There has been a steady growth of interest when it comes to cryptocurrency. As it becomes more integrated into different levels of our lives, it’s no surprise that increased awareness is driving the growing financial revolution. While there are both positives and negatives to the digital currency, the truth is that there are enough big businesses and corporations looking at ways to integrate the technology and make the most of its advantages, so the notion of digital currency is not going away anytime soon. With fluctuations in value creating an ever-changing market for bitcoins and other, less popular, examples of cryptocurrency, you may be looking at the best ways that you can take advantage of the growing market and influence of this digital powerhouse. If you’ve been looking for good investment opportunities and therefore considering investing in a cryptocurrency, or if you are simply curious how you can use it to manage your finances more securely, then you need to be aware not only of the potential benefits, but also of the negatives as well. This will give you the options with a clear view of what to expect, and will improve your chances of having a positive interaction with cryptocurrency yourself.
Con – It can be difficult to comprehend
Perhaps the most challenging obstacle in terms of large-scale adoption of the various cryptocurrency options, is that it can be a difficult subject to comprehend. The very idea of a decentralized financial system that is stored via blockchain can be challenging, especially if you’re not tech-savvy. Due to the fact that it seems occasionally incomprehensible, people are proving to be very wary taking advantage of the benefits that it can offer, and that appears to be the last hurdle that digital currency advocates will need to tackle if they want to see wider use.
Con – Challenges of market fluctuations
There are a variety ways that you can use cryptocurrencies, but the majority of people using them at the moment are simply using them as an investment. While the more eager users are using their digital currency to buy tickets to sporting events, gamble online, or even buy a house with bitcoin, most are simply waiting for the dramatic market fluctuations to work in their favor. Treating your bitcoins as you would any other commodity may be the way to initiate a more widespread understanding and trust in the new currencies.
Con – No security in case of loss
As with every emerging technology, there are those that use naivety and inexperience to scam, cheat and steal your hard-earned money. This has certainly proven to be the case with digital currencies, so it’s important to be aware of the safety risks. Treating your bitcoins as real money will get you in the right frame of mind, as you simply have to follow standard security protocol as you would with hard currency. For those using cryptocurrency to buy, sell or gamble online, simply be as careful as you would with any investment. For online casinos, look out for the old tricks updated to the digital age, and don’t trust companies that offer unrealistic bonuses, odds, and offers. With a little basic security, you can minimize your chances of making a loss that can never be returned.
Pro – Unparalleled Transparency
This is one of the major reasons why digital currency offers much more potential for societal change and accountability. While the use of cryptocurrency is anonymous, the transactions themselves are all stored on an open ledger (the blockchain). This means that the data is available to view by anyone at any time, and that’s a major boon for those wishing for a more transparent banking system. It is because of this transparency that bitcoin is considered one of the hottest topics in world currency.
Pro – Instant and 24-hour accessibility
It is possible to spend or buy wherever you are, and you don’t even need a computer to use it. Everything can be managed on your mobile device, meaning that even for those with little in the way of technology, they are still able to access their finances and make decisions in real time. This accessibility is a key feature for the adoption of bitcoin, and is being used across the world to provide opportunities for those who would previously have struggled to become online consumers.
Pro (and con) – Absolute anonymity
Having an unregulated currency that is not bound by customs adjustments and fluctuating political changes is a positive and a negative. Cryptocurrency is completely anonymous, which is great for those that value their online privacy and are wary of handing over too much of their digital data. While the additional layer of security that anonymity provides is an excellent benefit, it has also led to the inevitable adoption of the technology by the criminal fraternity. The black market and the dark web are big users of cryptocurrency, and criminals obviously value their anonymity as much as they value the ability to send vast sums of money anywhere in the world with a few taps of their phone. For more law-abiding citizens, the benefits of anonymity are many, but perhaps the most enticing is the fact that there is no chance of identity theft, and that’s of major interest to anyone looking for more secure ways to remain online safely.
Every budding technology will have a degree of uncertainty about the future, and cryptocurrency is no different. While the popularity is growing, and businesses race to keep up with growing demand for its use, it may be too early to know just how big of an impact cryptocurrency will have. As a potential financial revolution, it’s worth keeping an eye on, and maybe investing in now before interest spreads worldwide.