Disadvantages of Cryptocurrency
The disadvantages of cryptocurrency include the following negative points:
Difficulty in controlling transfers. Banks and other supervisory and oversight bodies do not have the ability to control operations for the issuance and movement of cryptocurrency.
Ban risk. Government structures are wary of cryptocurrencies. Many countries have introduced restrictions on its use, and fines can be imposed on violators.
There is no option to cancel a payment.
Volatility. Cryptocurrency is unpredictable, as it depends on current demand, which, in turn, may change as a result of changes in legislation and due to other factors. For this reason, there are fluctuations in the price of virtual money.
Danger of loss. The “key” for access to electronic money is a special password. If you lose it, the crypto coins in the wallet become inaccessible.
No guarantees. Each user is personally responsible for their savings. There are no regulatory mechanisms here, so in case of theft, it will not be possible to prove anything and return the money.
There is no common organizer of trade, which reduces the credibility of the cryptocurrency.
Cryptocurrency is not backed by anything.
Insufficient security of cryptocurrency safety.
I have one friend, he specifically because he got hooked on trading with the crypt. At first, I even started to worry about him, I didn’t get out of the computer at all. And then he told me that he found a bot on the exchange that does crypto trade 24/7. He no longer needs to monitor all trades himself, this is fully automatic.