The advancement in technology has created a shift in the way we think and process our money. Cryptocurrencies are digital currencies that we can use to carry out our daily transactions thus instead of using the cash money we can now possess and use digital money. Technology has its perks but we need to understand that everything comes with a price and there are always drawbacks because nothing in this world is perfect. So let us look at the list of the advantages and disadvantages of Bitcoin technology to figure out it is the best choice for us or not.
Advantages of Cryptocurrencies
Some of the advantages of the Cryptocurrencies are very prominent to us. These advantages are the reasons why some individuals prefer cryptocurrency for major transactions. These major advantages are listed below;
- Cryptocurrency work in a decentralized fashion meaning that you don’t have to worry about exchange rates or additional charges for transferring money to individuals around the globe.
- There is no governmental interference or manipulation in such currencies so no interest rates are charged
- You can receive money instantly after creating an account which means that you don’t need to invest money in order to activate your account
- Cryptocurrencies can’t be forged so there is no such thing as a fake cryptocurrency.
- The transactions are irreversible thus there is no concept of refunds
Disadvantages of Cryptocurrencies
Everything comes with drawbacks. Just like other technologies, Cryptocurrencies also have drawbacks, which is why some individuals don’t feel safe while using the digital money for transactions. The major disadvantages of Cryptocurrencies are;
- Just like all other online activities Cryptocurrencies are also a victim of hacking and scamming
- The technology behind Cryptocurrencies is very complex which is why some people abstain from using it
- The transactions take minutes to get approved by the network which can be frustrating at times.
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