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Pros and Cons of Bitcoin and Other Cryptocurrency Investments

TopYouGo DMA by TopYouGo DMA
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When it comes to investing, investors are most times skeptical about investing in bitcoin or any other cryptocurrency, given the wide range of cryptocurrencies and price volatility. Hence in this write up we will be discussing the pros and cons of bitcoin and other cryptocurrency investments earlier listed in our previous post why should anyone invest in cryptocurrency?

Pros and Cons of Cryptocurrency Investments

Significant Potential for Appreciation; Despite its’s volatility, cryptocurrencies
have a great potential to appreciate. Although, there lots of cryptocurrency to
choose from but each has it own potential to appreciate. Some investor refer to cryptocurrency as a safe heaven and a hedge against inflation with believes that
cryptocurrencies will on the long run serve as replacement for traditional currency

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Pros and cons of cryptocurrencies

Security and Complete Control; Cryptocurrencies has several benefits and this happens to be on of it’s key features, the security and complete control of your assets. Cryptocurrencies are built on block chain technology and hence comes with improved security.

Lower Fraud Risks and Transparency; Bitcoins enable buyers to complete
transactions without disclosing any confidential financial information to the seller. Bitcoins are just like digital cash that hackers can’t get their hands on in any way.
At the same time, your true identity is hidden for good. Transparency, on the other hand, allows users to conduct transactions in their own time and with complete
freedom.

Speedy Transactions; Since transaction involving cryptocurrency are not facilitated by any intermediary, it only takes a few minutes to send money across borders, eliminating fees charged for international international transactions.

Having seen some of the advantages of investing in cryptocurrency, lets take a look at not so good side of cryptocurrency investments.

Lost Bitcoins cannot be recovered; The risk of losing cryptocurrency if device that has the wallet crashes or gets corrupted. When this happens the cryptocurrency can’t be recovered and these crypto will remain orphaned in the scheme indefinitely. This has the potential to bankrupt an investor within seconds with absolutely no means of recovering the lost cryptocurrency unless they have they have backed up the wallet with a backup phrase code before losing the crash.

Market fluctuations; Bitcoin prices are extremely volatile rising and falling at a rapid rate, speculators want to profit from it, but genuine investors see it as too dangerous, so no one invests in Bitcoins.

Cryptocurrency is not regulated; One of the most significant drawbacks of investing in bitcoin is the lack of regulatory oversight. Cryptocurrency laws and taxes
differ from country to country and are often ambiguous or contentious which might be difficult to understand. Hence lack of regulations, unfortunately, can lead to fraud and scams.

Though cryptocurrency investments can be rewarding but it is also highly risky and speculative, and this article is not a recommendation to invest in cryptocurrencies.
Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. And should you decide to invest in cryptocurrency, remember to diversify and work with reliable exchange platforms such as Exchangeindeed and Nairadirect to protect your investments.

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