Trust

Venezuela is amidst one of the toughest economic recessions in the country’s history. To reinforce their standing, its citizens turn to Bitcoin. The flagship cryptocurrency tends to be more stable than the Bolivar, or the Petro, an oil-backed crypto issued by the Venezuelan government.

People tend to look up to celebrities. That is why when they set a trend for something, common folks take up the trend almost immediately. For this reason, scammers often use their popularity to look more reliable and attract potential victims.

Despite people tend to trust traditional finance and banking more than their innovative alternatives, global giants prove they are not as reliable as it seems. As giant banks get themselves exposed to nefarious activity, people start exploring innovations like cryptocurrency, thus building trust in this kind of assets.

Eastern European countries are topping the list in cryptoasset adoption speed. Particularly, Ukraine and Russia have topped others because they have unduly intensive cryptocurrency usage. This shows that a bigger ration of nationals has moved away from traditional monetary activity to cryptoassets.

The trend to use fake endorsements from celebrities seems to gain momentum. Scammers from the Philippines now exploit local celebrities as well as global giants.

Despite the interest in bitcoin as well as other cryptocurrencies has grown rapidly, there are still lots of people that are cautious about it. While faithful adepts of the crypto industry argue that cautiousness is caused by the lack of awareness, there might also be other reasons for the lack of trust.

The increase of fake news raises alarms over the role of media, Internet and social media platforms in contemporary egalitarian societies. The community and the media industry can move to transparent information flow by restoring the role of the media with blockchain technology.

J. K. Rowling, the famous “mother” of The-Boy-Who-Lived and his adventures, recently asked the cryptocurrency community to help her understand what bitcoin is.

Since the launch of cryptocurrency and its underlying technology, blockchain, many were puzzled as to how it would revolutionize various sectors of the economy. Now, businessmen have found a new use case for blockchain technology in the sale of used mobile phones.