Riskscreen
Cryptocurrency may be the single most important creation of the modern technology-driven era.
For generations, the big banks have dominated the financial trade. No transactions could be done without it going through the system, and it regulated all of the world’s major currencies.
The world’s money was centralized, controlled, and there was nothing that anybody could do about that.
Then cryptocurrency came along and changed the whole game. By using blockchain-based technology to track units, a new form of financial regulation was put forward.
The banks no longer had a monopoly on money, and people were given more financial freedom than they ever had before.
While that’s all well and good, the cryptocurrency didn’t come without its disadvantages.
That’s why we’ve written this article; to walk you through the pros and cons of using cryptocurrency to conduct your day to day transactions.
Pros
- There are no borders.
When you’re buying things, whether physically or online, you have to deal with the fact that each country has its own currency.
Not only is this a hassle because you have to change your currency manually, but most of the time, you’re going to get charged for the privilege.
Real foreign exchange counters can end up costing you an extraordinary amount of money, depending on where it’s located. By offering weak exchange rates, both online and in-store, you’re going to end up losing a fair bit of your coin before you even spend it.
Cryptocurrency doesn’t have that problem. It’s a one size fits all scenario, meaning that any coin can be spent anywhere, regardless of country. If you are interested in earning with bitcoin trading you can visit sites like bitcoin optimizer
- No Terms and Conditions Block
Say, for example, you want to buy some tobacco from overseas. Well, most payment services, including PayPal and Visa, aren’t going to let you do that. Paying for tobacco-related imports is not something that is catered for.
With cryptocurrency, you get around those terms of service hurdles and can buy freely without any barriers in your way.
Cons
- It can be volatile
Cryptocurrency should be treated more as an investment than a replacement for the dollars and cents in your pocket. The price of your coin of choice can swing wildly, which can result in you losing hundreds if not thousands in the process.
This does go both ways, though, and investing in crypto may make you money, rather than losing it.
That being said, you have no safety net, so never pour your life savings into your wallet.
