The use of a bitcoin faucet is extremely safe as the user’s identity is protected at any cost. Each user has a private key known only to that person. The currency is stored on a secure cloud storage service with powerful algorithms securing it. It does not require physical storage area and thus saves a lot of space. It is safer than traditional cash that can be stolen, ruined, or destroyed. Digital currency technology is coming more and more into existence, and of course, why not? It is better, safe, secure, and convenient than the traditional cash in every which way.
- It is a great alternative to fiat money. It offers a decentralized solution to money. No government or bank can control. It is the Internet of money.
- It gives you complete control over your money as you can only access it. So no one can interrupt with the funds.
- It requires no middle man. Therefore, it is considered cheaper to use than the other traditional way to transfer or money orders.
- Since they are programmable, we can also add a programming layer and turn it into smart money.
- They are open to all. Even those who have no access to the current banking system can make the best out of it.
- There are a lot of cases of money laundering and issues related to security. It was shown that people started accepting payments in bitcoins for buying weapons and drugs. As the law enforcement agencies were outside the traditional financial system, it became difficult to track transactions.
- There are a lot of issues related to hacking which created a lot of chaos virtually.
- Anyone can come out with their cryptocurrency, due to which frauds can take advantage of innocent people and create a lot of bogus.
However, you must agree that investor interest is the sole determinant of its worth. Cryptocurrency, unlike any other investment, is not tied to any physical asset.