1. You Can’t Lose Your Wallet
While working with cryptocurrencies, you'll need a crypto wallet (digital wallet) with both public and private keys. To gain access to it, you are given a private key, and if you lose your private key, the chances of getting it back are slim to none.
Your digital assets would vanish into a vast crypto-void. Since blockchain technology makes hacking extremely unlikely, you are solely responsible for the loss of your digital currency.
A credit card/debit card failure can still be tracked or recreated at the bank by supplying identity evidence, but you must be highly cautious with cryptocurrency.
2. Bitcoin Inventor Is Unknown
The individual or entity that developed the ‘bitcoin' is unknown, which is the most well-known and shocking fact about the cryptocurrency environment. Many people have claimed to be the ones who began it, but none of them have been proven to be reliable sources.
Satoshi Nakamoto is the name given to the person who invented bitcoins.
3. Cryptocurrency Value Is Extremely Volatile
External variables, much as in a traditional stock market, have a strong effect on the valuation of Crypto currency. They are extremely volatile and rely heavily on your trading sense. The value will fluctuate significantly, sometimes working in your favor and other times working against you. People are avoiding it because of its digital-only presence and risk factor.
4. Cryptocurrency Can’t Be Physically Banned
The most widely circulated news of India's ‘banning' cryptocurrency has a few genuine explanations, including central banks losing business and the lack of government regulation due to decentralized control. Despite the prohibition, it is physically difficult to prohibit cryptocurrency since anybody can obtain a cryptocurrency wallet. You can impose rules, but you can't stop the cryptocurrency market from growing.
5. International Transactions Without Exchange
Since there are no boundaries for cryptocurrencies, the company would not have to deal with foreign exchange. It's a static economy that doesn't fit with a digital economy.