In order to become aware of all aspects of cryptocurrency, I will list generally in my opinion the advantages and disadvantages. This is an article which needs to be taken at face value because there are lots of different cryptocurrencies with different advantages and disadvantages. The list below does not apply to all, just a big part.
- It is a free currency that does not depend on central banks.
- It is designed for the internet, which creates an alternative to traditional payment systems. It increases the accessibility of online commerce.
- Anonymity but visibility of transactions and security of them.
- No counterfeiting possible.
- Fast money transfer (a few minutes), compared to bank transfers that can take a few days.
- Transfer fees almost null or at least lower than conventional banks and money transfer companies like Paypal, Western Union…
- Money transfer possible worldwide without any restrictions.
- No ceiling and transfer limit.
- Absence of a bank or custodian intermediary. The money is directly brought to the destination address.
- Irreversibility of transactions, the receiver of the currency cannot suffer cancellation.
- The use of cryptocurrency is currently weak.
- Payment network weak, growing and related to the use of cryptocurrency.
- Development of several types of crypto-currencies, diluting the interest of adopting one more than another.
- Volatility of crypto-currencies.
- Securing wallets against hackers (password, double authentications). Securing the connection method to wallets (if lost password, or addresses) the money is permanently lost.
Here are the biggest advantages and disadvantages. There are probably a lot of others but everyone interprets this in his own way.