London, UK, Binary News Network, Cryptocurrencies have been around for a while now, and more people are buying them. Bitcoin, Ethereum, Litecoin are but some of the hundreds of cryptocurrencies that have been created. Grand Pacific Trade Broker Phillip Houston said that many people are now making massive money from trading cryptocurrencies because they are extremely volatile compared to other financial assets. This volatility is what brought me into cryptocurrency trading mainly because I could gain massive returns within a short period of time.
Before we proceed further, let me quickly explain what cryptocurrency mining is; in simple terms when transactions are carried out, the transactions will need to be approved by miners who approve them and add them into the blockchain. The miners then receive a reward for carrying out this service and this is how new cryptocurrencies are created. However, not all people can become cryptocurrency miners because it needs expensive hardware which you can only purchase if you have the cash to do so.
It also requires a lot of running costs and technical know-how about cryptocurrencies and cryptographic codes. For you to become a cryptocurrency miner, you are required to have good hash rates which are the equivalent of mining power in cryptocurrencies. Mr Houston told that to prevent people from easily becoming cryptocurrency miners, mining pools were created where multiple miners’ hashing rates are combined together and they receive proportionate rewards depending on their contribution in verifying transactions.
The popularity of cryptos slowly increased as investors saw the massive returns they were generating and others wanted to get rich quick. However, this brought a lot of problems such as cryptocurrency frauds and Ponzi schemes. This led to mass media attention which eventually made governments want to ban cryptocurrencies instead of trying to regulate them so that transactions can be carried out safely and securely.
However, the governments didn’t realise that this move will almost kill cryptocurrencies completely. Mr Houston says that banning is not a solution to anything, it is just a way of saying you cannot have access to something which you want. Most countries in the world might not adopt cryptocurrencies anytime soon but their citizens are still trading them and they even consider them as an investment and financial asset.
Many governments have now realised that their citizens will still trade cryptocurrencies even if they are banned and they can’t stop them from doing so. You can never tell what a person will do if he wants something, especially in terms of financial assets. People who understand the value of cryptos won’t let go of them easily because they have seen how much they can gain from using them.
The solution to this problem is regulation, not banning cryptocurrencies. Regulation will help in the safe trading of cryptos and other financial assets because it will create a standard practice which all traders should follow. Many countries have realized that with regulation cryptos have to be marketed very carefully. Cryptocurrencies are becoming a household name and more people want to trade them.
Crypto marketing will help cryptos gain massive mainstream attention which is the only way they can become what fiat currencies are today. Many governments have realised that if they take care of their citizens, then automatically, things will go well for them because the citizens will be happy which will, in turn, make them happy.
Cryptocurrency marketing is not something new because even before Bitcoin was created but some considerations need to be taken into account when marketing cryptos. People should not be misled into thinking that they will be getting rich overnight because this is not possible with cryptocurrencies. Crypto marketing should only be done properly so that more people can understand cryptos and how they work. Crypto marketing should also concentrate more on educating people about cryptos than trying to promote them and make people believe they can become rich overnight.
Thailand is one of the few countries that have moved beyond just regulation. Securities Regulatory Commission of Thailand has set up some regulations for crypto advertisers. The first one states that the marketing content should not be explicit or too invasive like invest right now! Also, the advertisements should not promise very high or unrealistic returns in order to avoid any false expectations that the target audience might end up associating. Also, the associated risks and warnings should be clearly listed or explained.
Mr Houston said that it is important to understand that there are no shortcuts in the cryptocurrency market. Bitcoin took nine years to reach its current price and if other cryptocurrencies want to be as successful as Bitcoin, they should not try to make fast money or short-term profits. They need to think long-term because it is imperative to protect the users first.
Thailand has taken a major step in the right direction and its market is slowly becoming more regulated. This might help other countries follow Thailand’s lead so that cryptos can be marketed correctly and safe trading practices are followed.
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