Back in crypto news today, this post will list the concept of cryptocurrency and their pros and cons.
The Concept of Barter System
Are you familiar with the barter system? Barter system was used a long time ago before currency was introduced. Money makes everything easier. It changed the economy when it was first introduced. Barter is a method of trading in which goods are exchanged without the use of money as a medium of exchange. The barter process was first used before there was currency, and it was implemented thousands of years ago by the Mesopotamian Tribe. Other tribes and more people have used barter. Not only can the barter system be used to exchange goods, and yet it can also be used to exchange services as long as it can be considered a method of exchange. Something that can be exchanged must be acceptable in terms of form and function to the recipient. Then, the concept of the barter system stays till nowadays.
Does It Have Correlation With The Cryptocurrency?
Crypto is the same basic concept as money currency when it comes to the exchange and desire.
Since 2013, cryptocurrencies have begun to receive attention from all around the world, especially investors and adults. Then, many media have started reporting on this digital currency. However, the presence of cryptocurrencies has its pros and cons. Even the usage of it is pretty questionable.
Pros of Cryptocurrency
First and foremost, cryptocurrency have their own system. These are some of the good things about crypto and their system.
- Universal: The whole world can use cryptocurrency. Cryptocurrencies are considered universal because there are no conditions to become their users and it is pretty easy to sign up.
- Fast: Transactions with cryptocurrencies are fairly fast when compared to transactions at banks. International bank transfers can generally take up to more than a day. Meanwhile, bitcoin trading only takes about a few minutes to an hour.
- Transparency: Every cryptocurrency user can see all transactions that have been made. However, of course you will not know who the transaction was carried out by whom because it is only in the form of numbers without an identity.
- Personal control: Each user is responsible for their own money.
Cons of Cryptocurrency
We are done with the pros of cryptocurrency. Secondly let’s talk about cons of crypto are:
- A free place/ loophole for crime: No one knows who is behind a cryptographic code. No one knows who is behind the screen. Therefore, many people take advantage of cryptocurrencies. They will scam or plan evil schemes. They can trade and transfer crypto for illegal things or goods with this digital currency without being traced. It is easy to commit crime.
- Password: If you forget your password, you have a chance to lose all your money: Since cryptocurrencies require you to use a password system, you risk losing all the money in your account if you forget your password.
- Countries Policy: Many countries still consider it illegal: Many countries still consider cryptocurrencies illegal and do not authorize it to buy and sell or do transactions in their country.
If you are into gambling, you also need to take some risks. This concept is the same with cryptocurrency.