(Asian News Hub) – The crypto world is in chaos right now as the value of all currencies has dropped massively due to a global sell-off.
Bitcoin has crashed more than 40% since its mid-April peak, followed by ethereum at more than 45%.
The frenzy has made crypto critics more vocal, the enthusiasts are cursing Tesla CEO Elon Musk, and regulators are scrambling to find a solution.
Amid the crisis, many cryptos are finding a reason to justify their existence. One of the most heard arguments from the nay-sayers is that cryptocurrencies are trying to solve a problem that doesn’t exist.
Fiat money has been in use for well over a century, and it’s not volatile. Despite the conventional confidence, many economies have witnessed hyperinflation or rapid devaluation, making it difficult for an average Joe to be a part of the modern banking experience.
Bitcoin, Ethereum, and memes currencies like Dogecoin are too volatile and serve no additional purpose. The volatility makes them riskier as a currency as well as investment.
Internet Computer promises to offer a new web hosting cloud platform that can dethrone the big tech, Monero promises anonymity, and Chiacoin claims to be eco-friendly.
Similarly, CHANGE is a new cryptocurrency that’s entirely based on the idea of philanthropy.Co-founder of CHANGE, Matt Corman, writes on Medium that, “Our loftiest goal is to have our community donate so much and so quickly that the Binance Charity Foundation runs out of social causes to support.”
