1. Safe: Cryptocurrency uses blockchain technology managed by computers in its network, not any server. Blockchain-based computers will be involved in managing and storing transactions in this network. So, to get the money will have to hack a large number of computers scattered all over the world. This is almost a "mission impossible". In addition, blockchain technology itself uses very sophisticated coding techniques.
Agreed!Blockchain technology is quite disruptive due to its transparency and safety and hence, has many potential uses.
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2. Full control: Your bank deposits will be controlled by the bank. Even your money at Paypal is also subject to PayPal's control. Both bank and Paypal can "freeze" your account for some reason. However, towards cryptocurrency, you will have full control and management of your account. You can do anything with it. And only you have this right.
This is what makes the cryptocurrency, a revolutionin in financial lanndscape by changing the traditionalform of monetary system with centralized control.
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3. No inflation: Why does not cryptocurrency be inflation? That is the problem of blockchain technology. At the time of the creation of the currency, the system established the amount it would market. And can not change or increase the number. So, the phenomenon of inflation is not happening.
Not all the cryptocurrencies have inbuilt deflation. Right now, even the Bitcoin isn't technically deflationary until the last Bitcoin is mined. Regarding other crytpocurrencies, we have ripple which is inflationary. Quote
4. Instant payments: Transactions through bitcoin or other cryptocurrency will eliminate intermediaries, so payments will be made easily and quickly.
5. Low transaction costs: Individuals can easily transfer money to each other without having to go through a bank or any intermediary credit institution. And so the transaction costs are very low.
This could come in advantage and can increase the utility. But there isn't much adoption.5. Low transaction costs: Individuals can easily transfer money to each other without having to go through a bank or any intermediary credit institution. And so the transaction costs are very low.
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6. Recognition at the global level: Since cryptocurrency not bound by the exchange rate, interest rate, transaction fee or other fees of any other country; therefore it can be used at an international level without any problems. Thus, it saves a lot of time as well as money when transferring money from one country to another. Cryptocurrency operates at the global level and thus makes the transactions take place quite easily.
Not yet!With the amount of internet users and the total number of investors in traditional assets, crypto market has failed to attract enough people. Market is still valued at $400 Billion. Not even a 1% of the total mcap of stock market.