Cryptocurrency has not been around all that long but already has something of a reputation for having more than its fair share of ups and downs. Whether this is to do with exchange rates or the media, there is no denying that it has some very strong points and some very weak points. If this all seems a little confusing, here is a quick overview of both good and bad.
On the one hand, there are a lot of upsides to using cryptocurrency. As a universal currency, it has a lot of potentials, and it can be a fascinating tool to work with. Here are some of the pros of cryptocurrency.
#1 You don’t need a bank
You don’t need a bank to have cryptocurrency. This means that you don’t have to worry about people questioning your spending and trying to put a cap on transactions. This can be good if you are working on a surprise or you want to move a lot of money about without being tied up in red tape.
#2 It is accessible to everyone
You don’t need a credit score to apply, seeing as you don’t have a bank. You don’t need to pass any other criteria or need to be caught up in huge amounts of paperwork. This can be great for people who want to invest in crypto and great for the many people who want to spend it too.
#3 There are a lot of uses
While there is a lot of focus on the investment side of things, there are a lot of other uses for crypto. It can be a great way to spend lots of money or to keep it close. You can even get crypto debit cards or move them across the world securely with ease, seeing as it is all digital. It also has the potential to be accepted for other purposes like playing slots and table games at a real money online casino in the US, as it is at many other online casinos around the world.
On the other hand, there are some unfortunate downsides. In some ways, it is what makes it so great that also damages it and can be used for a lot of less-than-ideal purposes. This is a shame, as although cryptocurrency has a huge potential to bring more people together and increase trade, some people use it in the wrong areas.
You might face losses. Yes, you can invest lots of money into crypto, but there is the ever-present issue that you might lose a lot of money in it too. However, this is a risk that you will find in all investments; it is somewhat amplified here.
#2 Paying for things
You might, in the long term, end up paying a lot more than you intend for things depending on the markets. This can mean that you spend a lot more for items over time, as the crypto you spent rose in worth.
Of course, there is a lot of stigma around cryptocurrency, as a lot of people see the bad sides of it and what it can be (and sometimes is) used for. This is a shame, as it is a key way to bring people together, but it seems to have only pulled a lot of people apart.