The Pros And Cons Of Cryptocurrency - Global Coin Report
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The Pros And Cons Of Cryptocurrency

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Many facets of our lives are now digitized––money is no exception. 

Have you noticed that paper money is on its way to being obsolete because so many people receive direct deposit and love the simplicity of their debit card? 

Not to mention, cash carries germs, as we’ve heard lots about during the pandemic. Many businesses have turned to card only options in light of this. 

But what about cryptocurrency?

You probably heard everyone raving about it a few years ago, but the excitement’s calmed down quite a bit. That doesn’t mean that it’s not a viable option you should keep in mind. 

What’s Cryptocurrency? 

Let’s start with the basic definition of cryptocurrency so we’re all on the same page. Cryptocurrency utilizes cryptographic methods and complex coding systems to encrypt sensitive information during data transfers. This protects your funds and personal information on a whole different level. 

These transactions are virtually impenetrable due to the combination of mathematical and technological protocols created and put in place. This aspect of cryptocurrency is what makes it safer. Also, the details of transactions are kept private. No one can see who sent what, etc., because those rigorous mathematical and technological protocols protect it.

The Pros: 

Different From Traditional Banking Transactions

One thing people hate about traditional banks is the fact that they can lock you out of your account anytime they want. They can hold onto your money and send you on a mission jumping through multiple hoops to get the money that’s ultimately yours. 

Cryptocurrency is different because it is decentralized.

The government is not involved in your banking affairs or transactions in any way. Still, some people think that this creates a higher risk for our government and economy. The government won’t be able to touch your cryptocurrency, even if they wanted to. 

No Transaction Fees

Often, when we have transactions with our central bank, there are numerous fees involved. This is another difference between this type of currency and an ordinary account. You’re essentially cutting out the middle man, so you’re saving on those extra fees. 

You’ll be able to make payments just about anywhere without a banking institution peering into your affairs and asking questions. You can also make international payments without high fees because an international transaction is merely the same as domestic transactions, in the eyes of cryptocurrency. 

Protected Transactions 

There are so many ways that identities are compromised these days. Who wouldn’t look happily on an option that offered more protection? Your transactions and identity are guarded sternly in comparison to your ordinary transactions. However, you’re still susceptible to hackers and cybercriminals. 

Something to note about cryptocurrency is that the transactions are irreversible. Once the translation is initiated, the funds sit in limbo while entering the blockchain by the miners. 

The Cons: 

Black Market Involvement

Bitcoin and other forms of cryptocurrency are primary payment sources for dark web transactions. This type of currency is hard to track, but that also means that it’s easier for criminals and hackers to utilize dark web transactions. 

Tax Evasion

Even though the government can’t see your transaction, they want to slap taxes on the transactions. There is something of a loophole, but you’ll have to stay on top of tax-related issues and make sure you’re not audited about your cryptocurrency holdings and transactions. 

If The Data Goes, So Will Your Funds

If you think about it, a big computer is storing your funds, and you have no way to liquidate them. If the data is breached and disappears, so will your funds, and there is no one to hold accountable. 

You Need To Be Tech-Savvy To Invest In Cryptocurrency

Let’s be real; if you don’t have some working knowledge of cybersecurity and cyber happenings, cryptocurrency will end up being a dead-end for you. This type of investment requires you to have some working knowledge of the cyber world, or you might be throwing money down the drain!

Parting Thoughts 

All investments have possible pros and cons, so cryptocurrency is no different in that respect. If you’re thinking about investing some funds in Bitcoin, or any other type of cryptocurrency, make sure you make yourself familiar with the pros and cons. 

You need to make sure you are fully aware of everything involved in the process and if you’re not clear on something, it’s helpful to have someone to turn to for assistance. 

It doesn’t need to be a stressful research experience. Why not make the most out of the experience and combine it with your favorite CBD product? Maybe you haven’t tried some, but some CBD tinctures are pretty sweet

Please sit back and relax, dig into some cryptocurrency knowledge and information, and see where it takes you. It might just be the best thing that ever happened to you!

Image by WorldSpectrum from Pixabay

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3 Reasons Why WISE Token Could Be a Massive Winner in 2021

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After working in proprietary trading for over a decade, I decided to transition to crypto in early 2017.  Although crypto is significantly different from traditional capital markets, I managed to successfully find a niche for successful and opportunistic trading.  While 2017 was the perfect time to get involved, the past few years have proven to be a bit more challenging as far as generating ROI.

Cryptocurrency traders have spent the past several years searching far and wide for the next big winner.  While the market as a whole hasn’t been very bull friendly, one specific area that appears to be gaining traction is decentralized finance, more commonly known as DeFi.  This area generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum.  The reason why so many crypto entrepreneurs are flocking to this space is that it allows them to create traditional financial vehicles in a decentralized network, outside the meddlesome control of foreign governments.

One extremely popular DeFi project is Chainlink (LINK) which is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.  Chainlink has seen its token price increase by more than 300% year-to-date.    Another impressive project in the space is Kyber Network (KNC) which has seen its token soar from $0.20 at the start of the year to more than $1.60 at present.  Kyber Network’s on-chain liquidity protocol allows decentralized tokens swaps to be…

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As Global Tensions Grow, Bitcoin Price May Go Higher

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BTC Surged Again as A Safe Haven Asset During Global Tensions

  • India – China Border Conflict

After weeks of squabbling and brawling along their long-disputed border, hundreds of Indian and Chinese soldiers engaged in a deadly clash Monday in a river valley that’s part of the region of Ladakh last week. Troops had massed on both sides of the border in recent months in the northern India region of Ladakh and the southwestern Chinese region of Aksai Chin, causing global concerns of a potential escalation between the two.

  • North and South Korea Clash

Last Tuesday, North Korea destroyed the liaison office it jointly operates with South Korea in the city of Kaesong, just north of the demilitarized zone that separates the two countries. 

North Korea also said it would send troops to now-shuttered joint cooperation sites on its territory, reinstall guard posts and resume military drills at front-line areas in a violation of separate 2018 deals with South Korea. Jeong said South Korea will take “immediate, swift and corresponding” steps to any North Korean provocation.

The tensions grown in Asia and the potential “second wave” of coronavirus in the United States may add more difficulties to the global economic recovery. Thus, Bitcoin, as a safe haven asset, attracts more investors to buy and hold. 

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CoinFlip Continues to Dominate the U.S. Cryptocurrency ATM Market

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Although cryptocurrency has brought in a lot of traders seeking the dream of overnight wealth, cryptocurrency is a lot more than just striking it rich.  Cryptocurrency is about creating a new market with companies that are building cutting edge technology in an effort to continue elevating our way of life.  As the crypto market continues to expand, several companies are involved in creating ways for more people to participate.  One such company that appears to be making all the right moves is CoinFlip.

CoinFlip is the world’s leading cryptocurrency ATM operator that currently allows users to buy and sell 10 different cryptocurrencies including BTC, ETH, LTC, DASH, TRX, KMD, LINK, BNB, XLM, and USDC.  Due to the company’s quick growth, CoinFlip has quickly gained a reputation of being the place to go for all crypto ATM transactions.  In addition to its massive geographic coverage, there are four advantages that CoinFlip currently offers over its competitors:

  • Lowest fees of any cryptocurrency ATM in the world
  • Lightning-fast transactions that are typically completed between 10 and 30 minutes
  • Extremely easy customer verification
  • 24/7 customer support through phone, text, and chat

Given the global pandemic currently facing us, many companies have been struggling just to survive.  CoinFlip, on the other hand, is not only surviving but thriving.  The company has had an exciting few months and has even bigger plans for the future.

Partnership with Monarch Wallet

On May 5th, CoinFlip…

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