Pros and Cons of Using Digital Currency

Digital currency, otherwise known as cryptocurrency, is steadily becoming a valuable investment across the globe. Things such as investments, paying for goods and services, and exchanging currency are all a part of the uses of digital currency.

The popularity of digital currency arises from the fact that it is an independent way to create and transfer currency without the involvement of a bank. These services and exchanges can exist without government interference, which is often the appeal of the investment.

Cryptocurrencies are gaining a lot of traction and popularity as an investment and service, but they do come with some drawbacks. While it is a service that exists solely on an online ledger with strong cryptography to secure transactions, there is still the potential for hacking.

This potential outcome does exist, but there are still a lot of beneficial reasons to use digital currency. Take a look at some of the pros and cons of using digital currency below!

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What are the Pros of Using Digital Currency?
  • Value: Cryptocurrency holds a tremendous amount of value as an investment. They can be used to store value and a unit of exchange on the market. Digital currency holds a lot of weight as an independent way to create an exchange of money without the involvement of government and banking institutions.
  • Accessibility: As an online and digital form of payment, cryptocurrencies can be accessible to almost everyone. The Business Insider has estimated that over 106 million people are consistently using cryptocurrencies across the globe.  Many users of cryptocurrencies are investing in farming Bitcoin, which is a form of digital currency. While banks and lending companies require you to be eligible to earn cash from them, digital currencies do not have those requirements. If you can farm the Bitcoin, it is yours to keep.
  • Fast Transactions: When you apply for a traditional loan, there can be many hoops you need to jump through to meet the eligibility requirements. These requirements include a credit score, income check, and other factors to meet the qualifications of the bank. Digital currency does not have those steps, and you can make transactions online immediately without the involvement of a bank.
  • Track Your Payments Consistently:  If you were wiring a payment to a friend through a banking institution, it can often take up to three days for it to be processed. This can be an issue if you are experiencing a financial emergency! With digital currency, you can track your money constantly and consistently. You can track where your money is every second of the day without the worry that it is tied up with the bank.
  • Escape the Institutional Fees: Many banks charge ATM fees, transaction fees, and overdraft fees. The money you set into the bank is yours, but the bank will make a profit off of you storing your money with them. It can seem relatively unfair to have to pay to take out your own money! With cryptocurrency, your money is yours to store, and the bank does not store it for you. This cuts out the middleman and allows you to use your money without the conditional fees.
What are the Cons of Digital Currency?
  • Risks of Investment: Bitcoin and other forms of digital currency give an investor the potential to earn a lot in a short period. This creates a higher risk for the individual investors that are farming it. The price of the coins like Bitcoin can change exorbitantly without warning! Often, investors can see the prices surge and plummet in as little as a week.
  •  Hacking and Security Issues: Although cryptocurrency exchanges and transfers occur on an online ledger with strong cryptography to secure transactions, there is a risk of hacking. Your personal information is stored online to complete these transfers and exchanges. This creates a potential vulnerability to hackers and other internet thieves.
  • Accessibility: While the accessibility of digital currency is beneficial, there are some drawbacks. Anyone can make money farming digital currency, but that opens the door for a lot of criminal activity. Many hackers take advantage of the anonymity of digital currency and have been suspected of laundering money through Bitcoin or other forms of cryptocurrencies.
  • Uncertainty: Cryptocurrencies have a lot of potential for gaining capital, but there is no certainty of the future. Your investments into cryptocurrency could plummet with little to no warning. Some countries also do not support the idea of money existing without government or bank control. While there is a lot of benefits to using cryptocurrency and other forms of digital currency, there is the potential that it may not have a future.

There are many pros and cons of using digital currency to consider.

Why is Digital Currency so Valuable?

While there are many pros and cons of using digital currency, it is still a valuable resource. Digital currency is so valuable because it can perform financial services outside of institutional involvement like banks and governments. The community that interacts with digital currency is what makes it valuable! The greater the user demand is, the more valuable the digital currency becomes.

How Does Digital Currency Like Apple Pay Work?

Apple Pay is a way for digital currency users to exchange goods and services. Apple Pay is now becoming one of the few financial service providers that will use Bitcoin as a potential payment method.

With this new announcement, Apple Pay is well on its way to becoming the digital wallet of the future! You do not need a physical credit or debit card to make your purchases with Apple Pay. Instead, if you have an iPhone, you can conveniently access the services of Apple Pay, which includes:

  1. Apple Pay: This is a mobile payment and digital wallet service. You can use it to pay in-store or online through your phone! This service has been on the market for several years. Using this service is very similar to using a physical card to make payments in a store.
  2. Apple Pay Cash: If you are an iPhone owner, you may have seen this feature before. Apple Pay Cash are transactions done through iMessage, which is the phone’s primary messaging service. Any transactions or exchanges through Apple Pay Cash will remain on your Apple Pay Cash card until they are exchanged into your wallet.
  3. Apple Wallet: Apple Wallet is a service that includes Apple Pay! It stores the Apple Pay Cash Card as well as any additional cards you may have. This includes debit cards, credit cards, or even prepaid cards. This can potentially replace your wallet with a digital one!

Apple Pay and Apple Wallet have more advantages than you might think! Typically, people think of Apple Pay as a backup if you forget your wallet in the car while you are in line for a purchase. It can be used for much more than that!

Apple Pay and Apple Wallet can be used for international travel as well. In most abroad countries, you will need to exchange your home currency at a currency exchange. With Apple Pay, you may be able to use your digital wallet or digital currency in a foreign country without the exchange of your country’s currency. This may only be an available option at a few select stores, however.

You can also use Apple Pay online as well as in store. Apple Pay allows digital shoppers to select their wallet as a payment method within apps! If you are on the checkout page and you see a sign for Apple Pay, you’ll be able to use it with that store.  While there are many pros and cons of using digital currency, Apple Pay is definitely a benefit!

How Does Google Pay Work?

If you do not have an iPhone, Google Pay may be another digital wallet to consider. You can even link your PayPal account to Google Pay! Google Pay works on a computer as well as a phone. As long as you have access to the internet, you’ll be able to use Google Pay!

Simply log into your Google Account and set up your account. Link your PayPal to the account, or simply add another digital currency as a payment method. You can either choose to send or request the funds. It really can be that easy to make and send payments online! Digital currency is the wallet of the future when services like Apple Pay and Google Pay exist.

What are Some other Ways to Obtain Cash Besides Investing in Digital Currency?

While farming cryptocurrency and other forms of digital currency can get you some wealth, it may not be the most efficient way to get cash in an emergency. There are many pros and cons of using digital currency, and one of the benefits is the potential to invest. Farming digital currency costs money to start up, but it can be a worthy investment!

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