Advantages of Cryptocurrency

[ankurguta87]

Bitcoin or alts are managed by its network, and not any one central authority. Decentralization means the network operates on a user-to-user (or peer-to-peer) basis. Decentralization is a major advantage.

[1714952063]

1714952063

[1714952063]

1714952063

[nytstalker]

Advantages of Cryptocurrency. easy to access ,easy to payment, No charges , Privated and Highly Secured.

[rachman mahesa]

I think the benefit of crypto is very much may not I can mention one by one. Suppose investing in crypto is very easy but we must remember, investing in crypto must be ready with his profit and loss.

[DAVETUN]

With cryptocurrency you can  become a millionaire with little investment,Also there is privacy in the space, no one knows what you worth in the real world with cryptocurrency.

[magiccarpett]

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.

[lopez cryptomania]

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.

I find these difficulties a big hindrance to getting involved in crypto. That's why I believe in this ICO bc they are aiming to make crypto easier to enter for all with their novice friendly UI and the first ever arbitrage exchange that will allow for less market volatility which keeps so many inexperienced and afraid people on the sidelines. Arbitrage will provide a better way to profit in this economy.

https://bitcointalk.org/index.php?topic=3085831.msg31823480#msg31823480

[Jigsawman082076]

For me the advantages of crypto currency is very useful to people because with the use of crypto currency people could be able to send larger amount of money to any part in the world incurring only with a minimal fee and faster transaction process not like in the banks which will cost bigger fees and longer time to complete your transactions. So the advantages offered by crypto currencies enable many users and investors very much attracted in using crypto currencies on their financial transactions every day.

[idioma1]

Agree with all your points

[mariaana]

Cryptocurrency gives everyone a fair chance to earn online without registration fees.  It is easier to transfer and receive payments without the risk of using your bank identity because we only use the address.  Transaction fees are much lower and processing is faster.  With cryptocurrency, I was able to find an alternate source of income to payoff additional expenses and debts. 

[Boybugwal760820]

I think advantages of cryptocurrency is very useful to people because with the use of cryptocurrency people could be able to send large amount of money to any part in the world incurring only with a minimal fee and faster transaction process, so with this advantages many users and investors are very much attracted in using cryptocurrencies on their financial transactions.         

[wewe123]

I think advantages of cryptocurrency is very useful to people because with the use of cryptocurrency people could be able to send large amount of money to any part in the world incurring only with a minimal fee and faster transaction process, so with this advantages many users and investors are very much attracted in using cryptocurrencies on their financial transactions.         

That is very true and this advantages makes life so easy as long that there is internet or online , it make your pocket with less cash on hand because your payments and other transaction are immediately transacts on line that is the big factor of cryptocurrency in the digital world.

[rollingstorm45]

a very clear explanation
I really agree with all the points you described above, which is why I would rather have cryptocurrency than FIAT currency
and with this I am very confident, that cryptocurrency will be our future

[Boysisig207608]

Lots of investors and users are attracted to using cryptocurrency because of the advantages it provides to its users in which if you are transferring a large sum of money to another country you will not be tax and you will only pay for a minimal fee so your transaction cost will be less.

[matjas]

Lots of investors and users are attracted to using cryptocurrency because of the advantages it provides to its users in which if you are transferring a large sum of money to another country you will not be tax and you will only pay for a minimal fee so your transaction cost will be less.

It's gonna change very soon, many countries start to introduce new crypto regulation and taxation. But I agree, that it's still much easier to transfer cryptocurrency in between the countries than fiat.

[smhome354]

I think the thread starter has already covered all the benefits and advantages of the cryptocurrency. My favorite feature of the crypto is the ability to provide users the chance to earn aside from those reliable uses. This shows cryptos as one of the most important inventions..

[Crasengover]

The main advantages of cryptocurrencies for me are:
1. High volatility - thanks to it we can earn up to 100% per day, which is not possible on any other market.
2. Decentralization - it's a nature of all cryptocurrencies, though some of them are far from being decentralized (ex. Ripple)
3. Privacy - though now it's being threatened by KYC
4. Easy to access and use - even my younger sister learned crypto in few months.
5. Tax free - at least for now.
6. Crypto is the future. I have not doubt that one day cryptocurrencies will replace fiat. Even if it takes 10+ years.

[Rejinx]

Fees on transactions in crypto-currencies are small only at the beginning, when the complexity of creating a block is low, then it rises as it happened with bitcoin

[nanik nasal]

I think cryptocurrency is a new innovation designed with blockchain technology that is useful to facilitate people and help the country's economy.
'The advantages of crypto:
1. Security

Unlike conventional currency-prone currencies, cryptographic rules applied to bitcoins make their owners avoid the same risks.

2. Able to act as a global currency

Although every country has its own currency, bitcoin persists and goes into it. Bitcoin knows no national borders, does not waver due to political conditions in government, and is unaffected by anything.

3. As a protector of inflation

Like gold, bitcoin is considered to act as a protected inflation value. Bitcoin can suppress excessive inflation.

4. Savings

Bitcoin is a new form of community savings that is applied with a system that is not troublesome. In addition to storing bitcoins, all financial intermediaries at the bank can be eliminated. Holders also do not have to pay service and registration fees.

'lack of crypto:
1. Not Stable

Bitcoin is a speculative currency. Although there are not enough companies currently offering the purchase and sale of products with bitcoin as a means of payment.

2. Very risky lost or stolen

As a virtual currency, bitcoin is encapsulated in the form of a digital file or otherwise known as a wallet file. Used, wallet files are similar to the cashier function.

However, the wallet files that are stored on the hard disk of your electronic equipment are very susceptible to damage. In addition, viruses that attack your hard disk can also make stored bitcoins just disappear.

Digital wallets can also be hacked and stolen through malware. Not to mention the risk of bitcoin content from the owner of the hard disk was accidentally erased. More painful than cash, you lose all the contents of the wallet without being traceable to the lost place.

In addition, people with computerized skills have the potential to steal money.

3. Money laundering tool

The use of bitcoin currency is not controlled by government or official financial institutions. As a result, such conditions provide great opportunities for criminal activities such as money laundering and tax evasion.

Lack of government control also makes bitcoin seem worthless. In addition, some financial observers consider bitcoin as an illegal currency because it does not push the law in the eyes of the law

[bitcoinerjawa]

I think the benefits of cryptocurrency is very much you can benefit from the difference in price created, with cryptocurrency also you can use as an alternative payment to pay and buy something.

[Osiris0]

Thanks for the intresting view on cryptocurrencies. I would add that they can be very disruptive for traditional institutions like banks and goverments which were sharing people's responsibility for their lives... Now the time is changing - everyone should be responsible for his own life totally...