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Pros and cons of cryptocurrencies
stevedavis » 2022-02-09 15:27:48
Hsz.: 4
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Willybrandt775 » 2022-02-01 23:12:46
Hsz.: 1
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Wellis » 2022-01-31 14:00:32
Hsz.: 22
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Dornautos » 2022-01-31 05:05:17
Hsz.: 21
The popularity of cryptocurrencies is explained by distrust of the authorities and traditional money. People began to become disillusioned with monetary policy, so they resorted to using a decentralized payment system. The main advantages of cryptocurrencies:
Reliability. Encryption algorithms, blockchain and computing power provide the complexity of hacking or forgery of money data.
Open source. This allows everyone to explore the software, look for bugs and suggest improvements for the network.
Limitations. The number of coins issued is limited and is known in advance. You can change the parameter only with the consent of the majority of users on the network.
Cross-border payments. There is no longer a need to use banks or expensive intermediaries to transfer money to other countries.
Control over funds. In case of bank bankruptcy, no one guarantees the safety of funds or the possibility of their return. The cryptocurrency holder is personally responsible for digital money.
The possibility of earning money. The popularity and development of the new technology allows you to get a greater return on investment compared to traditional tools.
Despite a number of advantages, cryptocurrencies have significant disadvantages:
The risk of losing all the money. To access the money stored in the wallet, you must enter a private key. It cannot be restored or changed. In case of loss of login data, funds will be frozen on the account.
Attack 51%. The security of any cryptocurrency lies in the decentralization of computing power. In the event that one person or a group of people gets access to over 51% of the network's resources, this will allow any changes to be made to the operation of the blockchain. However, the more computing power a cryptocurrency has, the more difficult it is to implement this plan.
The volatility of the exchange rate. The value of digital coins is affected by the level of user trust and demand. Also, the market reacts unpredictably to changes in the policies of leading countries regarding cryptocurrencies.
No guarantees. All risks fall on the shoulders of investors. In case of loss of money, theft of funds, lack of access to the wallet, it is impossible to do anything.
Reliability. Encryption algorithms, blockchain and computing power provide the complexity of hacking or forgery of money data.
Open source. This allows everyone to explore the software, look for bugs and suggest improvements for the network.
Limitations. The number of coins issued is limited and is known in advance. You can change the parameter only with the consent of the majority of users on the network.
Cross-border payments. There is no longer a need to use banks or expensive intermediaries to transfer money to other countries.
Control over funds. In case of bank bankruptcy, no one guarantees the safety of funds or the possibility of their return. The cryptocurrency holder is personally responsible for digital money.
The possibility of earning money. The popularity and development of the new technology allows you to get a greater return on investment compared to traditional tools.
Despite a number of advantages, cryptocurrencies have significant disadvantages:
The risk of losing all the money. To access the money stored in the wallet, you must enter a private key. It cannot be restored or changed. In case of loss of login data, funds will be frozen on the account.
Attack 51%. The security of any cryptocurrency lies in the decentralization of computing power. In the event that one person or a group of people gets access to over 51% of the network's resources, this will allow any changes to be made to the operation of the blockchain. However, the more computing power a cryptocurrency has, the more difficult it is to implement this plan.
The volatility of the exchange rate. The value of digital coins is affected by the level of user trust and demand. Also, the market reacts unpredictably to changes in the policies of leading countries regarding cryptocurrencies.
No guarantees. All risks fall on the shoulders of investors. In case of loss of money, theft of funds, lack of access to the wallet, it is impossible to do anything.