Bitcoins have taken the world by storm. But are they a good investment for everybody? Bitcoin experts are, well, expertly bringing in a lot of new investors. These investors are merely opportunists and do not know all about the digital currency - indeed, they are missing out on all the positives bitcoins have to offer.
However, some still doubt the lucrativeness of bitcoins and are hesitant about stepping in.
In Bitcoins Pros and Cons 2021, we will mention some pros and cons that will help you decide whether investing in cryptocurrency is for you or not.
While we will go into the cons of cryptocurrency once done with the pros, we recommend that you focus on the pros.
Lack of Physical Barriers
There are no barriers when it comes to bitcoins. There is no involvement on the government's part, and there is no central authority. Bitcoin trading and selling are free for all.
Bitcoin transactions are relatively faster as compared to other trading transactions and bank transactions. Another reason why people are into Bitcoin trading and selling is that it is conveniently fast.
All transactions are charged. However, in bitcoins, each transaction has a comparatively low fee than those of other trades. You wouldn't have to sit down on every transaction, chipping away chunks of your money.
Pay via Mobile
Much like any other trading business out there - however, some don't, though - bitcoins can be paid for and bought via mobile payment. Mobile phones are a high convenience for us all, and using them for bitcoin trading adds to one's comfort.
Secure Blockchain Network
Cryptocurrency trade uses a secure blockchain network digitally, making theft and fraud close to impossible. The same guarantee isn't often provided by other trading dimensions.
Much like every trading and investment avenue out there, bitcoin trading also has cons.
Bitcoin value faces high volatility, which is often why people do not feel safe investing in them.
Risk of Security
While cryptocurrency runs on the foundation of secure blockchain networks, and not everyone knows what that is about, blockchain experts themselves are a risk of security when it comes to bitcoins. They know blockchain inside out and, if criminal enough or given the right incentive, can exploit their knowledge for monetary gain.
High Gains, but Equally High Losses
While volatility is one issue, there is also no safety against technical errors on both your and your trading partner's end. Hackers can make use of even the most-simplest of mistakes and get access to your logs and, worse, your equity.
Currency is Decentralized
Since all crypto assets are decentralized, there is no way of availing of any refund like other currencies. This is the most thought-of drawback in cryptocurrency.
As more people are getting into the trade, the risk of cyberattacks has increased.