CRYPTOCURRENCY:
cryptocurrency is a digital asset/ currency and decentralized currency that is popular nowadays. It is issued by Private systems and remains away from the reach of government to purview it . It's a system that enables anyone anywhere to send and receive payments peer to peer . Today we will be talking about some of the Pros and Cons of Cryptocurrency.
PROS OF CRYPTOCURRENCY:
Some of the Advantages revolving around Cryptocurrencies are:
High Profit Potential:
The profit potential for crypto currency is high for an instance Bitcoin in year 2016was 450$_750$ but in 2021 the prices of Bitcoin sky rocketed up to 63,000$ being the recognized as one of the most wanted crypto currency in the world .
Hidden Identity:
With Crypto your identity remains hidden . For example no one can know any kind of information about you except your address for what ever currency wallet you use .
Instantly transferable:
Currencies like BCH serve as a better choice to send money to another person world wide without any tax the gas fee for transferring any amount of money can be from 0.01 Any your payment gets to the other account in a small amount of time . In Conclusion Cryptocurrency is efficient and is tax free.
Greater Liquidity:
cryptocurrency or digital assets like NFTs can be instantly sold providing crypto users instant diversification and liquidity.
CONS OF CRYPTOCURRENCY:
As the list of advantages go long so does the cons
High Losses:
The rate of profit is potentially high so is the risk involving losses for an instance people who bought BTC when it was at the highest peak about 63,000$ wanted their money to be doubled and wouldn't settle anything less than that how ever Bitcoin suddenly dipped afterwards resulting in big losses of people who had invested in it.
BlackMarket Uses it:
As Cryptocurrency Can hide your identity so mostly it serves best for people on the dark web and black market without any track of the payment from who to who. This is one of the reasons why people feel less safe with crypto currencies
Cyber Hacking:
cyber hacking is also a con involving crypto .Because of it being a currency that is designed as a written program by programmers many hackers try to get their way into it .Hackers tend to give you softwares like gaming and other stuff free illegally but after installing them your system gets slower that is entirely because of the mining bots running in the back . which results in computers and phones having hardware problems and heating issues .Avoiding this isn't hard just don't download stuff from unreliable sources.
No Refunds:
You may know that if you send Money through bank to a nonexistent account you may have to refund it by talking to the bank's care center authorities how ever if you ever sent your cryptocurrency from your wallet to another currency wallet or a nonexistent address you may lost it for ever . 6/10 people have lost their assets to just one of these silly mistakes and money is in recoverable
These were a few of the many Pros and Cons of Crypto currency .