Cryptocurrencies like Bitcoin and Ethereum were once incredibly popular media figures that seized headlines due to their volatility and record-breaking valuations. These days, however, cryptocurrencies have effectively vanished from mainstream headlines now that the continued spread of COVID-19 has decimated global financial markets and hijacked our culture. Nevertheless, cryptocurrencies and the underlying blockchain technology driving them forward are still receiving a boost from the internet, where vibrant communities of crypto-enthusiasts are planning for the next crypto-boom.
From online forum discussions to digital marketplaces and cryptocurrency services, the internet is fueling the survival and expansion of cryptocurrency technology.
Digital scams abound
These days, cryptocurrencies are mostly ignored by those who don’t hold tokens themselves or aren’t intimately familiar with blockchain technology. That doesn’t mean cryptocurrencies are irrelevant, simply that they’ve lost their status as objects of media coverage and consumption for most everyday people. Luckily, cryptocurrency communities remain alive and well on the internet, and a number of crypto-focused forums and media publications continue to provide cryptocurrency enthusiasts with the information they need to navigate a particularly volatile market.
With the continued spread of COVID-19, however, digital scams surrounding cryptocurrency abound. According to a press release from the FBI, federal authorities expect a serious uptick in cryptocurrency scams perpetrated on the internet during this economic and public health crisis. In times of trouble, paranoia runs high, and scammers can hijack people’s fear and misunderstanding of the ongoing pandemic to earn a quick buck for themselves. The internet, long a haven for cryptocurrency investors and fans, is also a predatory haven of trolls and hackers who seek to rob legitimate traders of their digital tokens.
Companies that dabble with cryptocurrencies might want the help of a trademark attorney or digital guru when setting up digital operations that accept these tokens as a form of payment. That way, they can avoid the worst of the scammers. Regardless of the prevalence of scams, the continued growth of the internet will effectively ensure these digital currencies remain particularly popular for years to come.
Even major banks acknowledge cryptocurrencies
While many major financial institutions were hesitant to acknowledge the initial rise of Bitcoin and other leading cryptocurrencies, they’ve since come around to acknowledge the true potential that these digital tokens hold. According to a report from JPMorgan, for instance, the bank concedes that cryptocurrencies will remain a major facet of the marketplace for an indefinite time period. This is because the continued proliferation of internet access gives consumers and businesses the opportunity to embrace novel new forms of currency that can seriously expand their economic horizons.
Whether it’s enabling the creation of cyber-meeting grounds in the form of forums or helping consumers and businesses spend their money in interesting new ways, the internet is fueling the continued existence of major cryptocurrencies. While many critics used to argue that tokens like Bitcoin were doomed to fail, the robust nature of cryptocurrencies has recently convinced many that they could be worth pursuing. As time goes on, expect the continued growth of internet access to fuel a crypto-surge.