Here are the Advantages and Disadvantages of Cryptocurrecncies I read up from an article.
Advantages 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.
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.
Fast Settlements – With cryptos, you don’t need to wait a couple days for your business to receive the money. Due to the technology cryptocurrencies are based on, the blockchain, it removes delays, payment of fees and a host of other third party approval that might have been present.
Lower Fees – We’ve all been there and sometimes it could be painful just to view your monthly account statements from your bank. You’ll often be shocked at the number of fees chalked up.
Private– You don’t need to share your identity(unless you're in Europe) or whereabouts or the details of the transactions made between you and the beneficiary. No information is required to share with the government and the bank regarding the deal.
Highly secured – All your transactions will be secure as it is using high rate to protect your coin.
Remain anonymous – Some coins can help you stay anonymous but contrary to popular belief, not all of them can.
Identity Theft – 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. Among the benefits that come from using cryptocurrency is the protection of your online identity.
No chargebacks – Once you made the payment, you cannot chargeback.
No third party – You are the master of your money. You can keep it in your wallet and use it as per your wishes.
Facilitate International Trades – When you talk about transactions using cryptocurrencies then there are no limits.
Easy Access – Due to the medium by which cryptocurrency exist – the internet, there is greater access unlike what is prevalent in the traditional financial system.
DisadvantagesDifficult 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.
Lack of knowledge – People are not aware of how to use cryptocurrency and hence open themselves to hacker.
Not accepted widely – Not many websites and companies accept digital currencies yet.
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.(unless you have a private key)
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.
Uncertainty & Volatility – Since cryptocurrencies are so new, they are also very volatile.
Scaling – Based on the way smart contracts are designed, there is a limit to the speed and number of transactions it can process at a time which has hindered the widespread adoption of digital currencies.
There are more adavntages than disadvantages when investing in Crypto and some of those disadvantage have been solved by some of the Altcoins.
referred from this website
https://coinpupil.com/altcoins/advantages-disadvantages-of-cryptocurrency/
