Topic: Advantage and disadvantage of cryptocurrency (Read 374 times)

As much as I want to agree with the OP it really depends on who you ask... If you are going to ask a government person they certainly will frown over crypto because this is an asset that the government has no control of, and users can use it however the like.

In other circles, if you are to ask sellers when it comes to incorporating btc as a mode of payment, they would actually prefer it as it's not prone to chargeback scams which protects the sellers money but buyers will of course not like it as it's irreversible...

So like I said, these pros and cons all depend on who you ask

I don't know where you may have got all these merits and demerits of cryptocurrency from, but I must say that you are totally wrong on most of the points you listed above @ O.P, because cryptocurrencies do not in any way give you risk management attitude, nor does it give you knowledge of trading as those are special skills that can be learned and have nothing to do with crypto or Bitcoin.
And secondly, crypto has never been time-consuming, nor discouraged people from seeking a further career in whichever industry they wish to, or a factor that cause death. But it's just an investment asset whose price value fluctuates

I believe two of the points from disadvantages shouldn't basically be there. Cryptocurrency trading can be a time-consuming process but I don't count that as a disadvantage if that's what I do full-time. And if I'm just a part-time trader, I wouldn't really be bothered by my career goals by the trading activities that I do in my free time.

So I don't really think that these two are disadvantages of cryptocurrency, but these are personal choices of a person if what he wants to do and how he should pursue his career, whether as a full-time cryptocurrency trader or a part-time trader pursuing their career in something else.

Everything has advantages and disadvantages. Concerning bitcoin, advantages of bitcoin to individuals is larger than the disadvantages of bitcoin to individuals. But to government they will consider the disadvantages of bitcoin to be more because they believe bitcoin is the mother of all cyber crimes. There is no doubt, bitcoin is a means by which some online fraud transactions are made but still consider that there was crime before the time of bitcoin.
Another chameleon concern of the government is the green energy.

You are correct, high blood pressure occurs when someone loses something very serious or shocks them, and the most affected part is financial losses, such as Cryptocurrency, As a beginner or an individual who wants to invest his or her money into cryto should think wisely before doing so, some people invest all of their savings and it's very risky, for a wise man to invest, you invest 70% or 80% of your 100% funds because no one knows when he or she will find themselves in pproblems.

In fact, the main advantage of cryptocurrency and its disadvantage is its volatility, thanks to which a trader can both make a profit and lose his money. All the other points that you have indicated are just a means to achieve them.

That is indeed the advantages and disadvantages of cryptocurrency. About the losses that are irreversible, I think you know that there are ways where you can make your loses much less. This also work if you are holding your cryptocurrency by selling what you have and buy the crypto with a stable price which I am sure you know what it is. I think there is a disadvantage that you mentioned that I don't agree with and it's this one "its discouraged seeking further career". There people who got scammed and lose huge amount of money in crypto and yet they are still involved in crypto.

You're right, I'm sure he doesn't understand the specifics of bitcoin and there's no reason to say it's time consuming, crypto transactions are the fastest of any transaction because you can transfer btc to anyone anywhere in minutes. So when he finds out that time-consuming explanations are wrong, then I'm sure he will "strikethrough" that point.

I thought this picture was very beautiful. It helped me to comprehend both the advantages and disadvantages of cryptocurrencies. Which I anticipate everyone, including beginners, will comprehend before trading in cryptocurrencies. Everything has both a good and a terrible aspect. When investing in cryptocurrencies, your point of view has a significant impact. You need to comprehend these two ideas if you want to invest in cryptocurrencies.

Yes it's true that it has advantages and disadvantages but you are wrong that it can be time consuming, cypto is one of the best,faster,easier and cheaper both in transaction and trading.
Eg' how about you went to a bank to make a transaction report and after filling the form and stress of going to the bank and they will still give you 7 working days before they refund your money, and you have important thing to use the money to do,they will delay you for a complete full week,
But in crypto you don't have to go through all those stress,
That's why crypto remains one of the best.

Really dear, I think here you are talking about Cryptocurrency trading.

Need to be careful while writing, Losses are irreversible in some cases as if you lost your wallet or your wallet got hacked. 


No not at all, if this is the case then dear what are you doing here...


Even crypto is a wider field than you've ever imagined


I am not sure is a joke or if you are serious, yes I know there were some reports of the suicides after the LUNA crash but I am not familiar with many incidents like that, and whether those were real or rumors is not clear to me yet.

After this take my advice dear if you want to go long way in crypto especially in BTC then need to be patient.

How is it time consuming? Your assessment is ambivalent. I saw your account was registered barely four days ago and I believe this comment is contradictory. Perhaps, you should revisit this topic a year later to judge if you actually meant what you said here now. For all I know, apart from a few times in the past where the chains were congested and transactions were a bit lower, there are no financial transactions that are faster than doing it through cryptos. I've been waiting for two working days now to be credited for a fiat transfer I did to a trading platform. Were it a crypto transfer I'm sure it wouldn't have taken more than 1hr to reflect in my account. Now I understand why Satoshi said Bitcoin would cut off middlemen.

Just like you've stated, "it's your little knowledge" as a newbie. Else, the points you've made doesn't mean much in the sense you presented them.
* It gives you choice,
Well, what choice is that. You've always got a choice in all you do. To invest in cryptocurrency or not, to look towards other fields of an investment for an opportunity. To invest wisely or not. You've always got a choice regardless of cryptocurrency.
* It gives you money,
I can say it doesn't give you money. The skill you master, offer and render to someone is what pays you or gives you money. Perhaps your investments too and not necessarily cryptos. Cryptos is just another currency for payments.
* It gives you knowledge of trading.
Well, goodluck with that. We've got several users on the forum and off the forum yet, they've got no clue of trading. You've got to study trading to get these ideas at least. It doesn't matter how basic you limit your studies to.

Let me just hang it there for the advantages.

On disadvantages;
* Time consuming,
In fact, this is the opposite as, transactions could be done across the working seconds or minutes.
* loses are irreversible,
That's in the event that you get scammed or you sent your coin to a wrong address and more of those.
* It discourages seeking other careers,
Really?!!!

I'll end here too. You need a lot more reading at OP. Nice trying!

I believe that the finest investing strategy a person can have is still bitcoin. Only when consumers expect immediate profits from bitcoin and choose to sell below their invested price can bitcoin make people cry. But they will undoubtedly recover their investment loss in bitcoin if they spend their spare funds and are willing to wait, be patient, and believe in the direction of the price.

*Choice: One benefit of cryptocurrencies is that they allow you the option of taking a risk or not. Whether to invest 100 percent in bitcoin or another cryptocurrency
*Gives money: Using bitcoin, yes. But, it will depend on the altcoin you bought in.
*Gives trading knowledge: I don't believe so. Cryptocurrency does not provide information on trading. It is necessary to study trading from those who have perfected it.

*You made up these two disadvantages, but they are untrue. Cryptocurrency cannot be characterized as time-consuming when anything you want to do can be accomplished with a single click, stress-free, and at your convenience.

*How is that possible? Nobody is prevented from being whatever they want to be in life by crypto. You can still engage in cryptocurrency trading while pursuing your professional aspirations.

The disadvantages you stated OP, is just the regular effect of one being passionate about something, which can most times leads to obsession and such ills follow.
No one is pressured into crypto business that doesn't have the idea of it, and it doesn't also mean the pressure that comes with trading crypto is engrossing mostly as these days digital phones and gadgets are made to keep one hooked in.
The pros far out weighs the cons and it can be controlled depending on what one uses it for.

Why it is time-consuming?
Paying cryptocurrency is like paying from your digital wallet for some platform, you will always need an internet connection.
If both parties are ready and capable the seller can easily provide an invoice or a way to pay your payments, it's easy. Speaking of transactions getting approved, there are a lot of cryptocurrencies right now that can do this, even in Bitcoin using the lightning network.

Many people get the concept of cryptocurrency and especially bitcoin very wrong, indecencies that some people taught is that Bitcoin is highest and the last hope of human being ti earn a living, i think from my perspective such concept or ideology is weak one, i just want the newcomers in cryptocurrency to understand that Bitcoin or coming to forum to share the ideas of Bitcoin is not necessarily what will make you rich. And it's obvious that if you don't learn and comprehend the system of Bitcoin, it's when you will note that the disadvantages of Bitcoin is higher than the advantages. So before you will become more successful in Bitcoin you have peruse the system.

Most of the advantages here are not convincing enough, how does it gives money? I’d rather you say it generates possible returns. Perhaps you ought to have gone into more detail so that we could understand your point here. It does not impart knowledge you must have knowledge in order to advance in cryptocurrency trading, and you cannot learn the fundamentals of cryptocurrency through your trading experience.

For the disadvantages its not time consuming, every work that involves making money need time and trading crypto does not stop you from your daily activities. To earn money you have to work and dedicate some time no matter the kind of work you are into so it doesn’t necessarily mean you stop doing other activities. I agree the losses are irreversible but I don’t see how it can cause shock and sudden death because anyone going into crypto trading shoud be fully aware of the risks involved and be ready to accept losses.

A person with zero/low knowledge about investment or the thing they are investing will be more likely to fail in the end and it's their fault for not doing their own research. Investment is different from gambling and these people who failed are probably gambling because they risk everything hoping it will change their future but unfortunately, only few people was lucky enough to surpassed this.

There's a lot of pros and cons of investment especially in cryptocurrency since it's too volatile it's hard to predict the price but one thing I'm certain is that once it's bull run it's time for a profit and bear market is for accumulation period.

It cannot be time consuming when you are doing a proper research.
With proper research you can avoid Scam coins.
In Crypto you can gain and lose both are reversible, but there are higher chances of gaining when you focus on what works for you best.
The reason why one is advice to invest what they can only afford to lose is to avoid Mental unrest which may lead to death or any other health issues.
Cryptocurrency has some advantage and disadvantage but your point are not properly stated

Some Advantages are :
1 Transaction Speed
2 Transaction Fee
3 Privacy and Security
4  Accessible to all

Some Disadvantage are:
1 Volatility
2 Lost Wallet Pass key cannot be retrieve
3 Crypto Exchange security
4 Retrieval of stolen coin is hard