Advantages of Cryptocurrency

Easy access and globally recognized

It can be used by whoever it wants. It is a decentralized system of currency
which can be used and accessed globally.

In the case of Fiat currency the value of Euro, Dollar or yen may go up or
down, but in the case of cryptocurrency, the market remains worldwide the
same.

Quick and easy payments

It is a quick transaction process. It takes hardly a few minutes to initiate a
transaction. , it removes delays, payment of fees and a host of othe r third party
approval that might have been present.

Private and secured

As cryptocurrency works between peer to peer network and it remains
extremely private even for the other users of the network. It is 100%
secured as no one can hack the system because of 100% hacking proof
encryption.

Decentralized and free from 3rd party interference

.however, its
most of the cryptocurrencies have no central authority to control
complete autonomy and total elimination of 3rd party involvement is again a
vital advantage that is making the cryptocurrencies extremely popular
worldwide. As every payment or deal is a straight one between both the
involved parties, there is no place for brokers or intermediaries.

You Can Do Unlimited Transactions.

In cryptocurrencies, you can pay using your wallet to anyone, anywhere and any
amount. The transaction cannot be controlled or prevented, so you can make transfers
anywhere in the world wherever another user with a crypto wallet is located.
Disadvantages
Not Accepted Widely.
Still, cryptocurrencies are not acceptable in countries and online websites, Very few
countries have legalized the use of cryptocurrencies. It makes it impractical for
everyday use. Due to a lack of acceptance.

No way to reverse the payment

Unlike check stop payment or request for cancellation of NEFT, it is next to
impossible to stop the transaction of cryptocurrency once it is done. This
irrevocable nature of payments may create a problem in business dealings,
which cannot be countered.

Lack of Knowlege.
Most people are not aware of how to use cryptocurrency and hence open themselves
to the hacker. The digital currency technology is somewhat complex and therefore one
needs to be mindful of it before investing.

Losing wallet
If a user forgets his crypto wallet password, it is not possible to revive the
lost data because of tight security encrypted blockchain integration, which
can be disastrous for its users.

Uncertainty and volatility

The market for cryptocurrency is quite volatile hence it is unpredictable. It
can be risky to invest in cryptocurrency without understanding its risk
factors. Because of its volatile market, a group of people still feel uncertain
about dealing with this digital currency.