Is Cryptocurrency a Nay or Yay?
Lately, in Malaysia there has been growing interest on cryptocurrencies and to be honest, it’s more negative than positive. Typical Malaysia, really. Always approach new things with utmost suspicion.
But when it comes to joining “profitable” programs based on hearsay, well, you can say that most peopla can’t wait to jump into the wagon.
If you’ve read through most local news sites, the outlook towards cryptocurrency as a whole is at worst, a total scam and at best, a bubble waiting to pop. Headlines like “Beware of cryptocurrency”, “Don’t rush into cryptocurrency” and others are rampant. And these headlines do their job well in dissuading and discouraging people from learning about cryptocurrency.
The fact of the matter is, most naysayers are either those who: a) had ONE bad experience with cryptocurrency (usually through joining a scam), or b) never bought a cryptocurrency and definitely have no understanding about Blockchain.
Those who have been in the crypto world from the start should at least have a basic understanding of what Blockchain and cryptocurrency are, especially how the cryptocurrency market works. Some people mentioned about the volatility of the market, and seeing as the price of the market has plunged since last week and looks to be slow to recover, of course the mainstream media along with the critics will have a field day laughing at crypto investors.
But guess what? Most crypto investors are aware of the high risks involved in investing in cryptocurrency, and as long as the curves only follow the law of supply and demand, volatility is here to stay. So to put it simply, if you’re not willing to take risks, stay out.
But even then, there are several ways to mitigate the risks of the crypto market and the most important one is research. Don’t be that ignoramus who take other people at their words and join a program that promises wealth beyond imagination, or buy a cryptocurrency that supposedly will take off to the moon. Do your own due diligence. Read trusted sites (like ours), analyse the projects closely and then make informed decisions.
Today, the Malaysian government has announced that it is planning to issue crypto regulations within the first quarter of 2019. That seems like good news, in the sense that Malaysia is moving that one tiny step forward into accepting cryptocurrencies in the country. We’ve still got a long way to go, compared to other countries that have already made leaps and bounds in implementing Blockchain and accepting cryptocurrencies, but at least it’s a positive one.