Merits and Demerits of CryptoCurrency (2024)

Cryptocurrency is a digital currency that is counted as the currency of the new era that has become very famous at present. Here, we are going to discuss its pros and cons. Cryptocurrency is also having negative and positive aspects so we will discuss it here and will know about it whether it is good or bad for us. At present, It has become a good resource by using we can make a lot of money in a short time because it is counted as the money maker.

We can understand it with the help of the example of Bitcoin. When Bitcoin was introduced then its price was 100$ and now it has reached to 16000$ so we can calculate its profit. It is tremendous and very good for us because we can say that it is the money making the machine. So, let’s discuss here its pros and cons.

It is basically not operated by any central government and organization that is its biggest factor and counted as the most powerful reason that people use it and are oriented towards it. Many people have counted it as mistrustful because they don’t know all about it.

So, we will clear here all kinds of scenarios so people can get more about it and all kinds of their worries will be sorted out.

Most people counted Bitcoin and Cryptocurrency as the same but Bitcoin is a kind of Cryptocurrency. Bitcoin is too much famous that’s why most people count it as the same. Only a few people know about its work procedure and most people are unaware of it.

Unrecoverable if It is Lost

Its password is very hard to remember if once it is lost then there is no customer care support for you. If it is lost then you cannot get it back. Till now millions of dollars had been locked and no one can access them. Its password structure is too much complexity that makes it hard to remember to always write it so if you forget then it will be easy to log in again. It is very strict. We should always store our password in a drive that is not connected to the Internet because if it is connected to the internet then we may lose our password. If your password is stolen or you forget them then it means is it is lost and nobody is able to recover it.

Cannot Be Track

Cryptocurrency uses a decentralized network that is unable to track. It has become a good way to hide your black money. Criminal, drugs dealer and black money dealers are using this way to send and receive money because no one can track it and they can make safe transactions without any issue. In some countries, it is illegal to make a deal in Cryptocurrency. So, always use precaution when you are making the transaction in digital currency.

Market Fluctuations

When you are going to invest in Cryptocurrency then we should know that we can also sell and buy it. It is like a commodity and we can easily buy and sell it. Its prices may become up and down at any time so it works like a share market where you are also having the risk. According to the market, its prices are changed with the time so always be prepared for it. Its prices may hike suddenly and may down suddenly. So, according to the market, its prices also fluctuate.

So, these types all above given are cons and we should be preparing for it because we may face loss any time and it is risky all time.

Pros of Cryptocurrency

Like cons, we are also having Pros and we are going to discuss the pros of Cryptocurrency here.

Transparency

In Bitcoin, it is based upon Blockchain on which we can check all transactions because when we are making any kind of transaction then it will be saved on Blockchain and anytime we can check our transaction. It cannot be altered by us. It always shows us real statistics. It is available to everyone and anyone can check them anytime. No organization and person can alter them. So, it is totally transparent and counted as the most secure feature.

Inflation

Currencies all over the world are facing inflation because the government prints a lot of money and later they face inflation but in Cryptocurrency it is not possible. When any kind of new currency is launched then it is already decided that how many crypto coins will be developed. When it is fixed once then no one can exceed them. Like Bitcoin, only 21 million Bitcoin can be mined and no one can increase its number. So, our currency will be always far from inflation.

Portability

It is not like physical money and we can easily port it from one place to another without detection. We can carry it in drive or in digital format. So, it is easier to carry your money from one place to another place.

Control Your Money

We all know that we can check all transactions with the help of the Blockchain. All transaction is made by anonymous identity so we can easily track if there is any falseness or theft. It is highly secure than physical currency.

Transaction Cannot Be Traced

This factor is counted as both pros and cons because it is having own merit and demerit. It cannot be traced because it uses the decentralized network and due to not being regulated by any organization and any central bank we are unable to trace it. People like criminals and drug dealers are using it and that’s why it is counted as the cons side. It has become the best way to hide your black money. We can also count it as the pros because we can freely buy and sell easily and nobody will be able to trace it.

So, now we can know all about Cryptocurrency because above all are defined in an easy way. Now, a question arises that we should invest in Cryptocurrency or not? If we will check online then we will get that there are many advanced economic experts are available and some of them are positive and negative. But after making fully investigating we can make an investment in digital currency.

It is very fruitful at present and if we make investment carefully then we can earn a lot in the short time period. Bitcoin is the best example of it. At first, Bitcoin was introduced as Cryptocurrency and launched in 2013 after that the market much digital currency has been introduced and currently trending. After making an inquiry carefully, we can deal with it.

Some countries are banning it, some of them are making the rule for it and some are allowing it all the way. Countries like China are regulating it legally but you cannot use it for commercial uses. So, before making any kind of investment always know about it. Some economist is making the prophecy that it will be future currency and some are saying that it has no future but the fact is that it is trending a lot at present and everyone want to make the deal in it.

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