Cryptocurrency advantages and disadvantages

There has been a rapid growth of interest towards crypto assets due to public attention and capital invested in cryptocurrencies. If you think about investing in a cryptocurrencies, then you need to be aware not only of the potential benefits, but also of the negatives as well. Let’s find them out.

Pros of cryptocurrencies

  • Easy to use internationally. You can send cryptocurrencies all over the world. Even on weekends, holidays or late nights.
  • Decentralized. Cryptocurrencies have gained so much popularity due to their independence. They can’t be deflated or inflated according to the choices of authorities.
  • Quick transactions. Cryptocurrencies are based on the blockchain technology which removes delays and approval from the third-party systems. So, you don’t have to wait: you can buy, sell or send cryptocurrencies in a matter of minutes.
  • Low costs. Unlike other payment methods like bank transfers, which have high fees, cryptocurrency transactions offer lower prices. 
  • Transparency. Cryptocurrencies are transparent despite its privacy features. Every transaction is recorded on the blockchain.
  • Use cryptocurrencies anonymously. Most cryptocurrencies are built from the bottom up with privacy in mind. This means users can expect transactions to be private despite non-identifying transaction data being public.

Cons of cryptocurrencies

  • High volatility. The overwhelming majority of participants in the crypto industry are painfully aware of this concept. The value of cryptocurrency can change wildly in such a short period.
  • Digital currencies are still at the very early stages of mass adoption, and they are not accepted widely. A lack of appropriate regulation makes cryptos impractical for everyday use. It is difficult for companies to act without any fear, and offer cryptos as online payment method. We believe that the best is yet to come, and there will be a lot of experiments with shaping regulation and guidelines.

In conclusion

While there are pros and cons of cryptocurrencies, the truth is that big companies and investors are looking at ways to make the most of its advantages. It’s quite sure that cryptocurrencies have high potential, and they will be a strong alternative to fiat currencies.

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