There are several advantages and disadvantages to using cryptocurrency. One advantage is that cryptocurrency can be sent anywhere in the world at anytime. This is huge because transferring money between countries can sometimes be difficult. People also have to worry about exchange rates when sending money to different countries, but that is eliminated with cryptocurrency. Another benefit of using cryptocurrency is that it is private and uses no third party. This is a benefit because it keeps the autonomy of transactions and the nature of the transaction is kept between only the two people making the transaction. Cryptocurrency is also very secure. Only the owner of the cryptocurrency wallet can have access to the wallet, and they are the only ones that can initiate the payments. Obviously these benefits also have a lot of drawbacks to them. One huge drawback of cryptocurrency is no one understands what it truly is. Cryptocurrency is a hard thing to understand, so people can be reluctant to use it. Also, people cannot reverse a cryptocurrency transaction. Once a person has made the transaction, they cannot undo it. This is a problem because people make errors. They could send it to the wrong person, or they could type in the wrong amount and overpay someone. There is also an unknown to cryptocurrency. How long will it last? How is it even a form of currency? Those kinds of questions make people apprehensive about cryptocurrency.Transaction costs Transaction costs have been a controversial topic. Some say that the transaction fees are minimal if people think in the terms of how credit card companies can charge huge processing fees. However, there is actually a high transaction cost associated with cryptocurrency transactions. According to CNBC, people are currently paying $28 on average to make transactions using digital currency. Let’s say someone sends $50 worth of cryptocurrency and they have to pay a $20 transaction fee. That means that 40% of that transaction was just in fees. Most reasonable people would not want to make a transaction that was going to consist of a big transaction fee percentage. It would be a waste of money, and they could turn to other ways of paying for something.How it’s valued Cryptocurrency technically does not have value. It only exists online, it is not valued like a physical commodity, and it is not widely accepted as a form of payment like actual currency is. Bitcoin only has value because other people find value in bitcoin. People have started accepting cryptocurrency as a valid form of payment for an item. Companies such as Microsoft and Expedia have started accepting bitcoin for transactions. People also like that bitcoin is not taxable and it is not easily traceable, plus bitcoin has a set amount on how much of it there is making inflation almost nonexistent. Basically, Bitcoin is valued because people find that its benefits outweigh its drawbacks. It will be interesting to see what happens to cryptocurrency. Will people find out that it was a big scam?