• Welcome To BuySell Bitcoin Blog
Wednesday, June 29, 2022
-18 °c
Sell Bitcoin in Nigeria | Buy Bitcoin in Nigeria | Buy and sell Bitcoin in Nigeria | Best place to buy and sell Bitcoin in Nigeria | Best site to buy and sell Bitcoin in Nigeria
  • Bitcoin
  • Bitcoin Guide
  • Start Up
    • Start Up Technology
  • Crypto Market Cap
No Result
View All Result
Advertisement
  • Bitcoin
  • Bitcoin Guide
  • Start Up
    • Start Up Technology
  • Crypto Market Cap
No Result
View All Result
Sell Bitcoin in Nigeria | Buy Bitcoin in Nigeria | Buy and sell Bitcoin in Nigeria | Best place to buy and sell Bitcoin in Nigeria | Best site to buy and sell Bitcoin in Nigeria
No Result
View All Result
Home Uncategorized

Pros and cons of cryptocurrencies

TopYouGo DMA by TopYouGo DMA
7 months ago
in Uncategorized
0
0
Pros and cons of cryptocurrencies
0
SHARES
74
VIEWS
ShareTweetSend

An introduction to cryptocurrencies

Cryptocurrencies are digital or virtual currencies secured by cryptography. They are decentralized in nature and to fully grasp the impact of cryptocurrencies on develop ing nations it is necessary to understand the pros and cons of cryptocurrencies and the opportunities it presents to it’s users compared to fiat currencies such as the naira and dollars issued by a central banks.


Cryptocurrencies have their dark sides as some would like to say. But its benefits and the impact of cryptocurrencies on developing countries cannot be over emphasized. Hence we would take a look at the pros and cons of cryptocurrencies compared to fiat currencies which are a centralized system of finance.

RelatedPosts

Why Consider Bitcoin A Hedge Against Inflation?

Cryptocurrency Adoption In Nigeria

Buy and Sell Bitcoins in Nigeria Instantly and Securely

Cryptocurrency Volatility – Good or Bad?

Pros and cons of cryptocurrencies

The first advantage we would be looking at is it’s transparency, record data of cryptocurrency transactions are readily available on the blockchain and accessible to everyone, therefore transactions can not be manipulated by individuals or organizations. Hence cryptocurrencies transparency greatly diminishes the risk of fraud and corruption.

Cryptocurrencies are not government regulated and as such eliminates unnecessary
charges like the electronic transfer service charge, thus the cost of transactions are
very low when compared to fiat currencies.  Also because cryptocurrencies do not require brick and mortar building neither does it require the services of employees and the wages that comes with it, hence the cost associated with these naturally morph into low transaction fees

Another benefit of cryptocurrencies on global financing is its capacity to serve as fast and secured means of payment which makes inter border transfer timely and more convenient. Cross-border payments are the most significant use case for cryptocurrencies, due to the reduced transaction time and costs. Cryptocurrencies
are decentralized and not government regulated, there is no geographic restriction
and hence cryptocurrencies can facilitate global transactions at very low cost without
any mediating institution.

Also cryptocurrencies support financial inclusion, which is a major impact of cryptocurrencies on developing countries as these nations lack basic banking services. Cryptocurrencies are a lot more accessible and come with an ease to use
platform without much requirement when compared to banks and other financial institutions. Plus there are a lot of applications and programs that facilitate the use of cryptocurrencies and bringing them closer to the unbanked.

However  with the ease of inter border transfers and the anonymity cryptocurrencies
offer it’s users can also facilitate money laundering and terrorist acts. Crypto
currency’s independent border payment makes it easy to move money across border
even money gotten from illegal activities and money intended to fund terrorism can be moved swiftly  without interference from financial institution or government
regulation as opposed to fiat currency where the money has to go through the banks and individual identity vetted through KYC.

The high volatility of bitcoin and cryptocurrencies in general is quite alarming which
has led to cryptocurrency ban in some countries. However a major characteristics of
money is its general acceptance regardless of region or tribe, though it is without
doubt that bitcoin has gained global recognition and acceptance to a large extent,
nevertheless there countries where the use of bitcoin has been banned and not
accepted as a form of payment, also countries where strict regulations have been
put in place to prevent the risks associated with cryptocurrencies, makes it arguable
if cryptocurrencies actually meet every criteria for it to be used as a means of exchange.

Opportunities presented by cryptocurrencies in developing countries

There are numerous challenges faced by people and organizations in economic
developing countries that the impact of cryptocurrencies on developing countries can
not be over emphasized. For one, crypto currencies can accelerate the development
process potentially in various industries. Let’s take a look at the banking industry, where the majority lack access to basic financial services and some do not own a bank account due to the numerous requirements to open an account. But with crypto currencies one only needs access to the internet and a smart device to send money to anyone and receive money from anywhere in the world.  

Another opportunity presented by cryptocurrencies in developing countries is an increased participation in international trade as bitcoin and other cryptocurrencies can help facilitate payments in an efficient and timely manner without  the need to own a bank account.

Also there is an issue of trust speaking of corrupt political officials and government
inflated budgets, the masses do not trust the government. But with the transparency
of cryptocurrencies all transactions can be monitored on the blockchain. Hence curb
the embezzlement of public funds and the government tracking their expenditure for
improved budgeting.

Conclusion

Despite the pros of cryptocurrencies outweighing the cons, the impact of crypto
currencies in developing countries is yet to be acknowledged by governments who
have prevented its use in their country. Although the technology surrounding
cryptocurrency is at its infancy stage, it is only a matter of time before these
governments embrace this technology just like the internet in the early 1990’s.
Cryptocurrencies have the potential to strengthen the development of an economy,
however, it is upon the government of a nation to put in-place policies that will
encourage the adoption of cryptocurrencies to foster economic development.

ShareTweetSend
Previous Post

Cryptocurrency Volatility - Good or Bad?

Next Post

Buy and Sell Bitcoins in Nigeria Instantly and Securely

Related Posts

a hedge against inflation

Why Consider Bitcoin A Hedge Against Inflation?

December 20, 2021
cryptocurrency adoption in Nigeria

Cryptocurrency Adoption In Nigeria

December 8, 2021
buy and sell bitcoins in Nigeria

Buy and Sell Bitcoins in Nigeria Instantly and Securely

November 29, 2021
Cryptocurrency Volatility

Cryptocurrency Volatility – Good or Bad?

November 12, 2021
Central Bank Digital Currency

Central Bank Digital Currency And Its Impact On Cryptocurrency

October 28, 2021
Bitcoin and Cryptocurrencies Too Large To Ignore

Bitcoin and Cryptocurrencies Too Large To Ignore

October 26, 2021
Next Post
buy and sell bitcoins in Nigeria

Buy and Sell Bitcoins in Nigeria Instantly and Securely

cryptocurrency adoption in Nigeria

Cryptocurrency Adoption In Nigeria

a hedge against inflation

Why Consider Bitcoin A Hedge Against Inflation?

Discussion about this post

  • Trending
  • Comments
  • Latest
Trading Bitcoin in Nigeria

How to trade bitcoin in Nigeria

July 15, 2021
Trending Cryptocurrencies and Bitcoin in Nigeria

Trending Cryptocurrencies and Bitcoin in Nigeria

May 6, 2021
5 Websites To Buy Bitcoin In Nigeria

5 Websites To Buy Bitcoin In Nigeria

April 19, 2021
How to Invest in Bitcoin Successfully in Nigeria

How to Invest in Bitcoin Successfully in Nigeria

June 28, 2021
The Future of Bitcoin in Nigeria

Crypto Currency Ban and The Future of Bitcoin in Nigeria

0
Bitcoin Wallet in Nigeria

Which bitcoin wallet is the best in Nigeria?

0
Bitcoin exchange platform

what’s the best platform for bitcoin exchange in Nigeria?

0
How To Buy And Sell Bitcoin In Nigeria

How To Buy And Sell Bitcoin In Nigeria

0
a hedge against inflation

Why Consider Bitcoin A Hedge Against Inflation?

December 20, 2021
cryptocurrency adoption in Nigeria

Cryptocurrency Adoption In Nigeria

December 8, 2021
buy and sell bitcoins in Nigeria

Buy and Sell Bitcoins in Nigeria Instantly and Securely

November 29, 2021
Pros and cons of cryptocurrencies

Pros and cons of cryptocurrencies

November 16, 2021

Currency Converter

Currency Converter
Sell Bitcoin in Nigeria | Buy Bitcoin in Nigeria | Buy and sell Bitcoin in Nigeria | Best place to buy and sell Bitcoin in Nigeria | Best site to buy and sell Bitcoin in Nigeria

© 2020 BuySell Bitcoin Blog.

Navigate Site

  • Contact Us
  • Privacy Policies
  • Terms & Conditions

Follow Us

No Result
View All Result
  • Bitcoin
  • Bitcoin Guide
  • Start Up
    • Start Up Technology
  • Crypto Market Cap

© 2020 BuySell Bitcoin Blog.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$20,168.00-4.74%
  • ethereumEthereum(ETH)$1,136.97-7.38%
  • usd-coinUSD Coin(USDC)$1.00-0.18%
  • rippleXRP(XRP)$0.332719-5.49%
  • dogecoinDogecoin(DOGE)$0.066173-9.05%
  • litecoinLitecoin(LTC)$52.57-6.92%
  • BitTorrentBitTorrent(BTT)$0.002657-0.14%
  • ethereum-classicEthereum Classic(ETC)$15.47-7.19%
  • bitcoin-cashBitcoin Cash(BCH)$104.93-6.66%
  • zcashZcash(ZEC)$59.39-5.39%
  • bitcoin-diamondBitcoin Diamond(BCD)$1.56-3.99%
  • bitcoin-goldBitcoin Gold(BTG)$16.14-6.44%
  • digibyteDigiByte(DGB)$0.009236-9.19%
  • dentDent(DENT)$0.0012957.64%