DISADVANTAGES OF USING CRYPTOCURRENCIES

Irreversible payments: 

DISADVANTAGES OF USING CRYPTOCURRENCIES

Any mistake made when transferring an amount of digital currencies is irreversible. If the payment amount is transferred to the wrong recipient, no procedure can be performed to detach the wrong recipient. The only way to do this is to accept the wrong recipient to refund and make the transfer himself.

DISADVANTAGES OF USING CRYPTOCURRENCIES

DISADVANTAGES OF USING CRYPTOCURRENCIES

It is not a universally accepted form of payment:

DISADVANTAGES OF USING CRYPTOCURRENCIES

Initially, digital currencies are not accepted when trading in physical stores. In addition, the number of websites and companies that do digital currency transactions is not satisfactory. If one wants to make digital currency online purchases, one must first identify the providers that accept them.

DISADVANTAGES OF USING CRYPTOCURRENCIES

Loss of digital wallet:

The digital coins of each user are stored in their personal digital wallet. If the wallet is lost (eg if the computer system in which the electronic wallet is stored is infected with a virus), the loss is permanent. There is no way to recover lost digital currencies.

Risk of fraud:

if a user’s private key is found by mistake by another person, it can be used for theft. Another case where the loss of the holder is definitive.

Risk of using one coin twice:

This risk lies when the user executes a peer-to-peer transaction. In other cases, the serial number of each currency involved in a transaction is controlled by a blockchain database in which all transactions are recorded. If the currencies intended for the transaction are identical to those in the database of transactions already made, the transaction is rejected.