Advantages and disadvantages of cryptocurency.

[Olubayo12]

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.

Advantages - it is a store of wealth, it makes transactions between countries to be more easily done and faster at the same time.. Disadvantages - you could lose your entire savings investing in Cryptocurrency if care is not taken, the transaction fee for processing the blocks are very high, payment could be delayed by network sometimes.

 

[Yasmin]

With the industrialization and involvement of technology, digital currencies are gaining an upper hand over others. One such currency is bitcoins. Many of us are familiar with this well-known terminology. The only confusing thing is Cryptocurrency. What are its pros and cons? Is it worth investing in 2020? If you have such questions, get them answered here. Below you will find the major advantages and disadvantages of Cryptocurrencies.

 

[Sad56]

Crypto currency world having a lot of coins in it. Now every onlineinvetors come to crypto currency world for investing. Now it's high volatility attracts people towards it and this is it's advantage and at the time this is its disadvantage. When price goes up investors get profit and next minute they get loss.

 

[Asad Ali]

I think the key advantage of Cryptocurrencies, too, is their instability and not their stability. Is the key reason why many investors first invested in it and why many people have been against it. You may make high profits from Cryptocurrencies in a short period of time, and it can also cause you to lose your money quickly.

 

[Emma Aneni]

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

 

[Blessedsam60]

Surely, what ever that comes with advantage must have it's own disadvantage. But in crytocurrency market, the advantages over weights the disadvantages. Its a digital currency that you don't have to move around with cash and nowadays you can patronize online and pay directly with your crytocurrency.

 

[Onachukwu]

Paying through bitcoins provides the utmost freedom. Bitcoin can be transferred to any person in any part of the world. No intermediaries in between. No bank holidays/strikes. No boundaries or borders. No payment limit.

 

[Asma]

Advantage of crypto currency is the demand of currency and the value of this currency, but its disadvantage is more as advntages because its a digital currency not exit physical on hand and its value continously changes that tha major risk on investing in crypto..

 

[Dowenship]

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 know of a friend who was still a student when he started this crypto currency of a thing. He doesn't go to work or work for anyone but he's Main business is trading this crypto currency. And he's doing very fine

 

[Chaudhary10]

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.

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[Husnainali]

Advantages of Cryptocurrency : Protection from inflation – Inflation has caused many currencies to get their value declined with time. Self-governed and managed – Secure and private – Currency exchanges can be done easily – Decentralized – Cost-effective mode of transaction – A fast way to transfer funds

 

[Olagunju Opeyemi]

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

 

[Muhammad Arif]

The coming of crypto currency brought about numerous advantages and disadvantages. When invest crypto you have many risk. Sometimes you buy a coin and it's keep going down. If you don't have patients you will sale on loss.

 

[Sammyesx]

Cryptocurrency has the ability to make people wealthy it serves as a means of income to many, it can also be used as a form of exchange and payment, the disadvantage is that for people who trade for short term might lose their mo ey as a result of failed analysis.

 

[Bart Simpson]

The main benefit which well as the major drawback being that cryptocurrencies are very unpredictable, not secure, and they are not supported by something compared to fiat currencies. The greatest thing the business has achieved that has people against it is the reality that the main factor why customers invested in it and alot of people are against it. Cryptocurrency, which is like forex, will allow you to gain a high profit on your capital within a short period and it can also make you lose your money within a short time too.

 

[Olahab]

Advantage: Some Central Banks & Governments impose arbitrary controls on cross border transactions ( FEMA) & on regular loans ( NBFC). Once in power, best of the regulators do not understand that they are enforcing an outdated & absurd law. In this respect, CC is like Gandhiji’s Dandi Satyagrah”. “If you don’t change your absurd laws, we will violate the law openly”.



CC Disadvantage: Crypto Currency issuers claim no responsibility to stabilise the price of CC. Hence it is open to massive fluctuations. Bit coin price fluctuations have established that it is not meant for anyone but the hard-core speculators & gamblers

 

[Shahidhussain480]

CC Advantage: Some Central Banks & Governments impose arbitrary controls on cross border transactions ( FEMA) & on regular loans ( NBFC). Once in power, best of the regulators do not understand that they are enforcing an outdated & absurd law. In this respect, CC is like Gandhiji’s Dandi Satyagrah”. “If you don’t change your absurd laws, we will violate the law openly”.



5. CC Disadvantage: Crypto Currency issuers claim no responsibility to stabilise the price of CC. Hence it is open to massive fluctuations. Bit coin price fluctuations have established that it is not meant for anyone but the hard-core speculators & gamblers.

Post automatically merged: Feb 14, 2021

CC Advantage: Some Central Banks & Governments impose arbitrary controls on cross border transactions ( FEMA) & on regular loans ( NBFC). Once in power, best of the regulators do not understand that they are enforcing an outdated & absurd law. In this respect, CC is like Gandhiji’s Dandi Satyagrah”. “If you don’t change your absurd laws, we will violate the law openly”.

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5. CC Disadvantage: Crypto Currency issuers claim no responsibility to stabilise the price of CC. Hence it is open to massive fluctuations. Bit coin price fluctuations have established that it is not meant for anyone but the hard-core speculators & gamblers.

• Earning Money

• Advantages and disadvantages

 

[Yomiside]

In my own opinion, everything that has advantage must have it disadvantage. No doubt crypto may have disadvantages, but it advantages surely over weigh it disadvantages.

Like making a lot of youth to be self dependent which why many selfish government are fighting it existence

 

[Halexcity]

Money save in banks have tendency to decrease through bank charges and other government policy, but in crypto there is no policy guiding it only transaction fee. The disadvantage of crypto is that one you made mistake and blockchain as already confirmed it no where to run to and it is irrivasible.

 

[Irfan Aslam]

Regarding the blockchain benefits and drawbacks. Well, it's a curse or dilemma for a few people that cryptocurrency has landed in our current world. Crypto-currency has provided people the ability to make money in some time and also has made transactions simple but it is not reimbursable of incorrect transactions and high transaction fees, I think it is a drawback.