Crypto

Pros and cons of cryptocurrencies

Cryptocurrencies are known as the world’s next cashless money, and is ruling at present as well. These are also the main sources of income for those who are good at investing and trading. 

Trading in the online platforms with cryptocurrencies has brought a lot of hope for those who are either unemployed, those who are studying or who are in financial crisis.

But, using cryptocurrency also has some drawbacks just like any other things that we use, despite having an immense number of benefits.

Let us look at some of the pros and cons of cryptocurrency that we are using and will use in the future:

Pros:

  1. Most of the cryptocurrencies are decentralized in nature. They are controlled by the developers who are using them before they are officially launched into the market. This, in turn, helps in proper functioning of the currency and keeps them safe and secure.
  2. These currencies do not require any extra payment whenever you send money to different countries or organizations. This is easier as there is no interference of the third parties like VISA, so the function is cost-effective.
  3. Cryptocurrencies can be bought using currencies like dollars, rupees or in euros. Different types of cryptocurrency wallets help in exchanging the currency from one type to another easily without paying any additional fees.

Cons:

  1. Cryptocurrency is used for many illegal purposes such buying drugs, weapons, sending black money etc. from one country to another. Tracking down the illegal users are hard for anyone, even the government themselves.
  2. There is no chance of getting any refund once you are selling bitcoin to any authorized parties. Thus, this will lead to an immense amount of loss rather than increasing your profit.
  3. Although the cryptocurrencies are safe, they are sensitive in terms of getting hacked. Most of the exchange platforms usually store the data of the users. They hackers can eventually steal the data and get access to other accounts and transfer funds from them.

Despite having some but serious number if drawbacks, cryptocurrency still continues to be one of the most popularly used online transaction systems.

But, you need to keep a track of the places in which the cryptocurrencies are not illegal to be sold. For instance, you can Sell bitcoin Australia as it is one of the safest places for trading with digital currencies.