Almost everyone who has one thing or the other doing with cryptocurrency must have at some point in time signed a smart contract. Do we really understand what it means? How long does it take? What will happen if you quit? How safe is it?
Here, I'll try as much as possible to make this easily understandable.
Smart contract according to Wikipedia is defined thus;
"A smart contract is a computer program or a transaction protocol which is intended to automatically execute, control or document legally relevant events and actions according to the terms of a contract or an agreement."
Smart contracts are still young technology and therefore open to bugs.
Any form of mistake in the codes could enable cash to be stolen from the smart contract account.
It's runs automatically until the terms and conditions of the contracts are fulfilled.
Here are some questions I found online regarding smart contract;
1) How will the government decide to regulate such contracts?
2) How will they be taxed?
3) What happens if the contract can’t get access to the subject of the agreement, or anything unexpected happens to it?
Well , like I earlier stated "Smart contracts are still young technology and therefore open to bugs." most of these problems exist mainly because of how young smart contracts are as a technology.
This technology will surely be perfected over time. And once perfected (error free in codes) then you can relax because it's totally safe.
Sooner than expected , smart contracts are will become an integral part of our society.