Pure Creativity > The Artists' Ward :: The Gallery :: > Disadvantages of cryptocurrencies.
Disadvantages of cryptocurrencies. - Posted By Faina (faina) on 31st Jan 22 at 5:09am
Traditional cryptocurrencies are not secured by anything. They really resemble gold, silver and other valuable resources. After all, in fact, the value of gold is determined by supply and demand. Someone exchanged several thousand bitcoins for pizza, while others exchanged gold for glass beads and considered it a very profitable deal. The liquidity of paper money is guaranteed by the government and the Central Bank. The liquidity of the cryptocurrency depends on many factors.
Cryptocurrencies are volatile and their exchange rate is subject to rapid fluctuations.
The loss of the secret key is equivalent to the loss of money. If a hacker finds out the cipher because of your carelessness, he will simply withdraw money to his wallet. But if you lose access yourself, it won't be any easier. No one will ever receive these coins.
A crypto coin is a valuable commodity only inside the system that created it. And if the blockchain project itself has not achieved popularity among users, or for some reason has lost its applied value, then its internal tokens become meaningless digital code. And if owners of computing equipment can switch to mining another digital coin, then investors simply lose their deposits.
If all developed countries decide to ban or take control of traditional cryptocurrencies, it will be hard. Digital money will go into the shadows and become a means of payment of the darknet, with all the ensuing consequences.
The easiest ones can be considered technical problems and an abundance of phishers stealing coins from careless owners. The scalability problem will eventually be solved. The security of crypto exchanges will increase, and users will take precautions.
Re: Disadvantages of cryptocurrencies. - Posted By Matango (matango) on 31st Jan 22 at 8:05am
Here's what I found on one of the kripke sites - steam trading card bot. Not knowing how accurate the description is, but based on what I've read, I already want to try. As far as I understand, if this is a beta, then the full version will be paid. If so, it's worth it. In the description, such characteristics are given - awesome! I already dream of trying it out personally.