Introduction
Technology has made an immense inclination into your daily life. We are obliged to be a part of this modern world where technology is helping us to do our daily work and making our life easy.
If you look back at your lifestyle ten years back and then return to your current position, you will understand the difference that technology has summoned into your life.
There are a plethora of opportunities we get through the advancement of technology and innovation. Cryptocurrency is the next generation revolution of technology and we can earn money with cryptocurrency. It was declared legal in 2017 in japan.
Cryptocurrency is the digital currency through which you can transact money with any agent in the world easily. Online services like PayPal, Microsoft, et cetera are accepting Cryptocurrency to enhance their visibility in the market.
Why Is Cryptocurrency Such A Matter Of Controversy?
How Does Cryptocurrency Work?
As a beginner, you might feel that Cryptocurrency exchange is way more difficult than conventional currencies. But it is not!
It is more like the other conventional currencies, which have fixed exchange rates, and store value and are limited to supply. But unlike other currencies, Crypto does not rely on a centralised process. Instead, it focuses only on the encryption technology and verification process for transferring.
It is not like banks and does not rely on any administration. It opens a network for the users, and transactions happen directly. To use Cryptocurrency, you need to acquire a Cryptocurrency wallet account, which you can manage through bitcoin up.
But Cryptocurrency has been too controversial over the years despite its immense success. There are various reasons for the controversy, and you will be able to acknowledge that through its benefits and back draws.
Benefits Of Cryptocurrency
Here are some attractive benefits of Cryptocurrency that will blow your mind:
1. No Processing Fees
All the transactions with Cryptocurrency are decentralised and are controlled by Blockchain. The management of Blockchain is preferable as it has the ability to record all the transactions chronologically without any interference from third parties.
So, you will be able to create, enforce and verify transactions without any obstacle and thus no need for processing fees in the public network.
2. High-Speed Transactions
If you use a debit or credit card, you have faced the problem of low transaction speed. Not always, but sometimes it takes days to initiate your transaction to the merchant’s account.
As a solution, Cryptocurrency can be delivered. It takes a maximum of 10 minutes to process any kind of transaction, and once you are done, you are done.
3. Vast Payment Options
Vast payment options are very crucial for business. For instance, if you are a businessman and do not accept online payment, half of your customers will go to another shop because people prefer digitalisation, and it is safe also.
Here comes Cryptocurrency! It will help you to increase the payment options, and you can grab customers worldwide. From any country, any currency can be managed through Cryptocurrency.
Drawbacks Of Cryptocurrency
Besides the huge benefits of Crypto, there are a few drawbacks that will force you to think twice before using Cryptocurrency:
1. Anonymity
We all prefer the anonymity that Cryptocurrency provides, but it has a big risk as well. As the transaction is made on a public ledger and your name and locations will be encrypted, it can create confusion while identifying the cyber fraud.
That is a big back draw because if you’re bankrupt, there is no one to help you. So government regulations are getting violated.
2. Volatile
We all know that the trading market is very volatile. But Cryptocurrencies are more volatile even. Some people prefer online gambling, and some want to invest in the market with a longtime plan.
Whether it is Bitcoin or Ethereum, the currencies fluctuate very quickly, and you might be at risk at any time.
3. Cyber Security
Cryptocurrency works digitally, and this new form of currency is not very secure from cyber crimes. The authentication of Crypto depends only on a private key, and that might trigger the cyber attackers to make it their prime target.
Many businesses are not aware of how Crypto works and especially how to control it. So they are also unable to handle the security purpose of it.
Should You Accept Cryptocurrency?
We think you are still confused. Well, Crypto is not for all to use. For instance, giant companies like Amazon and Windows are using Crypto, but that does not mean it is a suitable option. It would be a wise move from your end if you chose to research the market and take advice from the experts before accepting this new technology.
