I started following crypto or digital currency from last year (August 2016). Initially I didn't understand about the concept of crypto currency then I started following news on some of crypto news feeders like cointelegraph, steemit, investing.com, coindesk etc.
Since last one year cryto currencies globally grew rapidly like 2000% and resulting people started jumps into it without knowing anything about it and lost their money due to scams or lacking of security measurements.
In this post I would like to highlights some pros and cons about the crypto currencies. If you are a new comer and want to invest some money in crypto market then post is goint to help you.
Following are the pros and cons about crypto currencies you should consider before you start.
Pros:
As it sounds digital and everything in future will be digital so it is quite handy to deal with it as you can buy it online and store it in your any type of wallet like e-wallets, hardware wallets or paper wallets etc.
There is no need to carry your debit or credit card always with you especially if you are using e-wallets. You can do your do transaction with your e-wallet anytime.
In your e-wallet app you can create as many as addresses you want to keep your fund more secure and safe.
Since it is decenteralize therefore no involvement of any government agencies like central bank or financial instutions. You can do transaction with your friends or anyone directly and instantly.
Crypto market grew in trillions dollars from last 2-3 years so you can consider this as an alternate of your investment portfolio. I would recomend you not more than 10% of your total investment.
You can track your investment at anytime and you can trade 24x7 on any exchange you like it.
Global acceptance of crypto currencies growing very fast and it has lot of potential to grow more and more. So in future there would be great return of your investment.
If you are a technology enthusiast like me then you have a lot of opportunity to develop new skills with blockchain programming. I would recomend you that this is the right time to adapt the blochain programming as it is growing rapidly.
In crypto world ICO (Initial coin offer) is an good and super easy alternate to raise fund for your projects. Intially Bitcoin also started as a project and you can see how popular is now.
Cons:
It looks lucractive from outside but unprofitable in reality.
If you are a non technical person then this crypto world is not for you. You have to learn and understand a lot before you dive in.
Since it has grown up very fast so the scams are. If mistakenly you expose you wallet private key or seed to anyone or you forgot your key then you are not able to recover your money back ever and that's the major drawback.
Since it is decenterlize therefore no government regulations and if you caught up with any kind of scam then you can't call any government agency to help you to recover your money.
Experts globally warns people to stay away from crypto currencies as this is the bubble and it can burst anytime.
In crypto market major share occupied by big whales 40% globally and they can manipulate the market anytime and empty your pockets.
Experts believe that it is not possible to replace fiat currency with crypto. Since the transaction time and cost of crypto currencies are still high in comparison with credit cards so it is difficult to adapt it easily.
Passwords, passwords, passwords... how many passwords you'll remember. It's not so easy to handle or store your passwords always. It's a risk and you have to be very careful always.
Purpose of this post is to educate the new comers so if you agree upon highlighted points above then leave your comments and upvote.
This is exactly what some cryptocurrencies are trying to accomplish. IOTA's tangle is what promises a fee-less and instant transaction time.
RaiBlocks also aims to tackle this issue.
I am certain that it is possible to replace FIAT with crypto. We only need to chose a method of implication and some time.
Exactly! The choice of currency here is a political decision not a technical one.
nice work @techstack!
Thanks @safetony
nice outlook
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