Cryptocurrency investments : You Might Want To Think About It Before Embracing Cryptocurrencies

Yes, I know you have probably read up all the good stuff about Cryptocurrency from the internet. Why it is the new money, why everyone wants to have a coin or the other. Why some have decided to create their own coins. The numerous advantages attached to it and the list is so endless we cannot exhaust.

But have you ever stop to think about the numerous disadvantages that might be attached to it?

Here are things you might want to think about before deciding to venture into cryptocurrency:

Advantages / pros

1.       No fraud: it is almost next to impossible to have your coin back after it has been transferred.

2.       It is quite secure as it allows users to be in control of their transactions, payments which reduces the existence of fraud also. The use of Military grade cryptography gives users this advantage.

3.       Fast Payment: you can easily make payments or transfers without having to use your credit card or go to the bank

4.        You can make payment without using your credit card or sign any document. You just need to know the wallet address of person or organization to whom you want to transfer money, payment transfer processing is very fast and can affect in a matter of seconds.

5.       No Information is hidden. With the use of the block chain, all transactions can be viewed.Still your personal information is not attached to it. Bitcoin protocol cannot be manipulated by any person, organization or government. This is due to Bitcoin being cryptographically secure

Disadvantages / cons

1)      You do not know about it? Then you may be making a big mistake.

You might have been hearing about “Bitcoin” and probably still do not know what it is about. Being educated about digital currencies is very important before its application. Of what benefit will digital currencies be to you without a good knowledge of it. There is a whole lot of information to garner concerning cryptocurrency. Carry out your research before deciding, still the decision is up to you.

2)      Irreversible mode of payment:

Because digital currencies are not answerable to any bank or government, i.e. there is no central point that controls the process of payment and transfer, if you transfer to the wrong person by mistake, there is no guarantee you would get it back. Except in cases where you ask the person for a refund in which it is then granted. Once a payment is sent, it cannot be reversed.

3)      Do you know how risky it is?

Recently the price of a BTC has shot up so high that a particular price cannot be specified.it is expected that as digital currencies advances, its volatility in terms of price (increase or decrease) will advance. Bitcoin is quite volatile also in cases of its amount as the demand for coins increase daily which has resulted in an increase in the price.

4)       Can I get it back if lost?

If you stored your digital currencies in your system or mobile and it probably gets stolen or you lose it, there is definitely no way you are getting it back. However, there are other methods you can apply in keeping your currencies safe.

Whatever decision you are likely to take next depends on you and your ability to take risks. But whatever it happens to be the decision, we are here to deliver the best information you can ever get.