Cryptocurrency reffers to digital coin which is not authorised by the government but people use the currency to perform online transcations and shopping. Cryptocurrency came back in 2009 and it was bitcoin. Bitcoin does not have physicial form but it is used by people to perform online transcations. Their onlines sites and websites in which people can convert bitcoins to physcial cash through a bank this include skrill, paypal e.t.c
Cryptocurrency is encrypted using encryption technology and hence it run through blockchain technology.Below are some advantages and disadvantages of cryptocurrency ;
Advantages
1.0 Easy access and globally recognised, cryptocurrency is readily available to all users who intend to use it,and also it globally recognised since it has decentralised system.
2.0 Quick and easy payments, It takes few minutes to initiate a transcation that’s making a transcation more quickier. It has advantage of privacy since sender and receiver are the only one to get notification.
3.0 Private and secured, cybercrime has become a threat to online financial transcation which leads to theft, phishing and unwanted tracking of online transction systems. Cryptocurrency ensures peer to peer networking which is more secure and private. Also blockchain integration has ensured 100% transcation security.
4.0 Facilitates e-commerce trade, cryptocurrency has facilitated e-commerce trade since it more secure and has been integrated in blockchain as opposed to mastercard which likely to be exposed to phishing,data theft and also tracking.
Disadvantages
1.0 It is difficulty to understand, Cryptocurrency is based in complicated blockchain, if you got zero knowledge about cryptocurrency it is unsafe to use.
2.0 uncertainty and volatility,market of cryptocurrency is volatile and not easy to predict.
3.0 No way to reverse transcations, cryptocurrency got no options to reverse transcations incase you make the transcations, hence creating challenges to businesses and also users.
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