Everything comes at cost and so does cryptocurrency or you can say everything has its own advantages and disadvantages and also not everything that shines is gold. When cryptocurrency was all over the news about how currencies like bitcoin have rocketed up from $100usd to $100millions usd, people did not care to research and started to invest blindly and suffered huge losses of millions when the value of the currency started to fall so to become a rational investor it is important to do a deep research before investing your precious money.
As stated by the crypto news here are some of the cons of cryptocurrency:
The biggest concerns faced by the cryptocurrencies is the issue regarding scaling. We can not deny the growing demand for uch currencies and at the rate which they are growing and transactions being processed but still the transactions and scale of operations is minimal as compared to the finance giants like VISA, scale and size of the transaction are not the only things in which cryptocurrency is lacking behind but it also needs higher speed of transactions to beat the giants and several solutions are under consideration to solve this problem.
As crypto currency is a digital technology so there is always a risk of security breach and cyberthreats and the important information may fall into the hands of hackers. There have been incidents when ICOs were breached and the investors lost millions of dollars and the recent one accounted for a loss of $473 million alone and it is true that there are people working behind its infrastructure to keep it protected.
One of the most important problems regarding cryptocurrency is that it is not regulated by any institutions like government or central banks of a country so in case of any mishap no one is to blame or no one can be held responsible.The technology is being perfected day by day to get rid of all the problems but the things won’t work out until cryptocurrency gets regulated by a institution so it can cope up with the changes.
If you need to know more about cryptocurrency and want to assess its pros and cons you should definitely follow crypto news for more statistics related news and facts which might guide and help you in your future investment.