Virtual currency is an electronic form of unregulated digital currency, issued by private issuers and private organizations. Virtual currencies are subject to market risk, as it is based on the value in the trading market. The trading market directly affects the value of Virtual currencies. Nowadays, many platforms have started accepting virtual currencies like; physical restaurants, mutual exchanges or considerations, fun token, etc.
Like every coin has two faces, similarly, virtual currencies also have their pros and cons’, which may change an individual’s perspective towards itself. Let’s discuss some here;
Benefits of using Virtual currency;
Ease Virtual currency allows you to make a transaction from anywhere to anyone in anywhere in the world who accepts that specific virtual currency, it facilitates its users with fast and convenient payments.
Decentralization brings in a bonus and that is ‘no mediators’. Removal of a mediator can be directly related to profit as no mediator means no broker, no brokerage, no miscellaneous fees and charges, and so on.
Its reach to the corners of the world works as a +1 to its users. The virtual currency also facilitates its users with fast and transparent transactions via virtual chips like fun token, gaming chips, etc. for more information click on this URL: https://funtoken.io/
Drawbacks of using Virtual currency;
Value of virtual currency is subject to market risk, it is correlated with the trading market which makes it vulnerable to some extent. This makes it a less favorable medium for any long-term or short-term investment.
Virtual currencies suffer with decentralized system for governing them, which can lead to money laundering, frauds, fake transactions and unstable Rate of return
Lack of security & privacy
Virtual currencies always raise a concern of security and privacy issues, the possibility of leakage of personal and bank details of users is one of the major concerns.