Advantages and Disadvantages of Bitcoin
It is a form of digital currency. No one has any control over it. Being a digital currency, it is not printed like rupees, euros or dollars. Yet, they are produced and created by people for various transactions. Increasingly, more and more businesses are beginning to use it for various types of activities. This form of currency is mostly made by software that can solve complex mathematical problems. After having said something about this digital currency, it is time to talk about its pros and cons so that people can decide whether they should go for it. In this article, we would be just listing them for the benefit of our readers.
1. It is possible to send and get money at any given time. The time and distance factors will not restrict the user when he uses this currency.
2. He will be in control of the money while using this currency. He is not hampered by the holidays and other obstacles while doing transaction with it.
3. Merchants become incapable of charging extra fees on anything stealthily. Hence, they are forced to talk to the customers before levying any charges on the transactions.
4. All the transactions using this digital would be safe in the Internet network as the users can encrypt it.
5. The users can complete the transactions without revealing any personal information.
6. Since the transactions using Bitcoin happen online, all of them are well documented. So, anybody can see the block of transactions. However, the personal information would still be unavailable to others. Hence, it would be a transparent transaction
7. The Bitcoin-based transactions are either not chargeable or attract very low fees. Even if charged, that transaction gets priority in the network and gets executed very fast.
8. Since there is no tying up of personal information with transactions, merchants get protection from potential losses even if a fraud occurs.
1. This currency network is not known to people. Hence, they need to know about this digital currency.
2. To spread the word Bitcoin, the networking is necessary. At present, only few businesses can use this digital currency.
3. Currently, the transactions based on this currency are highly volatile as only limited number of coins is available.
4. Due to the huge demand for this digital currency, its value keeps on changing daily. It would settle only when the demand stabilizes in the market.
5. Since this digital currency system is in infancy state, not many software are available in the market to make it a secure transaction.