Followings are some other disadvantages faced by blockchain and bitcoin in India, which is not letting it be fully implemented:
As we have observed, the value of cryptocurrencies has been dropping by large margins daily. Even a single tweet from corporate moguls like Elon Musk impacts cryptocurrency prices.
This is because the number of people interested in small, resulting in such dramatic movement. However, as the number of investors grows, the market will become more stable, similar to the stock market.
Unlike the stock market, where we have access to vast volumes of historical data, we can gain a sense of long-term trends. However, there is a dearth of historical data on cryptos, making it challenging to develop insights about their future potential, but this will be remedied with time.
Based on the preceding, cryptocurrency’s future is determined by the government’s decision to support or oppose its deployment and its ability to integrate and improve the current economic system and its role in society.
Investors should be aware that cryptocurrency is highly volatile, and they should be cautious with their investments. They can proceed without government support, but they will face many hazards, as described above.