Disadvantages And Disadvantages Of Cryptocurrency

Decent Essays
Nowadays there are a lot ways of payment for goods and services. For instance, debit and credit cards, Android Pay, Apple Pay, e-Check, and Visa Checkout. But there are also ways for us to earn it, use it or counterfeit it where it is called cryptocurrency. Most of countries in this world used this type of currency. What is cryptocurrency? A cryptocurrency or in the other word crypto currency is a digital asset that was designed to work as a medium of exchange using cryptography. The function is to control or maintain the creation of additional units of the currency and also to secure the transaction. In other way, Cryptocurrency is a modified electricity into a line of code with the value of money. In the simplest of terms, cryptocurrency is a digital currency. The first cryptocurrency is Bitcoin which was created in 2009. Bitcoin is a…show more content…
One of the disadvantages is lack of awareness and understanding. Most people still not understand what is bitcoin and how its work. They may be easily tricked by the seller. So we as customers must learn more about this type of cryptocurrency. Besides, bitcoin is still developing. Only a few business use bitcoin so the price on bitcoin will increase daily. Although bitcoin can use in many country, but not all place accept bitcoin. Only small group of online merchants accept bitcoin. So we cannot fully depend on bitcoin because maybe one day government may force the merchants to stop from accepting the bitcoin. Last but not least, our bitcoin in wallet can be lost within seconds if a virus corrupts the data or the hard drive crashed.
In conclusion, bitcoin has its pros and cons. Bitcoin is still a new financial to the world. The society is still getting to understand more about bitcoin and how it works. Some people consider that bitcoin has many advantages, but there are also consider it have many disadvantages. It's up to the person's view. Therefore, we need to know more about
Get Access