One of the reasons why many people are attracted to the idea of working with cryptosystems like the bitcoin is the freedom it provides them. With this kind of system, anyone can create their own private currency that will be backed by real assets like gold and will be protected from all other government controls. Although there have been several disadvantages brought about by some governments in dealing with currencies, there are still some advantages that you can have if you choose to use this kind of system for your money transactions. Among these advantages are the freedom that you will enjoy as a buyer and as a seller.
As a buyer, you don’t need to go through different types of exchanges just to get your desired currencies. All you have to do is go to any number of websites that allow you to convert currencies using these kinds of currencies. The best thing about using these kinds of Cryptocurrectors is that you don’t need to wait for weeks or months just to get the money you need especially if you are going to buy or sell big amounts. This is because with the use of these currencies, the transactions are instant thus giving you an advantage over others who opt to transact with traditional methods. Another advantage that comes with using these cryptosystems is the fact that it has no government controls thus you can freely make your own decisions when it comes to money transactions. And the worst thing about it is that it’s more secure compared to other conventional systems and it’s resistant to hacks thus no one can take advantage of your transactions.
On the other hand, there is no government that has an interest in regulating the activities of people who choose to work on their own. With the invention of the bitcoin, anyone can create their own local currency that can function similarly to the national currency. Although there aren’t many disadvantages that come with this kind of system, there are however certain limitations that you have to consider before you start using this kind of Cryptocurrency. The first one is that unlike the national currency, you cannot print your own money with the use of this currency. The only option that you have is to exchange your local currency for the bitcoins and vice versa.
The second disadvantage is that since the base rate of the bitcoins is relatively higher than the others, it will require a bigger amount of funds to be converted to the most common foreign currencies. To put it simply, if you want to make large international payments then you will have to use a service that provides these services. The best example of this is the Waves Platform. However, even if the Waves platform does provide these services, it’s much more expensive compared to the other two major currencies which are the US dollar and the Euro.
The third and last disadvantage is that since there are two other major currencies, they can act as an obstacle when trying to convert your local currency into another which is the main purpose of this kind of Cryptocurrency. This happens because the two currencies work together which enables them to trade faster than the average person. Unfortunately, this also means that they will be more expensive compared to the usual currencies. This disadvantage is usually ignored by most people who use these kinds of cryptosurfs but it’s important to know this. Even though the Waves Platform is much faster than the two other currencies, you might still want to look for a faster service which will allow you to make these currencies available faster.
So these are the main Advantages of using bitcoin and why you should start using this kind of Cryptocurrency. You may not like all of these disadvantages but just keep in mind that you’re making an investment which will be worth your time and your money in the long run. And we both know that investing is a lot riskier than trading.