Cryptocurrency,It advantages and disadvantages
Arguably Cryptocurrency as proven to be a digital version of money inform of virtual tokens or coins, it as proven to be a means of exchange , which include buying and selling from individuals and organisation that accept it.
In view of this there are different coins which made up of the word Cryptocurrency, which includes Ethereum, Cardona , Bitcoin , Litecoin and lot more, each of this tokens have individual values and rules,but of all Bitcoin remains the most valuable and the most regarded of all the tokens so far.
Currently Bitcoin remains the most used of all tokens across the world and on most occasion it price level affect other tokens too. Bitcoin payment are made via digital wallet transfer.
Aside Bitcoin , cryptocurrency on it own as serves the community a lot while looking at it usefulness since it inception, in which the tokens as indeed provide lot of opportunities for some businesses.
Some of the benefits of Cryptocurrency includes:
Quick and fast transaction
Unlike other's mean of exchange when it comes to businesses or buying and selling of good's, Cryptocurrency as successfully proven to be the best means of exchange as it is the best means of buying with no means of cheating from either party involved.
For example a token like Bitcoin can be transferred from one Wallet to another using a smartphone or computer to execute such transaction. Every cryptocurrency transactions are recorded in a public list know as Blockchain. This Blockchain helps to trace all transactions that is been done so far without having to stress it users or having any form of omissions at all when it comes to list of transactions.
One of the most essential feature of Blockchain is that it eradicate any means of intermediaries during any transactions,just as banks and other online market places, which means their is no charges Incurred for sending one coin from one Wallet to another.
Cryptocurrency payment is now been widely regarded and used among many organisations recently , as this as indeed proven to be a better means of exchange and putting an end to any form of theft that might arise if it is cash payment.
Just as some countries are adopting it as a means of payment now, that alone as indeed shifted so many people attentions to it and that alone will also enable them to understand and know more about what it entails too and on the other hand it will still help so many individuals who are yet to know about it to have more knowledge and understanding about it usefulness too.
On the other sides of it advantages
It is very important that we also have it in mind that Cryptocurrency too have it own disadvantages too, just as every thing that has an advantage in life also have their own disadvantages too
losing or deleting of Wallet
Losing or deleting of Wallet can be very dangerous and this on it own might cause such users to lose all they have in such wallet too. Even storing of wallet remotely on website too is very dangerous as hacking of such website too can cause lose of such wallet.
Change in market value
Change in market value too is one thing cryptocurrency users need to be very careful of, a change in price or market dip at times can have drastic effect on the value of every tokens hold by an individual, that is why on most occasion most users don't see it safe turning real money to Cryptocurrency. Unlike money that is regulated by Financial Conduct Authority [FCA], Cryptocurrency is not regulated and their are no rules to guide it supply in the community at large.
Adoption of New Token
Changing from one token to another too might have effect on other too, if a company decided to move from one coin to another, that might have a very bad effect on the price of the other token, which might brings it value down beyond measure.
Despite it usefulness,it is very important that we all know that Cryptocurrency is a very risky investment project and only people who have the mind to take high risk should get involved in it.
Posted Using LeoFinance Beta
Nice one and good to see this and honestly it as shown that it as advantage and disadvantages too.
Cryptocurrency is not always about making Money or profit as some individuals do think, their is more to it and that is why it is very important that someone is very careful before moving into it fully, having a better understanding of this is not a crime,just as some do say and I will say also @leo and you will get to know that it takes lot of control to be able to come out good with Cryptocurrency
Definitely their is more to it than making profit as so many my think,but that fact too can't be over looked at all,I think it is high time everyone and mostly especially those venturing into it newly too get to understand that this thing goes beyond waking up and making lot of money,but their are massive risk involved too
Both it importance and demerit can't be overlooked at all and honestly that is one thing that is very vital when it comes to looking at how well and how far a user can go in the community.
But with lot of content and information on hive system, things will be fine