With the growing popularity of electronic payments replacing traditional forms of settlement, cryptocurrencies have become an object of interest for users around the world. Investing in cryptocurrencies is, as a rule, quick and simple and works without the involvement of third parties, external bodies or banks. For some, it will definitely be an advantage, for others who prefer a guarantor and control by the government – a disadvantage.
Availability deserves a mention with a word of introduction – because regardless of the day and time, we can transfer our assets between digital wallets. Every transaction on the blockchain network is anonymous. Our transactions will not be subject to regulation or surveillance by the central bank and/or other institutions. As I mentioned in the introduction – for some it will be an advantage, for others a disadvantage. Consequently – without intermediaries, our transaction will not be subject to payment processing fees compared to standard bank transfers, especially in the case of larger sums or transfers abroad.
Cryptocurrency enthusiasts are of the opinion that the banking system may be revolutionized in the future. In times of widespread digitization, which is progressing faster and more aggressively every year, it is worth getting interested in cryptocurrencies, which until recently no one gave a chance to beat. Today, cryptocurrency payments are becoming the standard, especially among large organizations and various sectors such as fashion and pharmaceuticals.
Cryptocurrencies are also a good savings alternative. They can serve as a currency reserve in countries that are struggling with inflation. More importantly, cryptocurrencies are not subject to inflation.
The most important disadvantages of cryptocurrencies include their volatility, instability and susceptibility to external factors. In this industry, as in all related to trade, it is more than certain that the value of the cryptocurrency will change. One day we can be excited to observe a gargantuan rise, and the next an equally spectacular decline.
Another disadvantage that may change if cryptocurrencies maintain their position is their limited availability on the market as a form of payment. Yes, online they are becoming one of the most common choices of entrepreneurs, mainly from the computer games industry, but it is not enough for them to accompany us every day, for example when shopping.
We also hear more and more about fraud, extortion and hacking – and thus bans or restrictions on the use of cryptocurrencies in general circulation. Most often, such situations take place in the United States or China, but unfortunately there will also be cases in Poland.