Over the years, a plethora of debates have claimed that cryptocurrency will go

mainstream in the next decade predominantly due to its simplicity and efficiency with
regards to not being forged. Even though shifting to cryptocurrencies looks very
attractive for a sustainable future, it isn’t.
 
The primary reason why bitcoin and other cryptocurrencies shouldn’t be encouraged
is because they could easily be manipulated. For instance, if a celebrity claims to
own a cryptocurrency, the retail traders and investors may seem to find the
congruent to be a good investment due to the ethos involved. This results in a
continuous rise in value of the cryptocurrency further resulting in the market to
experience the infamous pump and dump scheme. In addition, The top one percent
of Bitcoin holders hold 27% of the world’s total supply. That’s a staggering figure of 6
million bitcoins making the cryptocurrency extremely risky because if they start
liquidating their positions in the cryptocurrency, despite the liquidating limit, the panic
in the market is likely to lead to huge and rapid losses. Such instances have been
witnessed in the past causing the entire crypto exchanges to be extremely volatile
and dangerous to be used as a normal exchange currency.
 
Likewise, the mining of cryptocurrencies isn’t sustainable for the environment as
well. Multiple reliable statistics suggest that the electricity consumption of bitcoin
mining is equivalent to the electricity consumption of Finland. While billions of dollars
are spent towards making the earth habitable for the future, introducing a mode of
exchange that could potentially ruin these advancements seems to be a misstep.
Lastly, the deregulated ledger used by cryptocurrencies that are not within the
bounds of a governing body provides scope for transactions intended to fund illegal
and terrorist activities since none of them are traced or looked over.