Here are the main pros and cons of using cryptocurrencies, as mentioned and discussed in the various online forums and chats related to crypto use and development.
Pros of Using Crypto
More Security
The fact that cryptocurrency transactions are independently verified on the blockchain and can be viewed and tracked for eternity means that crypto transactions based on blockchain are more secure than other financial transactions. There is no personal data that is held by a third party and anyone who has access to the internet can buy, sell, and invest in cryptocurrency.
More Privacy and Less Involvement of Third Parties
Cryptocurrency is anonymous and based entirely on access to your crypto wallet and the secret keys to currency balances and transactions that are held therein.
Accessibility
As long as you have access to the internet, and have a crypto wallet, then you will be able to interact and engage in the crypto economy. It is heralded as one of the most democratic of currencies and as a means to open up the global economy to those who may have thus far been unbanked and un-bankable.
Volatility
If you keep track of the current value and exchange rate and know how to convert currency at OKX.com, then this volatility of the cryptocurrencies provided a great way to make a profit in trading and investing. It is the intrinsic nature of crypto because it is a demand and trust-based currency that is volatile, and rather than seeing this as a disadvantage, it is a huge pro of using crypto if you do so in an informed and up-to-date fashion.
Cons of Crypto
Complicated
The idea of money that is based on cryptography-led encryption that is consensus-driven and digitally documented on the public blockchain ledger is as complicated as it gets for a lot of people. This is one of the biggest barriers to entry for most, and yet, as soon as you start reading a little about it, it is quite easy to understand. It’s only in the mining of coins that the currency gets complicated, but this isn’t something that everyone needs to understand.
Corrupt
The rise of the dark web around crypto has been based on the fact that it is anonymous and lacks intermediary controls. This has been one of the most raised disadvantages of the currency. However, it is like all other currency developments and remains underpinned by trust and confidence in the currency itself. It is not in itself an enabler of corruption, just as actual bank notes are not the cause of counterfeit currency.
There is a range of pros and cons concerning the trend in financial circles that is cryptocurrency. This article looks at but a few of the most notable of each of these. The final piece of advice, however, is to ensure that you look at each specific crypto in turn and in detail to determine whether they are a good fit for your use requirements and needs.
