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The Pros And Cons Of Cryptocurrency

1041 Words5 Pages

Currently being worth over 7,000 US Dollars (USD), cryptocurrency is sweeping the nation. A cryptocurrency is a modern form of online currency that works as a form of exchange, where users are able to buy and trade to earn a profit. Users can create their own wallet, for which they will have a designated key. Unlike cash, the price of cryptocurrencies can fluctuate in seconds and can decrease by thousands of dollars in a couple of hours. Statistics show that recently, the price of cryptocurrencies has dropped, due to the change in security policies for advertisements on various social media platforms. Many multi-millionaire companies have refused to display advertisements on cryptocurrencies. Google states that “This year, we updated several …show more content…

Various places are finally opening to the idea of online payments such as Apple Pay, while cryptocurrency is quite a fresh idea that many companies have yet to accept. Cryptocurrencies are still in beta versions and are unavailable as payment options in many stores, restaurants, and malls. Many banks are even refusing to take cryptocurrency and will not allow their clients to use the online currency. Furthermore, various countries such as Russia, Sweden, and India have even placed a ban on the use of cryptocurrencies. The main problem is that cryptocurrencies lack a stable owner and are open to the entire world to use and exploit. The government has no control over them and have already tried to interfere with the currencies, but have had no success. “As long as governments continue to collect taxes, they will have the authority to dictate the currency in which those taxes may be paid.” This means that cryptocurrencies will not be taking over unless the government accepts cryptocurrency as a method to pay taxes. This is unlikely to happen as the government will not involve with most cryptocurrencies. Many companies are against the use of cryptocurrencies and will not accept the method of payment, this is due to the rapid changes in the pricing, which causes the low acceptance rates for the …show more content…

By analyzing the past of cryptocurrencies, we find that the highest price of cryptocurrencies was over 23,000 USD, while now it surfaces over 7,000. Due to the continued fluctuation, scarce acceptance and lack of exposure will cause it to be near impossible for cryptocurrencies to succeed cash. Cash is a much more straightforward, quicker, and more efficient way of payment. It takes hours to convert cryptocurrencies into cash, while it takes minutes to interchange cash currencies. Cryptocurrencies have so many options and values that no one can understand the value of the online currency they own. For example, in the beginning, many bought cryptocurrencies not understanding the value at the time, while they are worth thousands of dollars as of today. This makes many apprehensive about whether to invest or not. Nonetheless, the decision relies on the investor itself; are cryptocurrencies a good investment, to begin

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