Pros and cons of cryptocurrency: Its protection

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A cryptocurrency is a digital (virtual) currency that is used by the parties involved to make payments over the Internet. So how is cryptocurrency worse or better than regular money? Let’s try to figure that out below.

The advantages and disadvantages of cryptocurrency

Advantages of cryptocurrency:

  • An open-source algorithm allows anyone to mine the cryptocurrency;
  • The anonymity of transactions. There is no information about the owner of the cryptocurrency (only the wallet number);
  • The money is stored in a decentralized manner, i.e. in the wallets of millions of users around the world;
  • Cryptocurrency is not subject to inflation (a limited number of coins are issued)
  • Cryptocurrency security: Cryptocurrency cannot be copied.

Disadvantages of cryptocurrency:

  • Due to the lack of regulatory mechanisms, there are no guarantees for the safety of electronic cryptocurrency wallets;
  • Negative actions against it are possible on the part of national regulators;
  • Loss of the password to an electronic crypto wallet results in irrevocable loss of all the crypto coins in it;

Š”ryptocurrency protection

While many believe that cryptocurrencies are completely anonymous and secure, this is not entirely true. It’s quite easy to track a bitcoin or any other cryptocurrency transaction, and that gives hackers a great chance to clean out your account.

This is why many experienced cryptocurrency owners use mixers services. These platforms make it difficult to track transactions on the blockchain by dividing transactions into small amounts and moving them multiple times between different addresses.

One of the most popular bitcoin mixers is BitMix https://bitmix.biz/en. It has all the ingredients a bitcoin mixer needs, including a mixing code that prevents your coins from coming back to you from previous transactions. As many as 5 additional addresses are supported, and fees range from 0.04% to 4%.

It’s a reliable mixer that is guaranteed to ensure anonymity and prevent hacking of your account.