Benefits of Digital Currency

Deciding whether or not to get into cryptocurrency can seem like a daunting task. And what better exercise to do when facing a tough decision than to make a pros and cons list? So, let’s get to it. What are some pros and cons of digital currency?

Pros

1. Safety

What’s the most cash you’ve lost or had stolen? Regardless of how large that number is, it’s never fun to have your money taken from you or lost. (Although sometimes it is fun to find a dollar bill in your laundry). With cryptocurrency, this isn’t nearly as big of a problem.

In fact, virtual currency is one of the hardest things to steal, solely because it is not a physical item. And it’s impossible to gain access to someone’s digital currency wallet without having their wallet address or private keys, and any encryption they’ve put on it.

2. Full Control

Beyond the fact that it’s extremely hard for someone to steal your digital currency, you also have full control and autonomy over your crypto. While most other types of currencies are tied to a central bank of dollars (like the US Dollar), the majority of digital currencies are completely decentralized. So your money is far less affected by market crashes, banking issues, or anything else out of your control.

Instead, you and you alone are responsible for your digital currency.

3. Globalization

Another fun perk of using digital currency is knowing there’s no distance your currency can’t travel. So when sending a generous amount of birthday money to your cousin who lives in another country, there are a lot of things you no longer have to worry about. You don’t have to be concerned that your money will get lost in the mail, nor do you have to worry about exchanging those dollar bills for euros. Digital currency transcends most of the barriers between two kinds of fiat, and allows for easy and almost instantaneous transferring.

Cons

1. Learning Curve

Cryptocurrency can be scary! Well, not really. But all those big words sure can be confusing sometimes. People who already work with digital currency often use complicated jargon that makes it hard for newbies to understand. Luckily, there are plenty of resources online dedicated to educating newcomers on all the lovely things about virtual currency and ultimately demystify it.

2. Misconceptions

One of the only cons of being part of the cryptocurrency community is the potential stigma around it from other people, which is rooted in common misconceptions about cryptocurrency. Beliefs such as “Only criminals use cryptocurrency” or “Cryptocurrency is unsafe” come from misunderstandings of what digital currency actually is and how it works.

Cryptocurrency is something that more and more people are getting into as time goes on, and with good reason. This spread isn’t exclusive to America but extends across the world.

Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.

What is Coin Cloud?

Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.