2022 has been a huge year for crypto and Web 3.0 and many investors are considering cryptocurrcncy as a choice for its “out of the box” innovation by creating a “decentralised” currenpecy with the value changing by demand. But, the year has come to an end, many crypto scams “distrupted” the whole digital market. So, this has been a step-back all the “hype-investors”. Hence, many investors are reconsidering their choice. These are the facts to consider before investing in crypto in the year of 2023.
1. Crypto Climb or a Crash?
After the year of a major hit among the social media and the fiasco run by Elon Musk: Bitcoin, the largest cryptocurrency, has seen a big blow with a down of 63% in the past year and this has left many crypto traders in a huge shock after the hype created around social media and the “hope” for Web 3.0. This has been a conflict for traders whether crypto goes up or down due to its volatility and “unpredictable nature”.
2. FTX and the “Ponzi Scheme”
Many crypto trading applications are under fire due to the “mess” created by FTX, by using customer assets to get loans. After the “crypto fall”, the company lost about $32 billion and the company is facing charges by the office of Manhattan US attorney, and the CEO Sam Bankman Fried might face market manipulation by the United States. Lots of investors lost their money, which is considered one of the deadliest crypto scams in the present times. This seems like an issue to consider while many investors faced loses during the end of the year.
3. Transactions through the dark web
Since, the concept of cryptocurrency is that it is completely decentralised and the transaction data is completely encrypted by the blockchain; many use this as their chance to do “illegal activities” on the dark web. Recently, 3000 of such accounts are freezed by Indian Police when they tracked down such activities.
4. Considering this as a chance to invest in Web 3.0
Cryptocurrency, even if risk is involved in it, it may be the future. Blockchain technology helps us in many military applications, security handling and even in Internet of Things (IoTs). This may be your chance to invest in the future, while keeping in mind about the risk involved in it.
5. Crypto’s strong cryptography is really FASCINATING!
Cryptocurrency, even though has its bad sides, the cryptography involved with is really awesome. The encryption can be never be decoded easily. This rises a case of just mining cryptocurrency instead of trading it. Miners can cost a lot but if you are good at math, you can get yourself a miner. Those are worth every dime. Consider this “crash” as a chance, like many investors say—“Buy the dip!”