All views and opinions expressed in this article are the author’s own and are not endorsed by or reflective of Now Entertainment. As a reader-supported publication, we may receive compensation for the products and services mentioned in this story. Learn more about how we make money and our editorial policies.
Cryptocurrency trading has come a long way from the past to now, where it has now gained global recognition. It has been a challenging journey trying to gain market access as it is a new system touching on finances. Presently, they are more often referred to as the fintech disruptors due to their impact on the financial sector. Their usage has increased globally, with cryptocurrency trading gaining more worldwide attention.
Despite global recognition, the industry still faces numerous challenges that may derail any future growth of digital currencies. Kevin Ko, an experienced cryptocurrency trader, is one individual who has studied and understands the majority of the sector challenges. Kevin has spent his entire life as an entrepreneur helping clients in different business fields. And Kevin has helped establish over 1000 portfolios for various clients across the other social classes in the cryptocurrency world, ranging from your average joe to Hollywood superstars and social media influencers. He has been operating under the radar, but this changed after the launch of Crypto Kingz, a platform he intends to use to continue teaching others to maximize their cryptocurrency opportunities. It’s no doubt that digital currencies are the future, but everyone will have to face industry challenges to be part of the future.
Volatility is the number one challenge that has been facing cryptocurrencies since their inception. Ironically, it’s the feature that has made digital currency gain global popularity. The industry is full of ups and downs, which demands investors to keep a close eye on the market changes. The best way to reduce the volatility risk is to diversify your investments. For instance, please do not put all your money in Bitcoins based on their popularity; instead, spread your investments into other currencies.
The widespread negative brand image surrounding cryptocurrencies, mainly Bitcoins, is another major setback. Cryptocurrencies are widely associated with criminals to the extent of being refer to as the dark web or the breeding space for money laundering activities. Such a reputation will never favor the growth of any business. Instead, it will scare potential investors who would love to invest in the trade.
Another challenge that cryptocurrency traders face is the long processing time it takes to complete a transaction. While other currencies process transactions in seconds, and you may wonder how this could be a challenge.
It is also a complicated task to follow up on an investment when the principal passes on. There is no clear way or process that one has to follow when they lose their kin, and in most cases, their investment is never reclaim. This implies that the investors have to share their pass words or relevant passkeys with a trustee, contrary to the privacy feature of the digital currencies.
It’s an expensive affair; Bitcoin transactions, for instance, are subject to costly transactional fees. The amount of transaction fees dictates how fast your transaction will be process, which should never be the case. It even becomes unbearable for the small inves tors, thus scaring them away.
Kevin is available on Instagram if you want to reach out to him for more insights.
