The use of traditional banking is becoming less common due to the popularity of digital currencies. This can be largely be attributed to the convinience of digital transactions, and i strongly belive that although the adoption of digital currencies has its merits, the drawbacks outweigh the advantages.
Some people lack the digital skills needed in using digital currencies. Since these currencies operate online, users need a basic understanding of the internet and how to navigate digital platforms. Without these skills individuals may struggle to perform digital transactions safely and efficiently . For example, someone that grows up in a small rural village with no access to computer literacy training, will find it diffcult to unserstand and navigate digital currency platform, as a result they would find it difficult completing digital transaction without assistance.
Users may lose money through scams or stolen digital assets. Scammers have discovered new ways to defraud people online, by using traditional attack tools such as phishing emails to steal users’ money and digital wallet information. For example, some elderly people find it hard to distinguish legitimate emails from phishisng emails, which can lead to them clicking a bogus link contained in the fake email and reaveling their sensitive information, allowing an attacker to gain access to their digital assets, thereby resulting in their money and information being stolen.
In conclusion, although digital currencies are increasingly being used because they offer convenient transactions, ceartain challenges such as limited digital skills and financial loss due to scam occurances, mean that i believe their disavantages outweigh the advantages.