Advantages and disadvantages of cryptocurency.

[Hasan Raza]

A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in the form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.
Please share its advantages and disadvantages.

 

[Akinwale701]

A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in the form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.
Please share its advantages and disadvantages.

Despite the fact that Cryptocurrency has many advantages like making you a millionaire overnight, it has a lot of disadvantages as well. One's funds can be totally wiped out within a few minutes if care isn't taken, also the cost of sending Crypto to one wallet from another is very high, besides, the price volatility poses a greater risk.

 

[kayode10]

One of the disadvantages of cryptocurrency is that your money can vanish in your wallet due to depreciation in price of the cryptocurrency you are investing in. One advantage about cryptocurrency is that they make it easy for you to transact with other people from far away. I appreciate in value more than the stock and shares within a short period of time.

 

[Nabeel119]

Inflation has caused many currencies to get their value declined with time. Almost every cryptocurrency, at the time of its launch, is released with a fixed amount.
Since the privacy and security of cryptocurrency transactions are high, it’s hard for the government to track down any user by their wallet address or keep tabs on their data.

 

[grabthe.com]

High costs of transferring to cash from what I have found. I wish it was cheaper, maybe I am doing it wrong.

 

[Donolatunji]

Scalability

Likely the greatest worries with digital forms of money are the issues with scaling that are presented. While the quantity of computerized coins and selection is expanding quickly, it is as yet overshadowed by the quantity of exchanges that installment monster, VISA, measures every day. Also, the speed of an exchange is another significant metric that cryptographic forms of money can't contend with on similar level as players like VISA and Mastercard until the framework conveying these advances is hugely scaled. Such a development is intricate and hard to do consistently. Notwithstanding, some have just proposed a few arrangements, including lightning organizations, sharding, and marking as choices to defeat the versatility issue.

 

[Jimmie150]

The coming of cryptocurrency has brought about numerous advantages to life and how we view money. For now I don't think there are any major disadvantage but in the near future they should be a lot of it.

 

[Kelly5]

A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in the form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.
Please share its advantages and disadvantages.

The advantage of having and transacting with your pocessed crytpto currency is that, it keeps you in total control of your crytpto assets and some level of anonymity. The disadvantage is the irriversibility of transactions wrongly carried out.

 

[Tinaconcept]

Just like every other business cryptocurrency has its advantages and disadvantages. When investing in cryptocurrency you have so many risk to face and one of the disadvantage is that sometimes you buy a coin and it keeps going down if you don't have patient you will sell on loss but if you got patient it rise and you take your profit

 

[Denuola]

Advantages;

. User Autonomy​

The primary draw of bitcoin for many users, and indeed one of the central tenets of cryptocurrencies more generally, is autonomy.

. Discretion​

Bitcoin purchases are discrete. Unless a user voluntarily publishes his Bitcoin transactions, his purchases are never associated with his personal identity, much like cash-only purchases, and cannot easily be traced back to him.

Disadvantages;

: Cybersecurity issues​

As a digital technology, cryptocurrencies will be subject to cybersecurity breaches, and may fall into the hands of hackers.

: Price volatility and lack of inherent value​

Price volatility, tied to a lack in inherent value, is a major problem.

 

[Chibson]

Cryptocurrency have advantages and disadvantages. In the sense that it is the decentralized, there is no central body that controls your wealth.
Cryptocurrency can also we use to make faster payments.
In terms of loss or scam. There is no way your money will be recovered

 

[Lyrrex]

one of the main advantages of a cryptocurrency is that it fully decentralized any since that one has full control over his money without the government interfering. But the disadvantage of a cryptocurrency is that is very volatile,once sent out of your wallet to the wrong address, no one can recover it.

 

[Zamaney]

Advantages of Cryptocurrency :
Protection from inflation –
Inflation has caused many currencies to get their value declined with time. Almost every cryptocurrency, at the time of its launch, is released with a fixed amount.
Disadvantages of Cryptocurrency :
Can be used for illegal transactions –
Since the privacy and security of cryptocurrency transactions are high, it’s hard for the government to track down any user by their wallet address or keep tabs on their data

 

[Azhar119]

Benefits of Cryptocurrencies The most significant advantage of cryptocurrencies is that they’re backed by the most dynamic technology in the world - the blockchain technology.
Blockchain technology is completely decentralized and it means that no central entity can claim control or ownership, and also you can relieve from interest rates & transactional fees.

 

[Shivay]

A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in the form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.
Please share its advantages and disadvantages.

I think its biggest advantage is that , everyone can see the transactions and anyone can store cryptocurrencies in their wallet without any procedure but the disadvantage is that there are 60% scammers in the market.

 

[Kinglegend01]

I think the major advantage which is also its major disadvantage is that cryptocurrencies are very volatile and not stable. Is the major reason why alot of investors invested in it in the first place and it the reason why alot of people are against it. Cryptocurrency can make you to earn a high profit on your money within a short time and it can also make you lose your money within a short time too.

 

[Rainlover207]

A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in the form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.
Please share its advantages and disadvantages.

Cryptocurrency offers one the opportunity to move money across the globe within minutes without any limitations and this can be done from anywhere in the world. One major disadvantage of cryptocurrency is that if it lost by mistake then it's gone forever.

 

[eenya00]

In a funny way the advantage of cryptocurrency can also be its disadvantage for instance you could buy at a cheaper rate and the price will go up in your favour but currently now you might buy at a higher rate and the price will crash making you lose your investment and also you could transfer your money to a wrong wallet without refund

 

[Shahzad Ahmad]

Cryptocurrency has many advantages as well as disadvantage. Disadvantage is that cryptocurrency has not any specific owner or country as capitals, so it is risk to investment in it, you may loss much in it. Advantage is that cryptocurrency as bitcoin has high rate of other currencies like US dollar, rupee etc. Many people became rich by investment in it.

 

[Taimoor Jutt]

Crypto Currency is the World of about 4000 currencies it has gotten enormous fame in just last couple of years. It has advantages and disadvantages too, but If we use in wisely then we will not get loss or disadvantage by them. It gives you big profit but at the same time you can be lost your money when prices decrease.