Imagine a world without banks where everyone keeps an eye on their own money and is capable of transferring payments in split second to any spot in the universe for free. Sounds insane? Humanity is already halfway to it. This technology is called Blockchain and it lets people use cryptocurrency the way they want without extra charges. Originally developed for Bitcoin, now this platform functions for most of the popular electronic money. More and more people prefer crypto to cash for their daily needs. But some of them are still afraid of this novelty. So, let us take a closer look at all pros and cons of paying for products and services with crypto money.
Electronic money was created to erase all borders and limits when it comes to financing. And it succeeded. Today crypto cash became the only cross-functional option for all countries. Money holders can affect payments in any spot of the world without any extra charges or currency exchange. We have that money and we can use it the way we want. But together with it, nobody can check out how much we owe and robbers will never get their hand into our crypto wallet, as this currency is highly protected. It actually is the safest payment mean ever. Considering these facts we can highlight 4 main benefits of cryptocurrency payments:
- they are fast;
- they are cheap;
- they are safe;
- they are accessible to everyone.
Seems like all is clear and we should rush for some Bitcoins or other electronic money. But there always is another side.
Seems like nothing can be wrong with it, but after a closer look, we see some definite minuses of sticking to electronic cash. And they do ruin all good we love cryptocurrency for:
- Volatility. Bitcoin holders will hardly ever forget the day BTC dropped from $19,000 to $12,000. A lot of people lost their funds that day. Such fluctuations in the parity of real currency are simply impossible as it is controlled by banks and government who can straighten the rate whenever there is a need. This system won’t work with crypto as such currency is totally independent.
- Internet dependency. No network – no money. If there is a strong need in cash right here right now, but there is no Wi-Fi around and your mobile network is down – you are in trouble. Nobody will be able to help you. If the internet is too slow – you are in trouble as well.
- Megapolis only. Small cities or towns are not ready to accept crypto yet. This network is developing rapidly, but for now, we can use crypto in cities only.
Should we give it a try anyway?