A cryptocurrency is a digital or virtual currency that is made by Bitcoin’s foundation and secured by advanced encryption method, cryptography and it related to blockchain technology. Cryptography also function as to control the creation of new coins. Due to its strong and advanced security, it is impossible that this currency may be faked or hacked by other organisation. A cryptocurrency and bitcoin have been introduced to enhance the financial industry and to make transaction between two parties become easier.
THE ADVANTAGES OF CRYPTOCURRENCY
1. Decentralized Peer-to-Peer Network
When it has been decentralized, there will be no involvement from third parties such as agencies or banks because of all kind of transactions directly from person to person(P2P). It can be accessed to everyone who knows how to use internet with minimal fee of transaction. The best part is, you as the owner, you can enter into the blockchain and exchange your digital money to any kind of currencies in the world. No organization or individual can manipulate the protocol because it is cryptographically secure.
2. Save your time
It is able to save you from wasting time to go to bank counter and make a manual transaction or may be go to money exchanger counter for exchanging the money. No more physical presence is needed, you can do transaction at anywhere on anytime.
THE DISADVANTAGES OF CRYPTOCURRENCY
1. Lack of acceptances
As we know, there is still many of people still unaware about the existence of Bitcoin and cryptocurrency nowadays. Many companies or organizations interested to invest in digital currency because they want the benefit of it, but the list of investor still small and it needs more investor to keep growing. The number of user that using Bitcoin and cryptocurrency still small if compared what they could be. The volatility will decrease if technology become mature and the interest of cryptocurrency become normal.