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Advantages And Cons Of Cryptocurrency (A Must Read) by JoyBB: 9:34pm On Feb 18, 2018
ADVANTAGES OF CRYPTOCURRENCY”


1. Built-in Scarcity May Support ValueMost cryptocurrencies are hardwired for scarcity – the source code specifies how many units can ever exist. In this way, cryptocurrencies are more like precious metals than fiat currencies. Like precious metals, they may offer inflation protectio[right][/right]n unavailable to fiat currency users.

2. Loosening of Government Currency Monopolies

Cryptocurrencies offer a reliable means of exchange outside the direct control of national banks.
In the long run, many economists and political scientists expect world governments to co-opt cryptocurrency, or at least to incorporate aspects of cryptocurrency (such as built-in scarcity and authentication protocols) into fiat currencies. This could potentially satisfy some cryptocurrency proponents’ worries about the inflationary nature of fiat currencies and the inherent insecurity of physical cash.

3. Self-Interested, Self-Policing Communities

Mining is a built-in quality control and policing mechanism for cryptocurrencies. Because they’re paid for their efforts, miners have a financial stake in keeping accurate, up-to-date transaction records – thereby securing the integrity of the system and the value of the currency.

4. Robust Privacy Protections

Privacy and anonymity were chief concerns for early cryptocurrency proponents, and remain so today. Many cryptocurrency users employ pseudonyms unconnected to any information, accounts, or stored data that could identify them. Though it’s possible for sophisticated community members to deduce users’ identities, newer cryptocurrencies (post-Bitcoin) have additional protections that make it much more difficult.

5. Harder for Governments to Exact Financial Retribution

When citizens in repressive countries run afoul of their governments, said governments can easily freeze or seize their domestic bank accounts, or reverse transactions made in local currency. That’s not possible with cryptocurrencies, whose decentralized nature – funds and transaction records are stored in numerous locations around the world – effectively prevents state seizure. It’s a bit of an oversimplification, but using cryptocurrency is like having access to a theoretically unlimited number of offshore bank accounts.

6. Generally Cheaper Than Traditional Electronic Transactions

The concepts of block keys, private keys, and wallets effectively solve the double-spending problem, ensuring that new cryptocurrencies aren’t abused by tech-savvy crooks capable of duplicating digital funds. Cryptocurrencies’ security features also eliminate the need for a third-party payment processor – such as Visa or PayPal – to authenticate and verify every electronic financial transaction.

In turn, this eliminates the need for mandatory transaction fees to support those payment processors’ work – since miners, the cryptocurrency equivalent of payment processors, earn new currency units for their work in addition to optional transaction fees. Cryptocurrency transaction fees are generally less than 1% of the transaction value, versus 1.5% to 3% for credit card payment processors and PayPal.
Re: Advantages And Cons Of Cryptocurrency (A Must Read) by JoyBB: 9:35pm On Feb 18, 2018
Re: Advantages And Cons Of Cryptocurrency (A Must Read) by iFindhub(m): 11:29am On Apr 18, 2022
This is going to be a great read if you want to know the several benefits of cryptocurrency.

https://cryptohodl.tech/benefits-of-cryptocurrency/
Re: Advantages And Cons Of Cryptocurrency (A Must Read) by Valentinothomas: 12:23pm On Jun 28, 2023
Looking to dive into the world of digital currency? Head over to gpucoin.net and grab your share of Pickup Coin. It's an exciting opportunity to join the crypto revolution and explore the potential of this unique digital asset. For more ideal details about cryptocurrency buying guides, pop over to these guys.

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