A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in the form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.
https://en.wikipedia.org/wiki/Cryptocurrency
Dear RG members, you are requested to make your valuable comments on cryptocurreny.
Regards,
Harasit kumar paul
It is a new concept. In some countries very difficult to implement it.
Dear Bruce Robin Nyamweha thanks for your nice response. Thanks for your interest in the topic.
Advantages of Cryptocurrency :
1.Protection from inflation
Inflation has caused many currencies to get their value declined with time. Almost every cryptocurrency, at the time of its launch, is released with a fixed amount. The source code specifies the amount of any coin; like, there are only 21 million Bitcoins released in the world.
2. Self-governed and managed
Governance and maintenance of any currency is a major factor for its development. The cryptocurrency transactions are stored by developers/miners on their hardware, and they get the transaction fee as a reward for doing so.
3. Secure and private – Privacy and security have always been a major concern for cryptocurrencies. The blockchain ledger is based on different mathematical puzzles, which are hard to decode.
4. Currency exchanges can be done easily Cryptocurrency can be bought using many currencies like the US dollar, European euro, British pound, Indian rupee, or Japanese yen.
5. Decentralized – A major pro of cryptocurrency is that they are mainly decentralized. A lot of cryptocurrencies are controlled by the developers using it and the people who have a significant amount of the coin, or by an organization to develop it before it is released into the market.
6. Cost-effective mode of transaction One of the major uses of cryptocurrencies is to send money across borders. With the help of cryptocurrency, the transaction fees paid by a user is reduced to a negligible or zero amount.
7. A fast way to transfer funds Cryptocurrencies have always kept itself as an optimal solution for transactions. Transactions, whether international or domestic in cryptocurrencies, are lightning-fast.
https://www.geeksforgeeks.org/advantages-and-disadvantages-of-cryptocurrency-in-2020/
Disadvantages of Cryptocurrency
Lack of Knowledge.
Most people don’t seem to be awake to the way to use cryptocurrency and thence open themselves to the hacker.
Large Risks of Investing in Cryptocurrency
Crypto investments are concerned with high risk due to its volatile nature and terrorist and alternative criminal activity financings, lack of a central institution, which implies that there’s no legal formal entity to warranty just in case of any bankruptcy.
Not Accepted widely
Still, cryptocurrencies don’t seem to be acceptable in countries and on-line websites, only a few countries have legalized the use of cryptocurrencies. It makes it impractical for everyday use.
Not Able to Reverse the Payment.
If you erroneously pay somebody by using cryptocurrency, then there are no thanks to getting a refund of the number paid.
Storing of Cryptocurrencies
If you have got a hold on the digital currency on your phone or pc, you higher bear in mind your countersign and not lose those devices. There are continuously professionals and cons to everything in life and this can be why you wish to weigh each action totally before creating a call.
https://www.britwise.com/blog/benefits-drawbacks-of-cryptocurrency
Cryptocurrencies are here due to creating our day to day transactions simple currently as time passes technology usage also obtaining a large vary in addition as more and more professionals and cons added to the technology, it completely depends upon the United States however we have a tendency to use technology to form our lives higher and easier.
https://www.britwise.com/blog/benefits-drawbacks-of-cryptocurrency
Please see the following link:
https://honestproscons.com/advantages-and-disadvantages-of-cryptocurrency/
Dear Manal Hadi Kanaan thanks for the useful links you shared and the note on the advantages of cryptocurrency. I highly appreciate it.
Dear Manal Hadi Kanaan thanks for the useful links you shared and the note on the disadvantages of cryptocurrency. I highly appreciate your efforts.
Dear Prof. Paul!
You raised an interesting & relevant issue. I take a case-study approach, by focusing on COVID-19 related research:
A) - Advantages: Blockchain - technology frelated applications:
Mark B. van der Waal et al. (2020). " Blockchain-facilitated sharing to advance outbreak R&D" , Science 15 May 2020: Vol. 368, Issue 6492, Open Access
© 2020 American Association for the Advancement of Science. Available at:
https://science.sciencemag.org/content/368/6492/719?rss%253D1=
B) Disadvantages: Market Dynamic
Nikolaos A.Kyriazis (2020). "Herding behaviour in digital currency markets: An integrated survey and empirical estimation" Heliyon Volume 6, Issue 8, August 2020, Citation: "Findings about herding phenomena in markets of traditional assets reveal that investors present an inclination towards irrational behaviour and mimicking others' decisions which is more emphasized during turbulent market periods." Open Access © 2020 Published by Elsevier Ltd. Available at:
Article Herding behaviour in digital currency markets: An integrated...
Yours sincerely, Bulcsu Szekely
Dear Bulcsu Szekely thanks for your great contribution and the useful links you shared. I acknowledge your efforts.
This is a new concept. In some countries this is very difficult to implement. But it is gaining more and more weight in the market. If it strengthens, it will turn the world economy around. It is difficult to calculate the consequences of this.
Regards, Sergey Viktorovich Pushkin
Dear Sergey Viktorovich Pushkin thanks for your nice comments. You have raised a pertinent issue that as it is a new concept, the consequences are difficult to calculate.
Harasit Kumar Paul
Advantages of Cryptocurrency in 2020
Protection from inflation – Inflation has caused many currencies to get their value declined with time. Self-governed and managed, Secure and private, Currency exchanges can be done easily, Decentralized, Cost-effective mode of transaction and A fast way to transfer funds
Disadvantages of Cryptocurrency :
www.geeksforgeeks.org ›
Dear Nirmala S.V.S.G thanks for your impressive contribution. You have rightly noted the advantages and disadvantages of cryptocurrency. I acknowledge your viewpoints.
Dear Hassan Izzeddin Sarsak
thanks for sharing the useful link. I appreciate your efforts.
https://www.geeksforgeeks.org/advantages-and-disadvantages-of-cryptocurrency-in-2020/
Dear Suhad Mohammed thanks for the link you shared. Certainly, I will read it. I appreciate your efforts.