Bill Gates, the founder of Microsoft expressed his concerns about the cons of cryptocurrency in an "ask me anything session" on Reddit. Gates suggested that the digital assets are causing deaths in a fairly direct way as they are being used as an accessory to buy dangerous drugs online.

The Blockchain revolution

With the advent of e-commerce, transacting money online became widespread and necessary, but the system also gave rise to a number of problems like the reversal of transactions, hefty fees on sending and receiving money and many more. That is when Blockchain stepped in, an online avatar named Satoshi Nakamoto designed e-currency or cryptocurrency to bring about a revolution in the online method.

The first cryptocurrency to come into being was Bitcoin which is currently valued at over $100 billion. The blockchain system divides the whole network into blocks with each system in the block maintaining an encrypted ledger which is used to validate a transaction. These blocks interact with one another forming a secure system of transfer of payments.

The result was a distributed system devoid of any central administration aiding in the independent validation of transactions at low costs making it a reliable, transparent and immutable ecosystem for the users.

The technology simplifies any transaction and is being implemented in various financial and real estate fields as it cuts out the central authority empowering the end users.

The dark side of the revolution

Since the inception, Cryptocurrencies have been criticised by various financial giants who claim that the digital currencies could lead to global financial instability and could hurt the economy badly.

The top critiques of the technology include European Central Bank member Yves Mersch, the head of the Bank of International Settlements Augustin Carstens, famous American Economist Nouriel Roubini, JP Morgan head Jamie Dimon, Nobel Prize winner in Economics Robert Shiller and Billionaire Warren Buffet.

The recent addition to the list was Microsoft Founder and billionaire Bill Gates who was initially of the view that cryptocurrency had the potential to replace the fiat currency that has been in circulation for as far as we remember.

The logic that makes blockchain secure also makes it a subject of criticism. The encrypted ledgers that are owned by miners make the flow of money almost untraceable opening avenues for funding terror and laundering black money.

Gates pointed out the same, stating that the anonymity is actually aiding tax evaders and funding of terror.

Moreover, Gates suggested that the virtual currencies have eased selling and buying of drugs especially toxic substances like fentanyl and is actually causing deaths. He ended his statement by suggesting people ponder over their decision of investing in cryptocurrencies terming it super-risky.