Friends, in this article today, I will tell you some Disadvantages of cryptocurrencies due to which people are afraid to use cryptocurrencies,
And because of these reasons, the use of cryptocurrency has been banned in many countries.
As you all know, there are two aspects to everything, similarly cryptocurrencies also has two aspects.
It also has many advantages.But at the same time there are some disadvantages though its benefits are more and disadvantages is less.
But if you people work wisely, you will never face any problem using cryptocurrency.
So friends, in this article today, we are only going to talk about the disadvantages of cryptocurrencies,
So read this article completely.
What are the disadvantages of cryptocurrencies
1.. First, The biggest disadvantage of cryptocurrency is that it has no physical existence, because it cannot be printed.
Meaning that neither the cryptocurrency notes can be printed nor any bank account or passbook can be issued.
2.. Secondly, There is no country, government or institution to control it,
Due to which sometimes its price rises rapidly, sometimes it’s price fall down, due to which investing in cryptocurrency is a risky deal.
You can invest in it only if you have a lot of money and you are ready to take the risk.
If you are a new investor then you can lose all your money here.
3.. Thirdly, As you know that transactions of this cryptocurrency cannot be tracked and by taking advantage of this,
People use it easily for wrongdoings such as black marketing and other illegal activities etc.
4.. Fourth, One of the biggest drawbacks of this currency is that there are many people who do not want to pay taxes.
And if they have a lot of black money, then they convert their money to cryptocurrency to avoid tax.
And they only use cryptocurrency transactions for their illegal works,
Because cryptocurrency cannot be tracked and Not any bank controls it , so people use it to hide their black money.
5.. Fifth, There is a risk of hacking it. It is worth noting that the blockchain is not so easy to hack because it has complete security arrangements.
Despite this, hacking cannot be ruled out as there is no owner of this currency.
And as you people would have known that blockchain accounts of many big people have been hacked before.
So friends, there is a more risk of account hacking and you cannot even complain about it, because no one controls the cryptocurrency.
6.. Sixth, Another disadvantage of this is that if a transaction has happened to you by mistake,
you cannot call it back, causing you loss. In this, you have to do the transaction very carefully.