There is a new wild west in the fintech space — cryptocurrency. While it took time for BitCoin to be widely accepted alongside major fiat currencies, there is cryptocurrency chaos on the horizon. This brave new world is highly unregulated and subject to market exchange manipulation. The blockchain technology behind the cryptocurrency is changing so rapidly that the regulators seem to be reactive in the oversight framework. There are hundreds of new cryptocurrencies that have launched within the past year on numerous platforms and digital exchanges. It is reminiscent of the IPO tech-bubble burst in the year 2000, except this time, the prospects for failure and fraud are staggering. It seems that any entity with a mercenary force of blockchain programmers can create a new cryptocurrency, for which the financial backing remains unclear or outright dubious. Quantum computer theft of digital certificates remains an issue, even with new blockchain cybersecurity. In addition, there is a lack of clarity and transparency for who is exactly responsible for these new cryptocurrencies. All forms of cryptocurrency should be approached with caution and skepticism for the lack of transparency in monetary value, price volatility, and fragmented exchange liquidity.
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