Advantages and Disadvantages of CryptocurrencyBusiness, Digital Business, Tech Look-out, Tech Tips + Tricks, Technology
Cryptocurrency, a virtual currency as part of blockchain technology, is becoming a hot topic for everyone in all parts of the world, including Indonesia.
Cryptocurrency can be used for investment purposes, trading, mining, to transaction tools. Even so, cryptocurrency has its advantages and disadvantages.
The first advantage of this currency is that it is universal. We can use this currency without any conditions, including when they want to buy it.
The second advantage, this currency allows fast transactions. Cryptocurrency do not require a third party such as a bank to act as an intermediary in conventional financial transactions.
The next advantage, cryptocurrency is transparent. Users can see all transactions made. However, only the transaction value can be known.
Lastly, cryptocurrency have the advantage that they can be traded 7 days 24 hours. This means that cryptocurrency transactions can be done at any time. This is certainly different from conventional financial transactions that can only be done on weekdays.
On the other hand, cryptocurrency also have disadvantages. One of them is the existence of loopholes for crime. Illegal transactions can also be carried out.
The next disadvantages, when you lose your password. When the user forgets the password, all the money they have can be lost. This can happen because until now, cryptocurrencies still do not have a third party, such as banks in conventional financial transactions, who can cover this issue.
Then, the last disadvantages is that in Indonesia, crypto currency is still considered a commodity, not a transaction tool. In other words, crypto currency transactions in Indonesia are still not available. So, that’s the advantages and disadvantages of cryptocurrency.