Advantages Of Cryptocurrency

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A cryptocurrency is a form of monetary units that acts similarly to any currencies in the world. It is a computer generated data that forms itself into a store of value. According to Kimura (2017), “A cryptocurrency is basically money on software platforms.” One of the great examples is Bitcoin. It was the first cryptocurrency that existed and appeared in 2009. Soon, many other cryptocurrency such as Litecoin and Ethereum started to appear in the global market. Currently, cryptocurrencies are primarily used for transactions between the trading of goods and services, though there are also newer cryptocurrencies that provides different sets of rules and regulations for its owners.
Similarly with any fiat currencies in the world, it also possesses
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Purchasing goods and services will not require any disclosure of identities. Since the nature of the cryptocurrency is taken place in a virtual online market, there are still concerns regarding hacking. Due to the fact that internet hacking is becoming more and more dangerous, cryptocurrency also prone to hacking risk. On the other hand, the greatest advantage of cryptocurrency is the function to peer-to-peer transactions. This means that it is a direct buyer and seller transaction and there is no involvement from any financial intermediaries. From a seller’s perspective standpoint, not having middleman such as brokers or banks charging transaction cost will definitely lessen the burden of the seller. On the other hand, one of the disadvantages of using cryptocurrency is governmental legal issues. Using cryptocurrency like Bitcoin can be considered as money-laundering due to its anonymous nature. It means that governmental tax collectors will not able to determine the amount of taxes that their citizens are subjected to pay. This will harm lower down the income for governments which can be
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