It seems as if Bitcoin, NFT’s and the whole crypto space is taking off in recent times, but this hasn’t always been the case. Even today the crypto space experiences lots of FUD.
So What Is FUD?
So you may have heard the word FUD thrown around when reading into Cryptocurrency , but what is fud and what does it do? Essentially FUD is Fear , Uncertainty and Doubt. Usually when you hear the term fud it’s referred to the spread of misinformation or based on rumours to cause Fear, Uncertainty and Doubt in the hopes of making competition lose out. In Crypto’s case many banks have and other traditional entities such as the government have resorted to using FUD to sway public opinion on Cryptocurrencies. The problem crypto faces is that it’s a major competitor to the centralised economy. To be fair It was only natural that they felt attacked, given that their major goal was to establish a peer-to-peer or as some know it BlockChain technology that would bypass the traditional financial system.
Naturally this whole process has slowed down the progress of the Crypto space during the years. In fact the government still threatens the whole crypto space and has recently stated “They Won’t Be Immune” on the whole the government has made the Crypto space seem like public enemy number one similar to what was done in the 1980s with the war on drugs. Except this time hopefully less violent.
The Rise of Cryptocurrencies
Even with all the FUD in the world, big businesses and businessmen/women see the massive potential that comes from Cryptocurrencies. In fact many of the richest individuals and companies in the world are increasingly purchasing multiple assets in the crypto fields. Michael Saylor being one of the major pushers and believers in the crypto systems. Blockchain technology cut out the middle man or in simpler terms the bank. Banks for years have had the control to print money according to their calculation. If you’ve seen the film The Big Short which highlights the tragedy of the 2008 economic crash you will understand why Banks are not always to be trusted. In Fact Bitcoin was created for that simple fact. As the story goes Bicoin’s technology was made for individuals to have a database unlike no other.
Crypto does not seem to be going anywhere and in fact is expected to keep growing. With more growth the government is tightening its squeeze and has since increased the amount of FUD spread. Even with the recent case with XRP it has not been able to clamp down as hard as they wish.
The question remains how long till either the government looks to ban such technologies or creates their own centralised crypto? Although we do not have a direct answer we already know that government bodies like the ones in the United Kingdom have stated that there is progress in creating their own coin. Looks like the world is alerted to the storm coming and everyone is looking towards the end result of the current lawsuit against XRP from the feds which will give the entire crypto space a taste of what’s to come.