Topic: Top pros and cons of cryptocurrencies / blockchain technology (Read 179 times)
everything as pros and cons so do blockchain but government will never accept until there part of rules and regulations are there in blockchain currency
The government can actually take your funds in extreme cases of fraudery and laundry. But they would have to demand access to the accounts from you, as you are the only one with permission, but in the case of banks, you do not need to grant permission as the government has a level of access to your funds
I agree that can actually take your funds but portion of it as tax. This can happen in a country where cryptocurrencies are legalize when you have bitcoin and needs to pay a tax but in a country that bitcoin is not accepted or legal won't be able to do it. - The government cannot take your money through confiscation, devaluation, and regulation, etc.
The government can actually take your funds in extreme cases of fraudery and laundry. But they would have to demand access to the accounts from you, as you are the only one with permission, but in the case of banks, you do not need to grant permission as the government has a level of access to your funds
Pros- For those rich people，if you want to be a beggar, this is one of the quickest ways.
Cons- It may be addictive.
Cons- It may be addictive.
I think the main con with crypto is that far too many people try to shoehorn crypto into a blockchain. At peak hype, everyone was trying to monetize some sort of "decentralization".
Blockchain tech is here to stay and will only gain more adoption and use - but the speculative trading of crypto is something entirely different and I am somewhat worried that we already had the golden era for it.
Blockchain tech is here to stay and will only gain more adoption and use - but the speculative trading of crypto is something entirely different and I am somewhat worried that we already had the golden era for it.
Cryptocurencies sure has its disadvantages and the major one to me is volatility which creates enormous risks when investing in them, but it's also profitable and a great source of wealth
The blockchain technology has a myriad of advantages,from safety to transparency,speed,cost etc.
The major disadvantage is the issue of scalabilty to me and numerous measures such as Segwit has been put in place to curb this, the lightning network being the latest of them
The blockchain technology has a myriad of advantages,from safety to transparency,speed,cost etc.
The major disadvantage is the issue of scalabilty to me and numerous measures such as Segwit has been put in place to curb this, the lightning network being the latest of them
Pros
- You become your own bank, with no restrictions and parenting
- The government cannot take your money through confiscation, devaluation, and regulation, etc.
- Save money and time as cost goes towards zero for service and products and they become available digitally over the Internet
- Protection from payment fraud and identity theft
- Direct settlement (no intermediates) and direct access to markets
Cons
- You depend on technology that works. Wars, natural catastrophes, terrorism, etc. will continue and computer systems could be down for short or long periods of time.
- You need basic skills about technology as well as access to the Internet and devices.
- Cryptocurrencies still have a way go before they can replace credit cards and traditional currencies as a tool for the global economy. The timeline for widespread use will likely be over the coming decade.
- Lack of awareness and understanding as many people do not know how cryptocurrencies work and/or are not used to using cryptocurrencies.
- You become your own bank, with no restrictions and parenting
- The government cannot take your money through confiscation, devaluation, and regulation, etc.
- Save money and time as cost goes towards zero for service and products and they become available digitally over the Internet
- Protection from payment fraud and identity theft
- Direct settlement (no intermediates) and direct access to markets
Cons
- You depend on technology that works. Wars, natural catastrophes, terrorism, etc. will continue and computer systems could be down for short or long periods of time.
- You need basic skills about technology as well as access to the Internet and devices.
- Cryptocurrencies still have a way go before they can replace credit cards and traditional currencies as a tool for the global economy. The timeline for widespread use will likely be over the coming decade.
- Lack of awareness and understanding as many people do not know how cryptocurrencies work and/or are not used to using cryptocurrencies.
Jump to: