The 411 on Advantages and Disadvantages of Crypto

There are many of both to consider…

Crypto is a unique currency. It’s completely virtual. Crypto is unsupported by any central bank or other authority. It’s not the official currency of any country. Yet all of these are both advantages and disadvantages. Whether or not crypto is an advantage for you is dependent on your situation.

Crypto have several advantages over conventional currency:

1. Crypto can’t be physically stolen, generally. There is nothing physical to steal. In theory, however, someone could force you at gunpoint to send your cryptos to someone else.
2. It’s possible to avoid taxes. The onus is on the taxpayer to be honest about crypto transactions. There are many disagreements regarding the government’s ability to track cryptos through the system. Most of the investigative activity regarding cryptos is centered on major crimes, such as drug trafficking.
3. Crypto is extremely flexible. You can pay anyone in the world at any time. Holidays, exchange rates, borders, and the time of day are irrelevant. Crypto has far greater flexibility than any other type of currency system.
4. There are no transactional costs. As there is no central authority, transactional costs are unnecessary. All of the computers on the system, including your own, are doing the heavy lifting. There’s no one else to pay. You could send your child a million dollars’ worth of cryptos without it costing a single penny. Try doing…