|
Haunebu
|
 |
May 09, 2018, 06:21:25 AM |
|
Disadvantages of Cryptocurrency
1. 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.
2. Lack of knowledge – People are not aware of how to use cryptocurrency and hence open themselves to hacker. The technology is somewhat complex and therefore one needs to be mindful of it before investing.
3. Not accepted widely – Not many websites and companies accept digital currencies yet. Very few countries have legalized the use of cryptocurrencies. It makes it impractical for everyday use. Due to lack of acceptance, before buying or investing online or offline, you need to make sure that it’s accepted at that place where you want to use it. Although it is slowly getting the acceptance around the world, it will take time to take the idea entirely out of the shadows.
4. 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.
5. No way to reverse the payment – 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.
6. Uncertainty – Since cryptocurrencies are so new, they are also very volatile. This is one of the main reasons mass adoption is taking longer than it should. Many corporations don’t want to deal with a form of money that is going to go through huge swings in volatility.
Valueable post. Please add that they are also unsecure. Projects or ico can scam people, dev stop development and keep project alone and whale could manipulate the market. This is a useful post and these are areas where cryptocurrencies like Bitcoin need to improve, but you need to understand that nothing is perfect in this world. The advantages of cryptocurrencies far outweigh their disadvantages if you think about it. Advantages like the ability to conduct financial transactions online without any sort of outside interference(banks etc) is itself an amazing advantage. Other advantages like the ability to make payments online through cryptocurrencies when compared to other sources like paypal etc also prove how useful cryptocurrencies are. |
|
|
|
|
|
|
|
|
|
|
|
|
Remember that Bitcoin is still beta software. Don't put all of your money into BTC!
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
|
|
|
|
mullzerwar
|
|
May 09, 2018, 06:44:06 AM |
|
Advantages of Cryptocurrency:
1. Easy access – Cryptocurrency is readily available to the general public. Almost anyone can make use of it. It is a decentralized operation and investors from all over the world have easy access to them. You can find various projects trying to raise funds through cryptocurrency. Almost anyone that can make online fund transfers can become part of such projects.
2. Quick and easy payments – Making payments using cryptocurrency is very easy. You can do it in just a matter of a few seconds. It is very fast because you don’t require to feed many details, you don’t even need to enter your credit/debit card details. All you need is the address of the wallet of the person or enterprise to whom you wish to make the payment too. The amount shall credit to the receiver within few seconds to a few minutes depending on the crypto. The ease of transfer and the low transaction fees makes it very desirable.
3. Costs less – Transferring money by using any other online forum or bank gateway is expensive as they levy considerable fees for the transaction. Credit card processing companies charge hefty fees. But it is not the case with cryptocurrency as the costs are nil or negligible. With credit cards or debit cards, the seller is the one paying a fee but for crypto’s, it is the buyer paying the small fee.
4. Private – You don’t need to share your identity or whereabouts or the details of the transactions made between you and the beneficiary. No information required to share with the government and the bank regarding the deal. It is truly decentralized.
5. Highly secured – All your transactions will be secure as it is using NSA created cryptography. It is next to impossible for any person other than the owner of the wallet to make any payment from the wallet, unless they were hacked which there are many ways to protect yourself from.
6. Remain anonymous – Some coins can help you stay anonymous but contrary to popular belief, not all of them can. Bitcoin is pseudonymous which means people won’t know exactly who you are on the blockchain but they can get some information from it.
7. Your details are safe – Nobody can steal your personal information from merchants, which ensures the privacy of your sensitive data. By creating a proxy ID, you can make sure that no one knows anything about you.
8. No chargebacks – Once you made the payment, you cannot chargeback. This considerably depletes the chances of a fraud. Once the transfer has completed, it cannot reverse. Nobody can file chargeback like you can on credit cards. It has it’s cons but can be an advantage also.
9. No third party – You are the master of your money. You can keep it in your wallet and use it as per your wishes. There is no third party involved like a bank on whom you need to trust.
10. No boundaries – 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.
With these real advantages, I'm sure that there will be many more people who love the cryptocurrency. there will be the era where most people involve in cryptocurrency, work for it, and use it for their transaction or investment method. But of course, the advantages only will not attract some people who really don't know about it. It needs to spread out the positive issues along the world to make them sure to get in the crypto. |
|
|
|
|
|
Bastime
|
|
May 14, 2018, 12:56:39 PM |
|
Disadvantages of Cryptocurrency
1. 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.
2. Lack of knowledge – People are not aware of how to use cryptocurrency and hence open themselves to hacker. The technology is somewhat complex and therefore one needs to be mindful of it before investing.
3. Not accepted widely – Not many websites and companies accept digital currencies yet. Very few countries have legalized the use of cryptocurrencies. It makes it impractical for everyday use. Due to lack of acceptance, before buying or investing online or offline, you need to make sure that it’s accepted at that place where you want to use it. Although it is slowly getting the acceptance around the world, it will take time to take the idea entirely out of the shadows.
4. 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.
5. No way to reverse the payment – 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.
6. Uncertainty – Since cryptocurrencies are so new, they are also very volatile. This is one of the main reasons mass adoption is taking longer than it should. Many corporations don’t want to deal with a form of money that is going to go through huge swings in volatility.
-1. difficult to understand - because it's the new technology that will transform our money and the way of trading between parties. -2. lack of knowledge - people will deal the whole process of cryptocurrency adaptation because it's process is way different from the way we're using our money or fiat. -3. not accepted widely - cryptocurrency adaptation will take more than a decade for people fully adapt cryptocurencies. early adapters will educate their family and friends. -4. wallets may be lost - this is one of the most critical and in the future it will be addressed in order not to lose wallets, keys and account credencials. -5. no way to reverse the payments - this is purely intentional in order to counter network and server attacks. |
|
|
|
|
Bastime
|
|
May 14, 2018, 12:59:17 PM |
|
Advantages of Cryptocurrency:
1. Easy access – Cryptocurrency is readily available to the general public. Almost anyone can make use of it. It is a decentralized operation and investors from all over the world have easy access to them. You can find various projects trying to raise funds through cryptocurrency. Almost anyone that can make online fund transfers can become part of such projects.
2. Quick and easy payments – Making payments using cryptocurrency is very easy. You can do it in just a matter of a few seconds. It is very fast because you don’t require to feed many details, you don’t even need to enter your credit/debit card details. All you need is the address of the wallet of the person or enterprise to whom you wish to make the payment too. The amount shall credit to the receiver within few seconds to a few minutes depending on the crypto. The ease of transfer and the low transaction fees makes it very desirable.
3. Costs less – Transferring money by using any other online forum or bank gateway is expensive as they levy considerable fees for the transaction. Credit card processing companies charge hefty fees. But it is not the case with cryptocurrency as the costs are nil or negligible. With credit cards or debit cards, the seller is the one paying a fee but for crypto’s, it is the buyer paying the small fee.
4. Private – You don’t need to share your identity or whereabouts or the details of the transactions made between you and the beneficiary. No information required to share with the government and the bank regarding the deal. It is truly decentralized.
5. Highly secured – All your transactions will be secure as it is using NSA created cryptography. It is next to impossible for any person other than the owner of the wallet to make any payment from the wallet, unless they were hacked which there are many ways to protect yourself from.
6. Remain anonymous – Some coins can help you stay anonymous but contrary to popular belief, not all of them can. Bitcoin is pseudonymous which means people won’t know exactly who you are on the blockchain but they can get some information from it.
7. Your details are safe – Nobody can steal your personal information from merchants, which ensures the privacy of your sensitive data. By creating a proxy ID, you can make sure that no one knows anything about you.
8. No chargebacks – Once you made the payment, you cannot chargeback. This considerably depletes the chances of a fraud. Once the transfer has completed, it cannot reverse. Nobody can file chargeback like you can on credit cards. It has it’s cons but can be an advantage also.
9. No third party – You are the master of your money. You can keep it in your wallet and use it as per your wishes. There is no third party involved like a bank on whom you need to trust.
10. No boundaries – 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.
With these real advantages, I'm sure that there will be many more people who love the cryptocurrency. there will be the era where most people involve in cryptocurrency, work for it, and use it for their transaction or investment method. But of course, the advantages only will not attract some people who really don't know about it. It needs to spread out the positive issues along the world to make them sure to get in the crypto. Only for the first time is the hardest as many of my friends aren't into cryptocurrencies even though they already knew that we had earned huge amount of money through cryptocurrencies. the only problem is the adaptation along the way that people will find comfort using crypto on daily basis in the long run. |
|
|
|
ROMANALADIN
Member
 Offline
Activity: 308
Merit: 15
|
|
May 14, 2018, 01:39:22 PM |
|
Advantage is transparency. It is impossible to deceive this system or do anything so that others will not know about it. That's why, although some intruders managed to use loopholes in Bitcoin and Ethereum, such loopholes were quickly closed by the joint efforts of developers and the community, thanks to the fact that all network members could see what was happening.
|
|
|
|
|
|
ice098
|
|
May 14, 2018, 02:18:02 PM |
|
Advantage is transparency. It is impossible to deceive this system or do anything so that others will not know about it. That's why, although some intruders managed to use loopholes in Bitcoin and Ethereum, such loopholes were quickly closed by the joint efforts of developers and the community, thanks to the fact that all network members could see what was happening.
There's a lot advantages of the cryptocurrency and you can see it immediate because it is transparency, like when if there's a dumping and pumping you can see it immediately and you can see which coin is now popular and have potential. And when you have crypto you'll know it is easy to access and it is much secure, use as easy payment, and lastly no third party involve when you do transaction. |
|
|
|
Innocent504
Newbie
Offline
Activity: 61
Merit: 0
|
|
May 14, 2018, 02:24:18 PM |
|
One of the advantages of cryptocurrency transactions is that they are one-to-one affairs, taking place on a peer-to-peer networking structure that makes “cutting out the middle man” a standard practice.
Does anyone think otherwise?
|
|
|
|
|
|
k@suy
|
|
May 14, 2018, 02:50:30 PM |
|
One of the advantages of cryptocurrency transactions is that they are one-to-one affairs, taking place on a peer-to-peer networking structure that makes “cutting out the middle man” a standard practice.
Does anyone think otherwise?
Or simply, cryptocurrency or most of it are decentralized. No one owns it and transaction is transparent as it is very verifiable on the blockchain or on explorer. Also, it is trade able around the world 24/7 and it solves the ease of sending funds to and fro other countries at a lesser fees and faster speed. |
|
|
|
|
siap86
Newbie
Offline
Activity: 210
Merit: 0
|
|
May 15, 2018, 01:14:01 AM |
|
You can write down the advantages of cryptocurrency even more, but others can also add flaws. But that needs to be underlined, each system will require a third party because the interests of one party and the other may be different. So I think we will see crypto controlled by the government in the future.
|
|
|
|
|
gucci belt
Jr. Member
Offline
Activity: 224
Merit: 1
|
|
May 15, 2018, 01:51:28 AM |
|
Cryptocurrency can also be converted into real money because it has an exchange rate, and of course the exchange rate for each cryptocurrency is different. The exchange rate for each cryptocurrency is also not continuously stable because each cryptocurrency has an exchange rate with each other which tends to rise and fall.
|
|
|
|
|
solovalley
Newbie
Offline
Activity: 182
Merit: 0
|
|
May 15, 2018, 02:41:50 AM |
|
It is true that the value of cryptocurrency capitalization increases with time. But fluctuations are very unpredictable because no country controls this digital stream. Do not be tempted by the investment of cryptocurrency, just use it as an easy payment and a side job.
|
|
|
|
|
zbaharudin
Member
Offline
Activity: 238
Merit: 10
|
|
May 15, 2018, 02:50:30 AM |
|
Cryptocurrency is not bound by exchange rate, interest rate or transaction fee. In addition, cryptocurrency transactions occur at the same speed, wherever the sender and receiver are located.
|
|
|
|
|
desmike481
Newbie
Offline
Activity: 1
Merit: 0
|
|
May 15, 2018, 02:54:47 AM |
|
Hey all -- Merit is a new coin that grows only by others inviting others in.... If you are interested, see website merit.me for details, and to download the wallet. If you need an invite to the community you can use my community handle @Bludwood.
For advantages:
1) Simply download the wallet, when asked, choose the fast sync option... The blockchain should sync in minutes.
On the dialog that comes up will be two input fields. The first, enter my handle "@Bludwood" (without the quotes).... The second, enter you own personal alias you want the community to know you as.
That's it!. Once confirmed by who invited you, you're in.
2) And what's really cool - you can mine from the wallet. No need for special equipment. Give it a try...
3) Another thing -- to send and receive, you don't need anything but someone's unique alias! No more crazy addresses unless you want to use them.
Note: Invites are provided to wallet holders on a limited basis as a mining reward.. That said, in order to not waste invites or your time, I will only confirm someone while we are both online to make the transaction. Reply back if interested. I have 1 invite right now.
|
|
|
|
|
jeruk nipis
Newbie
Offline
Activity: 196
Merit: 0
|
|
May 15, 2018, 03:01:41 AM |
|
I strongly agree with your exposure to the benefits of cryptocurrency. Thank you very much for giving us a lot of new knowledge. I realize also behind the benefits there are also disadvantages. However, I see more benefits than not being useful. It would be very nice of course if crypto can cooperate with central bank. Hopefully it can quickly materialize.
|
|
|
|
|
maiden
Member
Offline
Activity: 457
Merit: 11
Chainjoes.com
|
|
May 15, 2018, 03:17:33 AM |
|
ADVANTAGES OF CRYPTOCURRENCY
Fraud-: Cryptocurerncies are digital and cannot be counterfeited or reversed arbitrarily by the sender, as with credit card charge-backs.
Identity Theft: When you give your credit card to a merchant, you give him or her access to your full credit line, even if the transaction is for a small amount.
Immediate Settlement: Purchasing real property typically involves a number of third parties (Lawyers, Notary), delays, and payment of fees. In many ways, the bitcoin/cryptocurency blockchain is like a “large property rights database,”
Access to Everyone: There are approximately 2.2 billion individuals with access to the Internet or mobile phones who don’t currently have access to traditional exchange systems.
Lower Fees: There aren’t usually transaction fees for cryptocurrency exchanges because the miners are compensated by the network
|
|
|
|
bournekin
Sr. Member
Offline
Activity: 476
Merit: 250
Streamity Decentralized cryptocurrency exchange
|
|
May 15, 2018, 03:20:16 AM |
|
Everything will have the advantages and disadvantages. As here, the cryptocurrency also has those two against sides.
However, considering about the two, it is very essential to know how helpful and useful the crypto is. We can change our life better via crypto and make new life and jobs in crypto. It is a good chance to change the world by this technology. Just be positive thinking of the crypto.
|
|
|
|
|
