governments and corporations that are afraid of sanctions.

However, there is one weapon for combating dangerous crypto farms: negative media representation. When an influencer sells their tokens, the price may fall as a result of the domino effect! The same thing happens if a celebrity has a negative opinion about a cryptocurrency.

Unpredictability

Sure, unpredictability is a nightmare for anyone who works in the financial sector. Hours or even seconds can be critical depending on what a person does. The more unexpected factors that affect the situation, the more difficult it is to forecast.

Cryptocurrencies are undeniably one of the most volatile phenomena on the planet. The unusual nature of crypto is most likely the source of this issue's legs. Because people are still learning how to use it and make accurate predictions, errors and misunderstandings are unavoidable.

Indeed, such uncertainty frequently results in dangerous side effects. The more you invest in digital tokens, the riskier the deal becomes! Even experts face the possibility of going bankrupt overnight. Investors will be in trouble if a specific currency's demand falls precipitously for any reason. Just keep in mind that any digital coin's popularity can wane in the future.

Hacking

In your mind, what does a thief look like? You'd probably describe a stereotypical burglar wearing a mask and carrying a bag of cash behind their back. Modern robbers, on the other hand, have a distinct appearance. They are virtually indistinguishable as they work from their computers!

Whenever a large storage of value appears, there is always a long line of enthusiasts eager to get a piece of the action. This rule also applied to cryptocurrencies. Yes, hackers existed long before the first digital currencies. Soon after, cybercriminals shifted their focus and began looking for valuable tokens.

What do most hackers do? They are well-known as computer geeks who write code and create malicious viruses. A skill like this is useful for someone who wants to unlock someone else's crypto wallet. There are, however, several schemes for making money through cryptocurrency hacking:

* Secretly mining on a stranger's computer;

* Taking money directly from a cryptocurrency wallet;

* Sending a virus in order to sell antivirus software.

Significantly, as the crypto industry grows in popularity, so do the number of hackers. Fortunately, special services such as the FBI are on the lookout for them in order to protect users. Furthermore, some cyber criminals emerge from the shadows to become "white" hackers who test the security systems of businesses!

Increased crime rates

Another serious side effect of cryptocurrencies is an increase in a variety of crimes. Because crypto operations are completely anonymous, they allow for illegal transactions. The modern shadow economy's scales are truly terrifying. It's difficult to believe, but today there are more slaves than at any other time in human history! Human traffickers benefit greatly from decentralised payment systems.

Consider the international drug-dealing industry, which gladly employs cryptocurrency. Furthermore, with digital money, corruption becomes easier. Indeed, the crypto industry is not to blame for all of these heinous crimes. They exist with or without decentralised payment systems, but their lack of control makes crypto unpopular.

Scams

Both children and adults are aware that conversing with strangers can have unintended consequences. Unfortunately, many people disregard any warnings as soon as they see a profitable opportunity. In reality, they hook up with sly con artists who are well-versed in human psychology.

When it comes to scams, the crypto world is hardly an exception. A new Internet user may easily confuse a genuine deal with a bogus advertisement and incur losses. A bright-red pop-up banner, for example, that promises huge profits with minimal risk is most likely a lie. You should double-check the details of this transaction first!

Similarly, scammers advertise phoney cryptocurrency wallets only to leave you with empty pockets. Even if the advertisement mentions a safe place to store your tokens, you should conduct preliminary research. Scams happen everywhere, and cryptocurrencies aren't the source of all evil. However, the number of unpleasant cases is constantly increasing, so keep an eye out!

Conclusion

Overall, it is difficult to say whether the crypto industry has more positive or negative aspects. As beneficial as blockchain and tokens can be, new problems emerge on a regular basis. Because these side effects are of a different nature, they necessitate one-of-a-kind solutions from bright minds. Perhaps the negative impact will lessen in the future!

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