Latest trending crypto currency pros and cons

Latest trending crypto currency 

Latest trending crypto currency pros and cons 

Cryptocurrency or virtual currency is trending payment and investment asset right now, especially bitcoins are creating a lot of buzz now. More investors are interested in investing their money on these cryptocurrencies since 2017, the increased demand of cryptocurrency surged its prices a lot to the maximum level. Investors are seeking to invest in cryptocurrency rather than investing in mutual funds and other some other forms of investment. Here we have listed some benefits and at the same time we have also given the cons of it.

The term cryptocurrency has been rapidly gaining ground over the past couple of years and understanding of its use and value in the eyes of public. At first it seemed unfamiliar and somewhat scary like the credit card looked to users in its early days, but day by day its value increased and now it is at heights. You might be more familiar with terms like alt coin and bit coins; these are all cryptocurrencies using the Blockchain Technology to keep this currency and technology safe. Right now, the crypto currency reach has increased a lot and there are many types of cryptocurrency.  Just get on to the Google to search the latest trends that will show you the craze of crypto currency that where it is taking us

Pros of crypto currency

 Crypto currency is away from Frauds

Cryptocurrencies are digital and cannot be counterfeited or reversed arbitrarily by the sender or any other person as with credit card charge backs.

Identity Theft

 When you give your credit card to a merchant or remit to someone, you them access to your full credit line even if the transaction is a very small sum. Credit cards operate on an insert and remove basis, where the store initiates the payment and pulls the designated amount from your account by asking your pin. 

Spot Settlement

A lot of problems arise when you deal with physical currency. Purchasing real property typically involves a number of third parties and payment of fees like tax. As there will be no restrictions on bit coins exchange, you can remit huge amount without any worries.

Anyone can access bitcoins 

Approximately 2.2 billion customers across the world have access with access to the Internet or mobile phones in this world that don’t currently have access to traditional exchange systems in any form. These individuals are primed for the Cryptocurrency market. 

Lower processing fee or transaction charges for using crypto currency

You don’t need to pay any additional charges for making transactions using bitcoins. Even though there is no bitcoin or cryptocurrency transaction fee at the moment. Many people expect that most users will involve in third party service that helps in creating and maintaining their own bitcoin wallets.  One interesting points is that PayPal does not accept or transfer bitcoins.

Cons of using crypto currency 

Security issues

Right now there is no safety net or perfect way to protect your bitcoins from human error or technical issues. In most of the cases only few people received back the money during transaction failures .This is not a note worthy point for the people who are showing their interest to invest in crypto currency.

Rules and regulations

 There are lot of rules on bitcoins and other crypto currencies in many countries. Many people may appeal that the crypto currencies might diminish the country economic value, so there might be dome disturbances in legal point of view. So you need to check all issues before investing in bitcoins.

Limited Scaling.

 It is one more cons of crypto currency; the design of the system limits the speed and number of transactions processed from the account, making it unlikely that bitcoins will replace conventional credit card transactions.

Lack of Applications to make transactions on smartphones

.While acknowledging bitcoins popular use for illegal transactions, we also question how useful bitcoins really are for investment purpose. To be truly disruptive to existing fiat currencies or electronic payment systems which are available right now, Bitcoin would need applications for low cost international money transfers. It is not accepted my merchants in many countries.  It is then up to you to jump through whatever hoops are necessary to get it cleared so stay away from troubles in the future. Crypto currency lets you to own the private key and the corresponding public key that makes up your investment. No one can take that away from you unless you wantedly do something.

Coming to the main point, cryptocurrencies have a long way to go before they can replace other payment systems which are in use right now. Especially in countries like United Kingdom, we don’t need to wait few more days to see them as legalized resource.

 The thing is that many people are still unaware of cryptocurrency especially, UK AND USA citizens are more aware about them.  One must have lot of knowledge and skills to be able to apply it to their lives.  Merchants need to start accepting and the process must be made to make it easier to sign up and get started.

Over view on pros and cons of crypto currency

 Everything has pros and cons to any situation in life, crypto currencies are not an exception. To be able to make a good decision for a bright future, you need to weigh the good and bad thoroughly before finalizing your selection.  The case with crypto currency is more about the mass acceptance than technology.

Since Bitcoins do not have a physical form like currency notes or receipts, it cannot be used in physical stores at the moment. It would always have to be converted to other currencies. Payment apps would be competing with each other to expand their business, merchants would find it unfeasible to support all Bitcoin card and therefore users would be forced to convert Bitcoins unless a universal system is proposed and implemented. Hence you need to wait for few more months to uses bitcoins at most of the locations. The number of bitcoin users in USA and UK are gradually increasing considering the growth in value when compared to the value during initial days.