ADVANTAGES AND DISADVANTAGES OF BITCOIN
If you are new to bitcoin currency, youâ€™re curious and youâ€™re thinking of becoming a miner, you probably want to review with us the advantages and disadvantages of using bitcoins, which will surely make you take the best decision. Letâ€™s start then:
• DECENTRALIZATION: This is the main advantage of Bitcoin, as is well known by most people, cryptocurrencies not depend on a government or closed group of people, on the other hand are the users and miners who keep these cryptocurrencies. As more people know about this currency and support it, this option will become more stable.
• WORLDWIDE USE: Bitcoin, unlike the normal coins, is not limited to one country, namely; It can be used anywhere in the world. This currency can be exchanged for local currency at the place where you are without having to pay expensive fees or rely on a black market for use bitcoin, because it is not tied to any nation.
• SECURITY: Since its launch in 2009, the cryptocurrency has registered only a problem of safety, which demonstrates its strong base. In addition, it does not depend on a physical vault, bank or something that jeopardizes our savings, for your safety you should only be careful with purse used.
• SUPPORT LARGE INDUSTRIES: major companies like Microsoft and Dell have begun to show their support for the cryptocurrency, through its website is available this payment method, which is expected to gradually see larger firms accepting this way to pay.
• WIDE USE OF RESOURCES: Daily a lot of energy and processing power is used to maintain the active bitcoins networks through thousands of computers around the world, which makes the Bitcoins directly to an environmental problem.
• LEVEL: If you prefer mine, the road is pretty rough, because the number of mining increases the difficulty of finding units Bitcoin, and you could make an investment which would take years to recover, something that is not entirely feasible.
• CRIMINAL USE: As this is a totally anonymous currency and protocol Peer to Peer (P2P) dependent, is constantly used for criminal transactions such as the purchase of drugs and other illicit goods such as money laundering. When closing the Silk Road network, which at the time was the largest internet exchange for drugs, Bitcoin prices fell slightly more than half.
• PROHIBITION BY SOME GOVERNMENTS: Some governments such as Ecuador and China in a desperate race to try to control the cryptocurrency have opted to complete banning their use. In other countries like Denmark they try to dominate through laws to regulate it.
Undoubtedly there are other points to consider when negotiating with Bitcoins, but we have tried to establish the highlights in an impartial manner. Still, we can say with certainty that the advance of Bitcoin depend on the acceptance of people for this type of currency and virtual transactions. But now, what do you think? Will You start working with Bitcoin?