Advantages and disadvantages of cryptocurency.

[OderuMiracle]

You easily earn and easily lose

 

[Segshowee]

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.

Just like every other things in life that have both good and bad side. Same can be said of cryptocurrency, it's a coin of two sides. In all, cryptocurrency advantages outweigh its disadvantages. It's decentralized nature makes it so unique. It's bad side is, it is extremely difficult to trace and claim back if you got scammed.

 

[Profwriter]

Sudden wealth or sudden poverty for those who may have invested all they had or burrowed money to invest into cryptocurrencies. The crypto currencies fluctuates at an amazing frequency and can change value rapidly like the eruption of a volcano.

 

[chicnthin]

The advantage of the cryptocurrency is the same with its disadvantage, which is its price increase a lot and could also decrease a lot. Investing in a stable coins would be much preferable as it somehow ensure your profits.

 

[Malikshah]

Lower fees – Transaction fees are lower with bitcoin than with credit cards, and when cryptocurrency is not exchanged, it also eliminates the need for bank charges. Fraud reduction – A payment made with bitcoin cannot be reversed after the fact. Drawback #1: Scalability.
Drawback #2: Cybersecurity issues.
Drawback #3: Price volatility and lack of inherent value.
Drawback #4: Regulations.
The takeaway:

 

[Xerryl]

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.

 

[Malikshah]

By far the biggest issue in the cryptocurrency market is the excessive volatility. The prices of cryptocurrencies on exchange platforms rise and fall dramatically over a short period of time. When a tradable asset can drop by as much as 49 percent in less than 24 hours, then the volatility of the market is high.

 

[Chumzy]

Crypto Currency is a revolutionary technology because it has broken bounds. It takes power out of the greedy government and creates a currency dealing on fair value. Problem is that it has no regulatory body and also used for fraud a lot more than fiat.

 

[ahmedo24]

By far the biggest issue in the cryptocurrency market is the excessive volatility. The prices of cryptocurrencies on exchange platforms rise and fall dramatically over a short period of time. When a tradable asset can drop by as much as 49 percent in less than 24 hours, then the volatility of the market is high.

The basic reason for the rise and fall is because of the huge number of people actively buying and selling it almost every seconds , this is the way the forex market also work, it is left for you as a trader to know when to buy and sell by setting your limit.

 

[Diamond07]

An advantage of cryptocurrency is that it is very fast and easy to use and there are no boundaries to it's transaction. A disadvantage of cryptocurrency is payment made through it is not reversible.

 

[Rainlover207]

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.

 

[Abigael]

There are many advantages of Cryptocurrencies, for example, they are a great investment method for most people. Many have made good income from investing them. Moreover, it provides a great payment processor when the other payment methods are not working.
One of its greatest disadvantage is that one careless mistake can make you loose all your money. For example, sending the cryptocurrencies to a wrong adress is irreversible.

 

[mubinadaddy]

Ever business on earth have advantage and disadvantage, just as cryptocurrency has advantage of making you rich overnight it also has disadvantage of making you poor and run into debt overnight also.

 

[Edward2]

Lower costs-Transaction fees are lower for bitcoin than with credit cards, and it also removes the need for bank charges when cryptocurrency is not traded. Fraud reduction – The payment made with Bitcoin cannot be reversed after the event has occurred.

 

[Mandypaul]

there are a lot of good advantage over disadvantages of cryptocurrency, the only disadvantages of cryptocurrency is there withdrawal fee in some cryptocurrency but this can be overcome by converting cryptocurrency with high withdrawal to that of low withdrawal.

Post automatically merged: Feb 7, 2021

there are a lot of good advantage over disadvantages of cryptocurrency, the only disadvantages of cryptocurrency is there withdrawal fee in some cryptocurrency but this can be overcome by converting cryptocurrency with high withdrawal to that of low withdrawal.

 

[Caali]

the advantage is you will ability to send money to anyone in the world in a couple minutes,hours i. worst case scenario.,and the disadvantages is risky, you can get scammed easily of younot being thought right and careful.

 

[Dubai]

Crypto currency has disadvantages as well as many merits. Firstly, it gives one the opportunity to go into investment and make money. Its a means of employment that has alleviated people from poverty. Secondly, the major disadvantage is that it is open to scams and fraudulent activities by dubious fraudsters. Guys into Business email compromise (BEC) uses the bitcoin platform to scam and dupe people that unaware.

 

[Highflyer]

Just like everything else on earth, cryptocurrency has its own advantages and disadvantages. The advantages far outweigh the disadvantages, one of which is long term storage of your money. The major disadvantage in cryptocurrency is the rate at which the value drops, my Bitcoin is dropping steadily now for the last 3 days but I don't regret it.

 

[Kennysplash]

An advantage of cryptocurrency that I particularly appreciate is it's anonymity. No one can know anything about you through your crypto currency wallet. Unlike bank account that will have all your information, wallets just consist of random and odd characters. So that is an amazing advantage for me.

 

[Abelcairo43]

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.
made through it is not reversible