Finance

Advantages and Disadvantages of Crypto Currency

There are many people in and around the world, who may not know what these crypto currencies are all about? If you are among these people who is looking for the answer, you are on the right place. Through this article, we provide our readers some information on what crypto currency is all about and also some advantages and disadvantages of crypto currencies. Hence, let us now learn some things about crypto currency.

What to know about Crypto Currency? 

When we talk about crypto currency, we mean it as a digital money, which means there is no physical bill or coin. All these currencies can be transferred only through online. As a user of this crypto currency, you can transfer these crypto currencies to some other person online without a person in between. The most popular type of crypto currencies are Bitcoin and Ether. But there are many new crypto currencies that are to be created in future. People nowadays use these crypto currencies for some quick payments and also to avoid the fees they need to pay for the transaction.

Most of the people who get crypto currency buy it as an idea for their investment, hoping that the value of these crypto currencies will go up. It is easy for people to buy crypto currency just with the help of a credit card or even through a process known as mining. There are many popular crypto currency wallets like Tezos Fundraiser Wallet and another one Tezbox Fundraiser Wallet. These crypto currency wallets play an important role in storing and also retrieving crypto currencies for its users. Before people buy these crypto currencies it is important to know that these currencies do not have any protections that applies to other form of real currency. And these crypto currencies once paid or sent cannot be reversed.

Advantages and Disadvantages of Crypto Currency 

As we all know there are a lot of advantages and also disadvantages when it comes to using this crypto currency. These advantages and disadvantages need to be consider when choosing to buy a crypto currency. And for people who need these advantages and disadvantages we are mentioning them below.

Advantages 

  • Crypto currency have the habit of holding the promise of making it simple and also easy in a way to transfer these currencies fro, one party to the other directly without any person in the between.
  • When people transfer these crypto currency to another person, they do not need to have third party between them to transfer this currency. For ex., banks work as third party when transferring money from one person to the other.
  • All the transfers of these crypto currencies are made safe and secure with the help and use of keys. There are two types of keys, private keys and public keys.
  • Transfer of these crypto currency have a different incentive systems.
  • Users who uses a modern crypto currency system may have a public key for their crypto currency wallet.
  • For people who use private key they are only allowed to sign and use their transactions for crypto currencies.

Disadvantages 

  • Some crypto currencies have more privacy when compared to other currencies.
  • Once the transaction using a crypto currency is completed, it cannot be revered anytime further.

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