Quote from: magiccarpett on January 15, 2018, 03:38:32 PM

Quote from: Ric8 on December 13, 2017, 05:03:08 PM

Disadvantages of Cryptocurrency

1. Difficult to understand Cryptocurrencies are relatively new and come with a learning curve. People end up investing without proper knowledge and lose money to something they did not learn about.
2. Lack of knowledge People are not aware of how to use cryptocurrency and hence open themselves to hacker. The technology is somewhat complex and therefore one needs to be mindful of it before investing.
3. Not accepted widely Not many websites and companies accept digital currencies yet. Very few countries have legalized the use of cryptocurrencies. It makes it impractical for everyday use. Due to lack of acceptance, before buying or investing online or offline, you need to make sure that its accepted at that place where you want to use it. Although it is slowly getting the acceptance around the world, it will take time to take the idea entirely out of the shadows.
4. Can lose your wallet There is a possibility of losing your wallet. If you have stored the money in the form of digital currency on your phone or computer, you better remember your password and not lose those devices. Losing your coins means you wont be able to retrieve it, even with the help of legal assistance so that is just one of Bitcoins flaws.
5. No way to reverse the payment If you mistakenly pay someone by using cryptocurrency, then there is no way to get a refund of the amount paid. All you can do is to ask the person for a refund and if your request is turned down, then just forget about the money.
6. Uncertainty Since cryptocurrencies are so new, they are also very volatile. This is one of the main reasons mass adoption is taking longer than it should. Many corporations dont want to deal with a form of money that is going to go through huge swings in volatility.

Valueable post. Please add that they are also unsecure. Projects or ico can scam people, dev stop development and keep project alone and whale could manipulate the market.

This is a useful post and these are areas where cryptocurrencies like Bitcoin need to improve, but you need to understand that nothing is perfect in this world. The advantages of cryptocurrencies far outweigh their disadvantages if you think about it. Advantages like the ability to conduct financial transactions online without any sort of outside interference(banks etc) is itself an amazing advantage. Other advantages like the ability to make payments online through cryptocurrencies when compared to other sources like paypal etc also prove how useful cryptocurrencies are.