Topic: PROS AND CONS OF CRYPTOCURRENCIES (Read 116 times)

Advantages and Disadvantages of Cryptocurrencies

Advantages of CRYPTOCURRENCY:

   EASY ACCESS - Cryptocurrencies is generally available in public
   and almost everyone and anyone can make a use of it.You can see
   lot of companies trying to raise funds and money through cryptocurrencies

   QUICK AND EASY PAYMENTS - Making such payments using cryptos are very easy
   and easy for users to understand. Everyone even teenager can make it in just a
   matter of minutes, because sending payments with crypto don't require to feed
   many information and data even your credit card number is not needed anymore
   all you need is the wallet address of the receiver and the amount you need
   to send.The amount you send shall be credited to receiver within a few minutes
   depends on the cryptocurrency.

   COST LESS - transferring money using another online forum of bank is expensive as
   they levy considerable fees for the transaction made.Credit card processing
   platforms charge hefty fees.

   PRIVATE - you don't need to share your identity if you are making purchase or
   payment with cryptocurrency, no information need to share with the bank or goverment
   or with the platform regarding with the deal, it's absolutely decentralized.

   HIGHLY SECURE - all of your transactions made will be secure as it using NSA created
   cryptography, Next to impossible for any person other than the owner of the wallet to
   make payment from the wallet, unless they got hack because there are many ways why bitcoin
   wallets got hack(most popular is through PHISHING). so you have to protect yourself

   REMAIN ANONYMOUS - some cryptocurrency can help you stay anonymous but contrary to popular
   belief not all of them can, Bitcoin is pseudonymous which means people won't exactly
   who you are on the blockchain but they can get some information from it.

   NO BOUNDERIES – When you talk about transactions using cryptocurrencies then there are no limits. You may be in a different part of the world and the receiver might be some other hemisphere, you can still transfer the amount without any hassle. The inter-country transaction is extremely easy with cryptocurrency because its function is not under the control of any central bank.

Disadvantages of Cryptocurrency:

   All advantages doesn't mean there are no risk in using of this, just like other
   there are disadvantages of it.

   DIFFICULT TO UNDERSTAND - Cryptocurrencies are relatively new and come with a learning curve. People end up investing without proper knowledge and lose money to something they did not learn about.

   NO WAY TO REVERSE THE PAYMENTS – If you mistakenly pay someone by using cryptocurrency, then there is no way to get a refund of the amount paid. All you can do is to ask the person for a refund and if your request is turned down, then just forget about the money.

   CAN LOSE YOUR WALLET – There is a possibility of losing your wallet. If you have stored the money in the form of digital currency on your phone or computer, you better remember your password and not lose those devices. Losing your coins means you won’t be able to retrieve it, even with the help of legal assistance so that is just one of Bitcoins flaws.



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CRYPTOCURRENCIES THEN FEEL FREE TO COMMENT BELOW THANKS
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