Advantages of Cryptocurrency

[Ric8]

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.

[Ric8]

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.

[rasho321]

I agrre with you,
Cryptocurrencies give governments and central banks pause. They slowly begin to notice that they can no longer continue to debase their currencies without driving people into crypto-currencies, which would actually accelerate the debasement and make their mistakes more obvious.

[Ric8]

I agrre with you,
Cryptocurrencies give governments and central banks pause. They slowly begin to notice that they can no longer continue to debase their currencies without driving people into crypto-currencies, which would actually accelerate the debasement and make their mistakes more obvious.

yes.
now a day many government try to accept this blockchain technology.
if Cryptocurrency taxable i think many country government will accept .
and central bank.................   

[Bergiolia]

I don't think using cryptocurrency will make you anonymous user because the transaction is plain public both sender and receiver can be tracked through hash code that which can be accessed also through blockchain explorer and scanner.

[Bergiolia]

Although Cryptocurrency is easier to access but it's not the easiest because there are so many people today who cannot use cryptocurrency due to technical difficulties and when it comes into internet accessibility. And digital wallet management is not that easy to keep from hackers and exploitation.

[Bergiolia]

Easy payment = yes, but when you said it's quick is another story because waiting for the transaction confirmation is pending for a week or even more than a month these days. That's why until now Bitcoin and Altcoins aren't much embraced by food chains and other quick buy or payment because Cryptocurrency isn't quick and fast enough to close the transaction.

[DAVETUN]

I don't think using cryptocurrency will make you anonymous user because the transaction is plain public both sender and receiver can be tracked through hash code that which can be accessed also through blockchain explorer and scanner.

You are anonymous because anyone transacting with you does not need to see you physically or need you name and address.

[yaamite]

Solid text. Easy and full. I don't know to add

[teilwalL05]

This is sure great to read by newbies and very helpful before engaging in earning, trading and gambling with the use of bitcoin, and if there are an advantage for the use of bitcoin there are disadvantage too, you got to learn both so you can have an advantage, And I really think that some disadvantage can be prevented and should not put too much attention

[taiwww]

Cryptocrrencies are the latest currencies introduced in the currency world. They are still young and will take time to settle and mature. Cryptocurrencies are decentralised in nature so no one can control or manipulate them. They are controlled by its users and protected by its miners. They have their own security system blockchain which is quiet difficult to break and hack. Anyone with bitcoin wallet can transfer or receive funds from any part of country. Such transfer charges and transaction time is much less as compared to bank or any other mode of payment. Cryptocurrencies are not only currencies but are good assets. Bitcoin has proven this.

[captain_blood]

Main advantage of this will be the gateaway contract towards scumbag governments who doesn't secure identity and privacy. They are pure asshole.

[jritz2344973]

I think no third party is the advantage to competing to the alipay .

[Slava79]

1. Easy access

I would argue, do you consider Bitcoin wallets to be user friendly piece of software?

2. Quick and easy payments

I think Bitcoin payments are not quick. Sending SMS is quick, wait 1.5h for confirmation isn't

3. Costs less

I becomes less and less true for Bitcoin

4. Private

Yes, but only till you want to withdraw into fiat.

5. Highly secured

Yes, but till quantum computers arrive

6. Remain anonymous

True, to some degree.

7. Your details are safe

True, if you don't withdraw to fiat

8. No chargebacks

Except sometimes, I mean hard forks.

9. No third party

You always should trust someone, anyway. With Bitcoin you trust developers that there are no bugs in wallet, for example.

10. No boundaries

Except it's blocked on state level which can be easily done


Sorry for this critics, but cryptocurrencies' sky is not that cloud-free There are always these "but..."

[Jafri101]

I think according to me crypto currency has made you beleive in it since its price has made everyone to invest in it. Whats wrong if you get more profits in crypto currencies? thats an advantage itself.

[IlfarIldarovich]

I agree with your list of benefits and is undoubtedly good profit in the long term

[Bergiolia]

1. Easy access

I would argue, do you consider Bitcoin wallets to be user friendly piece of software?

2. Quick and easy payments

I think Bitcoin payments are not quick. Sending SMS is quick, wait 1.5h for confirmation isn't

3. Costs less

I becomes less and less true for Bitcoin

4. Private

Yes, but only till you want to withdraw into fiat.

5. Highly secured

Yes, but till quantum computers arrive

6. Remain anonymous

True, to some degree.

7. Your details are safe

True, if you don't withdraw to fiat

8. No chargebacks

Except sometimes, I mean hard forks.

9. No third party

You always should trust someone, anyway. With Bitcoin you trust developers that there are no bugs in wallet, for example.

10. No boundaries

Except it's blocked on state level which can be easily done


Sorry for this critics, but cryptocurrencies' sky is not that cloud-free There are always these "but..."

I agree with the critic because I think about it earlier ago after reading the advantages thread so the bottom line is cryptocurrency doesn't have much advantages except digital currency is better than fiat.

[Bergiolia]

The only thing I found on the disadvantage issue is there's no way to reverse the transaction, once it's sent and in pending queue there's no way to stop it or to cancel it because blockchain system is not designed that way.

[AgentZero23]

There are so many advantages of cryptocurrency. Security is better in cryptocurrency because it is digital and encrypted. And it is hard to steal your money compared to fiat currency. Another one is easy access to everyone because nowadays when we almost rely on mobile devices to conduct financial transactions. And it is designed for low cost fee and no-fee transactions that's why it's becoming popular. Lastly you have full control of your digital wallet unlike traditional banks that you need to follow their terms.

[qazgroup]

Nice posts but looks like that you copied from somewhere and pasted here, if that is the case then you should give credits or reference to the original post.