In this modern world of technology, innovation is the first thing that technical experts are looking forward to. We are eager to experience the usage of modern technology and advancements.
There are people who still do not have the opportunity to use technology and its advantages fully due to geographic disadvantages of their area, but who have access are using the gifts of the modern world.
Blockchain and its emergence have gifted us many things, and one of them is Cryptocurrency. Cryptocurrency is the digital currency that has the ability to help all of us with its transparency practices and cross-border transactions.
Moreover, Cryptocurrency, though volatile, has the ability to share with us quick-time profits in the trading market. You, as a user, can depend on Bitcoin to excel in your profit margin and gain other crucial advantages by simply joining the bitcoin loophole.
However, the concern of this article is to understand the situation of Law firms to inherit and keep up with Crypto. Well, we all know that Crypto is an advanced process in the digital trading market and transactions.
But, we all need to understand the abilities of the law firms to cope with the advancement of Cryptocurrency.
The market of Crypto is very volatile and can be seen as the most volatile trading market. People with passing knowledge also know the risk and volatility of Cryptocurrencies. We know that Bitcoin has been in the market for over a decade and is still performing decently in the market.
But we cannot say that Crypto is dealing with stability while performing in the market. In addition, the overnight rise and fall of Crypto are still there, and we cannot pretend that we are safe from a heavy market crash.
Long-time Crypto users understand that if they want to play like gamblers, they will get nothing but loss.
This is because the volatility of Cryptocurrencies is tough to understand, and short-term users will face the most damage, however.
In this volatile market, it is becoming a tough job for the law to trust the firm and its users as well. Suppose you, as a lawyer, were working for a Crypto client, and the market crashed! Then!
What about your due payment!
These concerns are becoming a headache for lawyers and also law firms. No matter how addicted we are to Crypto, we cannot fully trust this volatile market.
Though it is possible but very difficult for law firms to keep up with Crypto and especially its users, Crypto users are generally risk-taking people who don’t care much about the regulations.
We are not saying that you, as a Crypto user, are also vulnerable to the regulations, but there are people who do suspicious activities with Crypto and do not care about the law. It becomes difficult for a lawyer to understand who the genuine client is!
Crypto is a gift of Blockchain, and Blockchain is the gift of modern technology. Can you name a few lawyers who have technical knowledge as well? You might hesitate because those are rare.
We, as Crypto users, cannot trust a lawyer who is just a specialist in the regulations but does not have any kind of technological knowledge. Crypto is a world of technology, and we are in search of only multitaskers.
After discussing the obstacles between these technologies and the firm, who do you think is left to discuss?
Well, it’s the only concern- supply and demand!
If a law firm wants to cope with Crypto, then they need to mitigate all the demands of the Crypto clients. There is a chance of keeping up with the industry but do we have enough power to give supply according to the demands!
Many people are willing to hire lawyers who are experts in both technology and regulations, but we do not have much to deliver because we lack such multi-talent talent now.
To conclude, we do not think that law firms still have the ability to keep up with Crypto. But we hope that in the near future, we must have educated and technologically expert lawyers who can handle all the concerns of a Crypto user and the market.