What is Crypto Currency and What are the Advantages and Disadvantages of it
Crypto Currency is like our local currencies but not authorized by the government, and it’s not stable yet but still, millions of people use it for online shopping and sending/receiving money to others even one of popular Crypto Currency (Bitcoin) launches his ATM in the USA.
What cryptocurrency is for?
We can use Crypto Currency as the real currency and it’s another medium of exchanging things, but the real money is printed on paper and we can keep them in our pocket physically. Crypto Currency is created and stored electronically which we can save only on our computers or websites. With Crypto Currencies, we can not just shop online and purchase virtual things like domain, hosting, or some internet service, but we can use to buy physical goods and services too.
List of some cryptocurrencies and when they started:
- Bitcoin (2009)
- Ripple (2013)
- Litecoin (2011)
- Auroracoin (2014)
- Peercoin (2012)
- Dogecoin (2013)
- Namecoin (2011)
- Mastercoin (2013)
- Primecoin (2013)
5 Reasons to use cryptocurrencies?
- It’s fast and cheap
- There are no chargebacks
- People can’t steal your information from merchants
- It’s as private as you want it to be
- You don’t need to trust anyone else
Advantages of cryptocurrencies:
Easy and Fast Payment: without using your credit card or sign any document you just need to know the address of person or organization to whom you want to transfer money, payment transfer processing are very fast and can affect in a matter of seconds.
Secure: The use of military grade cryptography ensures that transactions remain secure. No person except the owner of a wallet can make transfers or payments from a wallet.
Low or No Fees: Banks and Payment Processing companies charge fees to conduct payment and fund transfer but with cryptocurrencies, these fees can be eliminated.
Disadvantages of cryptocurrencies:
Irreversible Payment: There’s no center point in payment processing so if you transfer someone by mistake and want to get a refund for services there’s no option to dispute that person only way to get your money back is to ask the person to refund payment and if he refused then forget about it.
Not Widely Accepted : There’s not much companies or websites who accept it, if you have cryptocurrencies and wanted to purchase something then you have to search first that which service provider accept it even if you don’t like their services and have only cryptocurrencies then you have to use it even if you don’t like that provider also in physical stores you have to use real money instead of digital money.
Losing You Wallet: If you stored your digital currencies in your system or mobile and if you loose it then there’s no way to get your money back you can’t complain to police or even some other person can’t get it, it’s like burning money.