Pros and cons of cryptocurrency, why is it so popular now?

Technology is evolving rapidly these days, and this is true in many areas, including the cryptocurrency market. Bitcoin has been on the radar for a few years now, but in fact, in terms of practical applications, it’s not much different from other high-risk investments. So, it’s up to each individual to decide whether it’s worth investing in this niche, and whether it’s worth the risk, a lot depends on one’s goals. Of course, each system has some disadvantages, but there are also advantages.

To start with, bitcoin is the world’s first decentralised digital cryptocurrency, which is transmitted between people. And at the time of its emergence, it was the most real revolution in the market and now the technology is actively developing. Crypto is now actively used in online casinos for transactions, as it is fast and secure.

Bitcoin appeared back in 2009 and its creator is an anonymous programmer. The technology is based on a blockchain, which gives protection against hacking.

Advantages and disadvantages

As for the pros, it is worth highlighting:

1. Inflation protection. This factor has caused a decrease in the value of many currencies, but cryptocurrencies have not been affected and this will be the case in the future.
2. Manageability. This factor is extremely important for further development, as is maintenance. And all transactions are stored on special equipment, which also plays a role.
3. Full privacy and security. Privacy is important to any user, and this cryptocurrency is able to provide it. Decrypting everything that underpins it is extremely problematic.
4. Decentralization. The main advantage is that everything is decentralised.
5. economic benefit when used and advanced. One of the main uses at the moment is for overseas transactions. And in this case there is no or minimal fee for the transfer.
6. Promptness of transfers. Regardless of what type of transfer it is, the transaction always takes a minimum of time. This is due to the fact that verification requires minimal time.

But bitcoin also has some disadvantages:

1. The currency can be used for illegal activities. This is due to complete confidentiality and security. That is, it is difficult, if not impossible, to trace the transaction.
2. Loss of personal information could result in loss of funds. The developer has tried to create an almost untraceable source code and strong tamper protection with impenetrable authentication protocols. And if the key is lost, there is no way to get it all back.
3. although the currency is decentralised, it is still controlled by someone. The holder can manipulate the coin to achieve greater price fluctuations.
4. Susceptibility to hacking. Everything is as secure and protected as possible, but there are exchanges that do not have such a high level of protection. More often than not, exchanges store users’ wallet data for proper operation. And this data can be stolen.
5. There is no refund option or cancellation policy.  That is, if there is a dispute or if the funds are sent by mistake, there is no way to get the coin back. And many people, namely abusers, take advantage of this.