The Pros and Cons of Cryptocurrency

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The Pros and Cons of Cryptocurrency

Cryptocurrency is a form of digital currency that is designed to be secure and, in many cases, anonymous. It is a currency associated with the internet that uses cryptography, the process of converting legible information into an almost uncrackable code, to track purchases and transfers. Cryptography was born out of the need for secure communication in the Second World War. It has evolved in the digital era with elements of mathematical theory and computer science to become a way to secure communications, information and money online.

So many of my peers have been talking about crypto currency lately, using words and phrases like “bitcoin”, “blockchain” and “crypto”, that I decided to learn more about it. I decided to write a blog outlining the pros and cons of crypto currency.

What is crypto currency?

The first thing I learned was what crypto currency even is. Cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.

Crypto Pros:

One of the main pros for investing in crypto is there are no surprise fees when you make a transaction, unlike traditional banking. The other advantage to making transactions with crypto is the speed at which you can make them. With crypto you can make transactions almost instantly, where as with bank transfers it can take days for the money to show up in your account.

Crypto Cons:

Of course with every pro there comes a con as well. One con I found is no one really knows who created Bitcoin and

The Pros and Cons of Cryptocurrency

The Pros and Cons of Cryptocurrency

What is cryptocurrency?

Cryptocurrencies are a relatively new form of currency that exists only in digital form, essentially making them intangible. Cryptocurrencies can be used instead of traditional money to buy goods and services online or in person. There are hundreds of cryptocurrencies, with Bitcoin, Ethereum and Ripple three of the most popular.

How do cryptocurrencies work?

Many cryptocurrencies rely on blockchain technology, which is a shared database that is managed by a network of computers rather than a central authority. This allows for more secure transactions as each individual record, called a block, contains information about who owns it and where it came from. Once data is entered into a block it can never be changed; each new transaction becomes a new block that must reference the previous one.

The Pros:

1) No central authority – There is no centralized authority overseeing the entire currency system like there are with traditional currencies. In fact, no one even knows who created Bitcoin! That means there’s no one to manipulate the value of the cryptocurrency or freeze your account if they suspect fraud. Unlike bank accounts and credit cards which you can have frozen or seized at any time, cryptocurrency transactions simply cannot be tam

The Pros and Cons of Cryptocurrency

In this blog I will be talking about the pros and cons of crypto currency. I have been a cryptocurrency trader for over a year now. I have learned a lot about this new form of currency, so sit back and try to keep up as I take you through what it is, why people like it, why people don’t like it, and how it works.

What is Cryptocurrency?

Cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and control the creation of additional units of the currency. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies. Bitcoin became the first decentralized cryptocurrency in 2009. Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as a blend of alternative coin. Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money/centralized banking systems. The decentralized control is related to the use of bitcoin’s blockchain transaction database in the role of a distributed ledger.

Cryptocurrency is a hot topic right now and it’s not hard to see why. The idea that the money in your account isn’t actually yours, but just an IOU for you to cash in at your local bank is kind of a scary thought.

So what if you could own digital currency that was completely yours and completely secure? That is the promise of crypto currency. The idea, however, is not all sunshine and rainbows. Here are some of the pros and cons associated with crypto currency.


The first benefit of using crypto currency is that it’s incredibly secure. All transactions are recorded on a public ledger so there is no way to deceive the system.

Another benefit is that because there are no banks involved, there are no fees either! All you need to do is sign up for an online wallet then go to the nearest ATM (yes there are ATM’s for Bitcoin) and buy some coins.


Because there are no fees involved, people can spend as much time as they like looking into their transaction before they approve it or send out their coins from their wallet. This can be a bit of a hassle if you’re trying to get money quickly from someone else

The Pros and Cons of Cryptocurrency

By: John Doe**

Cryptocurrency is a type of digital or virtual currency that doesn’t need to exist in a physical form in order to have value. These types of currencies are not regulated by a financial institution, government or country and are typically created by their own blockchain. This definition may seem confusing at first glance but it is actually quite simple once you understand how it all works.

The creation of cryptocurrency is what makes it so appealing to many. Cryptocurrencies are decentralized, meaning they do not rely on a single server to function. Instead, thousands of computers all over the world work together in order to process transactions, secure the network and update its ledger with new information. This system is what allows cryptocurrencies like Bitcoin, Litecoin and Ethereum to operate without needing banks or governments involved in their transactions.

The Pros of Cryptocurrency

Since the introduction of Bitcoin in 2009, cryptocurrency has become a global phenomenon. Cryptocurrency is a type of digital asset that relies on cryptography for its security and usage. The first cryptocurrency was bitcoin, which was created as a form of electronic cash. Since then, thousands of other cryptocurrencies have been created.

Some of the more popular cryptocurrencies include:

Ethereum (ETH)

Ripple (XRP)

Litecoin (LTC)

Zcash (ZEC)

Dash (DASH)

Monero (XMR)

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