You thought the Weimar Republic was bad? A cryptocurrency like Bitcoin fluctuates like crazy. Such extreme volatility does not allow for regular use. If you bought something with a single Bitcoin back in December 2017, it was worth 17,000 EUR. At the time of publication, it was worth a little over 5,200 EUR. By the time you read this, that number may have wildly changed. It’s impossible to use a currency if you can’t reliably determine its long-term value. And, of course, speculators are doing everything in their power to make sure that the value changes as much as possible.

Critics of cryptocurrencies have to acknowledge that our current system is not so rosy. Just look at what happened in 2008: we placed our money in banks and they failed us. What’s to prevent that from happening again? Do you have a say in the European Central Bank’s (ECB) or the US Federal Reserve’s monetary policy? We are already living with a highly volatile system, which could be pushed to the brink should another financial crisis occur. Cryptocurrency offers a possible alternative to our failing financial system. Is it not wiser to start placing trust in algorithms rather than fallible individuals?

2. ANONYMITY IYour name is not connected to your account. You are free to use whatever pseudonym you want to manage your cryptocurrency wallet. What’s more, the identities of coin owners are always encrypted. This is a level of privacy that no other currency can promise. As the currency is completely decentralized – a peer-to-peer system, you are its master. You own it. Neither governments nor banks have control over it. Critics may point out that it is not completely private as criminals have been tracked using Bitcoin. That’s true but Bitcoin is not the only cryptocurrency on the market. You could opt for Monero, DASH, or Verge instead, which place an even stronger emphasis on privacy.