The current financial system faces challenges from the cryptocurrency market and blockchain technology. The main aim of cryptocurrency is to create a more economically just environment that is, at the same time, highly transparent. However, the goals may not always be realized in the cryptocurrency world.
The various discussions between digital currencies and crypto transactions are just an inroad to help make the market more transparent and healthy for the traders. There are still many issues and challenges that remain unaddressed in the crypto market scenario. Let’s discuss some of the recent problems that prevent the crypto revolution from taking a concrete shape. They are:
Lack of security
Lack of security is a huge threat that prevents the crypto market from progressing. There are many instances of hacking and breaches that you may come across, making it very evident that safeguards are necessary for the protection of data and assets.
Centralization might be a cause that makes the digital transactions in the crypto market more vulnerable to hacks. So decentralization can be a solution for safeguard against hacks. Security is not only a weighty matter, but it is also a very urgent matter in the realm of crypto marketing to help it flourish further.
Similar to the traditional economy, power dynamics play a crucial role in determining the collaborations and negotiations that occur in the realm of the crypto market. The various marketing strategies are much capable of misleading investors and users alike.
Even the most renowned institutions do not follow proper guidelines and lack professionalism, accountability, and transparency. This has poisoned the cryptocurrency benefits and affected the strength of industries investing in the crypto ecosystem. It is only true believers of the blockchain technology that are not ready to give in to malpractices of the financial structures and market systems.
This had led to the promotion of ethical standards and also professionalism in the ecosystem of cryptocurrency. One such name is Eric J Dalius, who has been a known name for his professional business practices and high ethical standards.
Tricky Trading fees
There are many shady practices involved. When it comes to charging the transaction fee. Some keep a flat rate making it easier. However, some financial exchanges split their transaction fee into two realms; one is taker fee, and the other is maker fee. In some financial exchanges, you notice that the maker fees are higher than the taker fee.
Manipulation of price
Many investors use bots to manipulate prices of coins in the crypto ecosystem. This makes room for shady procedures, shaking the trust of the players. Since the financial transactions in the digital market are not highly regulated, it does call for malpractices.
Some traders indulge in it, making it difficult for the cryptocurrency market to flourish full-fledged. However, people like Eric Dalius have kept high ethical standards while also reaping high profits, becoming an inspiration for many.