The notions of “blockchain” and “cryptocurrencies” have not been heard, probably only by people who do not use the Internet. Cryptocurrency is entering the lives of an increasing number of people. But despite all its advantages, the cryptocurrency has enough disadvantages. In this article I will try to describe the most acute problems that people face when trying to enter the world of blockchain and cryptocurrency.

1. Understanding of the principles of work and the appointment of blockchain and cryptocurrency.

The most popular question that people ask me is “Is cryptocurrency a pyramid?” People are frightened by stories that someone bought a cryptocurrency for $1000 one year ago, working as an ordinary manager, and today he or she drives a brand new BMW.

People do not understand that the main idea of ​​blockchain is the safety of data and their openness. Misunderstanding the basic principles of blockchain, they are afraid to make mistakes, and as a result, to lose money. Doing nothing to avoid making mistakes is becoming a pessimistic credo.

People should not worry about the complexities; everything must be transparent and intuitive.

2. There is no support from the state

Governments of different countries are very accurate in favor of cryptocurrencies. This sphere burst into the lives of people around the world quickly, and some countries preferred to take the time to think through the laws and regulations on the circulation of cryptocurrencies inside the country. But it is worth noting that an increasing number of countries are beginning to be more loyal to cryptocurrencies in recent years.

3. A lack of services which accept cryptocurrency as payment.

The number of services and shops on the Internet that accept cryptocurrency is growing every day, but only the Internet is not enough. People want to pay with a cryptocurrency for gasoline at a gas station, for food in a restaurant, for tickets to a movie. But business owners will not get separate accounts for Bitcoin, Litecoin or Ripple. The only way out to increase the number of points accepting cryptocurrency is to create a service with automatic conversion of cryptocurrencies and fiat funds.

4. Unstable course.

The volatility of the cryptocurrency is very high. For example, 1 Ethereum, whose today price may be equivalent to $800, in a month, can be 1.5 times higher, for example, $1200, if transferred to dollars. This is particularly noticeable if you were planning to buy for Ethereum, for example, a laptop: today it costs $1000 if transferred to fiat funds and $ 1500 in a week. But at the same time, it can play into your hands if the rate of cryptocurrency you have, increase.

5. A large number of wallets.

For each individual coin you need to have a wallet. For some coins, the size of the blockchain is 150 GB, and according to the site coinmarketcap.com, today there are more than 1500 coins. Not everyone wants to keep the data center at home because of the fact that he uses a large number of different cryptocurrencies. Creating multicurrency wallets could solve this problem.

6. Problems of safety of funds.

We have heard stories repeatedly that someone lost a flash drive or hard drive, which contained the keys to a huge amount of cryptocurrency. Having lost the keys, you lose your savings. Of course, losing a purse with dollars, you also lose them, but unlike the cryptocurrency, you can touch them and therefore feel their value — this is a psychological factor that increases your responsibility. Using cryptocurrency, people see only numbers and do not feel the real value of funds which are under their control. Use your key backups more often and save passwords not only on electronic media, but also on paper.

The TransCrypt team and we are doing everything possible to make the world of cryptocurrency accessible to blockchain enthusiasts and ordinary people who want to make their life more convenient and free. Paying attention to all the difficulties which cryptocurrency sphere has, we create a multicurrency TransCrypt wallet so that every user could not think about which currency to pay — our wallet will do everything for you. An intuitive interface allows you to exchange cryptocurrency during chatting with friends or business partners.

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