The Pros And Cons Of Cryptocurrency

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Cryptocurrency Most people who are interested in technology have heard of Bitcoin. Many might not know the ins and outs of what it is or how it’s used, but they’ve at least heard of it. As someone who has taken an interest in computers, computer programming, and what’s going on in the tech world, I find the background and use of cryptocurrency extremely fascinating, if not a little perplexing. U.S. Senator Thomas Carper expressed the public’s opinion of cryptocurrency well in saying “Virtual currencies, perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others, and confused the heck out of the rest of us.” (Rosic, 2017). According to an article written by Ameer Rosic, cryptocurrency is defined as “a medium…show more content…
One of these that could make some people nervous is the complete anonymity and irreversibility of the transactions. Most transactions use only anonymous usernames with no link to someone’s real-world identity, so if you are the victim of a scam, there is no way to trace down the person or get the money refunded. This anonymity is also a con in the fact that this currency is the favored payment method for criminals doing business online and on the dark web. Another possible con and major concern with cryptocurrency is its volatility. According to CoinDesk’s analysis of the top 3 cryptocurrencies over the past year, Bitcoin has gone from a low of $991.51 per coin in 2/2017 to a high of $19,343.04 per coin in 12/2017 to $8,435.96 most recently on 2/11/18. Ethereum, the second most popular cryptocurrency, has gone from a low of $12.68 in 2/2017 to a high of $1,304.86 in 1/2018 to $854.14 most recently on 2/11/18. LiteCoin, another less-widely used cryptocurrency, was at a low of $42.58 in 8/17 to a high of $319.35 in 12/17 with the most recent value at $155.05 on 2/11/18 (CoinDesk 2018). With the increase in cryptocurrency futures trading, the volatility can be expected to become more drastic in the
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