Cryptos Advantages and Disadvantages
b'Crypto is a unique currency. It\\u2019s completely virtual. Crypto is\\nunsupported by any central bank or other authority. It\\u2019s not\\nthe official currency of any country. Yet all of these are both\\nadvantages and disadvantages. Whether or not crypto is an\\nadvantage for you is dependent on your situation.\\nCrypto have several advantages over conventional\\ncurrency:\\n1. Crypto can\\u2019t be physically stolen, generally. There is\\nnothing physical to steal. In theory, however, someone\\ncould force you at gunpoint to send your cryptos to\\nsomeone else.\\n2. It\\u2019s possible to avoid taxes. The onus is on the taxpayer\\nto be honest about crypto transactions. There are many\\ndisagreements regarding the government\\u2019s ability to\\ntrack cryptos through the system. Most of the\\ninvestigative activity regarding cryptos is centered on\\nmajor crimes, such as drug trafficking.\\n3. Crypto is extremely flexible. You can pay anyone in the\\nworld at any time. Holidays, exchange rates, borders, and\\n\\n10\\n\\nA Quick, EZ Guide to UNDERSTANDING Crypto\\nthe time of day are irrelevant. Crypto hasfar greater\\nflexibility than any other type of currency system.\\n4. There are no transactional costs. As there is no central\\nauthority, transactional costs are unnecessary. All of the\\ncomputers on the system, including your own, are doing\\nthe heavy lifting. There\\u2019s no one else to pay. You could\\nsend your child a million dollars\\u2019 worth of cryptos without\\nit costing a single penny. Try doing that with yourlocal\\nbank or PayPal.\\n\\u2022 However, providing a small transactional fee will\\nguarantee that payments are processed more quickly\\nand most trusted exchanges charge fees fortheir\\nservices.\\n5. Privacy is maintained. Your personal information isn\\u2019t\\nrequired as part of the transaction. There\\u2019s no risk of\\nidentity theft. The entire process is encrypted. Keep in\\nmind that it\\u2019s not entirely anonymous. All transactions are\\nrecorded and posted for anyone to view. However, your\\nname isn\\u2019t publicly associated with yourtransactions.\\n6. Transactions cannot be reversed. This is good news for\\nmerchants, but may be a disadvantage for consumers or\\nanyone that sends crypto to the wrong wallet.\\n\\n11\\n\\nA Quick, EZ Guide to UNDERSTANDING Crypto\\n\\n7. The crypto code is open source. There are no secrets,\\notherthan the identities of the parties involved in the\\ntransactions.\\nIt\\u2019s easy to see why cryptos are useful in certain situations.\\nYou have a greater degree of privacy and a lack of\\ntransactional costs. Crypto can be used at any time and on\\nany day. You can still make or accept a payment'