What are cryptocurrencies? Cryptocurrency is a computer file which is stored in digital wallets on a smartphone or computer, not like paper money or coins.
An individual can’t see cryptocurrency physically people can only see these currencies on digital devices.
Types of cryptocurrencies:
Cryptocurrencies are not the type we can use on a regular basis. For example, we can’t keep this type of money in our hands and bags etc.
The most common and famous cryptocurrency which is used in the world is Bitcoin. In the world of online business and networking the most popular cryptocurrency is Bitcoin which is easy to use.
Advantages of using cryptocurrencies:
There are some advantages of using cryptocurrencies in our daily life and routine. Such as the following:
1) Access to everyone:
If we talk about cryptocurrency then we can talk about bitcoin as well. The most popular advantage of cryptocurrency is that it is easy to access for everyone in any type of payment.
For example, if we talk about payment method during online shopping the most popular way is Bitcoin payment which is "worldwide payment" used by everyone via bitcoin payment method.
2) Smaller fees
A person who used to shop online, especially those who send and receive money online. Says that the amount of tax which is detected during online transaction is less than as compared to other methods.
Another method of payment is with Dollars, Euro, YEN, and Pound etc is also used by many people who cannot afford cryptocurrency.
3) No Documentation
While using cryptocurrency there is no hard and fast rule to make an account on several of the websites an individual can only visit the official website to access the cryptocurrency.
Different cryptocurrencies have different official websites for users, so this can make the payment method more easy and suitable to use on a daily basis, especially for those people who cannot reach banks.
Disadvantages of using cryptocurrencies:
If there are advantages of using cryptocurrency then there are some disadvantages also exist in such type of currencies.
1) Deception and Scams
Cryptocurrencies are computer-based files, the computer systems, the developer’s works on other high-level computing systems which are not used by a normal programmer.
Unfortunately some hackers appeared and tried to hack the system with all their effort and, they got the system’s architecture and algorithm.
That’s why cryptocurrencies are not acceptable in many online stores.
2) Slow Transactions
The transactions are very slow because no banking is involved in cryptocurrencies. The networking systems sometimes get sluggish which cannot be up to standard for the users.
But after so many conflicts, what determines the value of cryptocurrency?
There are many business tycoons in the world who are still taking advantage of cryptocurrencies, these currencies are worth more than Dollars and Euros worldwide.
Cryptocurrencies such as bitcoins are widely used by freelancers who are working and earning online. companies offer students bitcoin payments and they accept them.
Importantly, the market demands for bitcoin production because of its reward issues for bitcoin miners for verifying transactions to the blockchain.