Cryptocurrency is a digital currency that is counted as the currency of new era that has become very famous at present. Here, we are going to discuss its pros and cons. Cryptocurrency is also having negative and positive aspects so we will discuss it here and will know about it that it is good or bad for us. At present, It has become a good resource by using we can make a lot of money in short time because it is counted as the money maker. We can understand it with the help of the example of Bitcoin. When Bitcoin was introduced then its price was 100$ and now it has reached to 16000$ so we can calculate its profit. It is tremendous and very good for us because we can say that it is the money making the machine. So, let’s discuss here its pros and cons. It is basically not operated by any central government and organization that is its biggest factor and counted as the most powerful reason that people uses it and oriented towards it. Many people have counted it as the mistrustful because they don’t know all about it. So, we will clear here all kind of scenario so people can get more about it and all kinds of their worries will be sorted out.
Cons of Cryptocurrency
Most people counted Bitcoin and Cryptocurrency as the same but Bitcoin is a kind of Cryptocurrency. Bitcoin is too much famous that’s why most people count it as the same. Only a few people know about its work procedure and most people are unaware of it.
Unrecoverable if It is Lost
Its password is very hard to remember if once it is lost then there is no customer care support for you. If it is lost then you cannot get it back. Till now million dollars had been locked and no one can access them. Its password structure is too much complexity that makes it hard to remember to always write it so if you forget then it will be easy to log in again. It is very strict. We should always store our password in the drive that is not connected to the Internet because if it is connected to the internet then we may lose our password. If your password is stolen or you forget them then it means is it is lost and nobody is able to recover it.
Cannot Be Track
Cryptocurrency uses a decentralized network that is unable to track. It has become a good way to hide your black money. Criminal, drugs dealer and black money dealer are using this way to send and receive money because no one can track it and they can make safely transaction without any issue. In some countries, it is illegal to make a deal in Cryptocurrency. So, always use precaution when you are making the transaction in the digital currency.
When you are going to invest in the Cryptocurrency then we should know that we can also sell and buy it. It is like a commodity and we can easily buy and sell it. Its prices may become up and down any time so it works like share market where you are also having the risk. According to the market, its prices are changed with the time so always be prepared for it. Its prices may hike suddenly and may down suddenly. So, according to the market, its prices also fluctuate.
So, these types all above given are cons and we should be preparing for it because we may face loss any time and it is risky all time.
Pros of Cryptocurrency
Like cons, we are also having Pros and we are going to discuss pros of Cryptocurrency here.
In Bitcoin, it is based upon Blockchain on which we can check all transaction because when we are making any kind of transaction then it will be saved on Blockchain and anytime we can check our transaction. It cannot be altered by us. It always shows us real statistics. It is available to everyone and anyone can check them anytime. No organization and person can alter them. So, it is totally transparent and counted as the most secure features.
Currencies in all over the world are facing inflation because government prints a lot of money and later they face inflation but in Cryptocurrency it is not possible. When any kind of new currency is launched then it is already decided that how many crypto coins will be developed. When it is fixed once then no one can exceed them. Like Bitcoin, only 21 million Bitcoin can be mined and no one can increase its number. So, our currency will be always far from inflation.
It is not like physical money and we can easily port it from one place to another without detection. We can carry it in drive or in digital format. So, it is easier to carry your money from one place to another place.
Control Your Money
We all know that we can check all transaction with the help of the Blockchain. All transaction is made by the anonymous identity so we can easily track if there is any falseness or theft. It is highly secured than physical currency.
Transaction Cannot be Traced
This factor is counted as the both as pros and cons because it is having own merit and demerit. It cannot be traced because it uses the decentralized network and due to not regulated by any organization and any central bank we are unable to trace it. People like criminal and drug dealer are using it and that’s why it is counted as the cons side. It has become the best way to hide your black money. We can also count it as the pros because we can freely buy and sell easily and nobody will be able to trace it.
So, now we can know all about Cryptocurrency because above all are defined in an easy way. Now, a question arises that we should invest in Cryptocurrency or not? If we will check online then we will get that there are many advanced of economic expert are available and some of them are positive and negative. But after making fully investigate we can make an investment in the digital currency. It is very fruitful at present and if we make investment carefully then we can earn a lot in the short time period. Bitcoin is the best example of it. At first, Bitcoin was introduced as the Cryptocurrency and launched in 2013 after that in the market much digital currency has been introduced and currently trending. After making inquiry carefully, we can deal with it.
Some countries are banning it, some of them are making the rule for it and some are allowing it in all the way. Countries like China are regulating it as legally but you cannot use it as the commercial uses. So, before making any kind of investment always know about it. Some economist is making the prophecy that it will be future currency and some are saying that it has no future but the fact is that it is trending a lot at present and everyone want to make the deal in it.
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