Bitcoin Forum

Hello everyone, let's discuss now the positive and negative of Bitcoin/Cryptocurrency.

 I'd like to show you something in which I saw it at one of the youtube influencer sharing
about the advantage and disadvantage of Bitcoin and Cryptocurrency, then after that I will give my personal
view or assessment unto it.

The advantages of Bitcoin/Cryptocurrency

1. It made possible to send and get money anywhere at anytime.
2. It made people free from the worry of rescheduling for bank holidays, or any other limitations.
3. In Bitcoin you are the only owner of your money, there is no higher authority.
4. In Bitcoin or any kind of transaction no matter how much it is, it totally safe.
5. During shopping no merchants can charge extra fees without being informational.
6. During the transaction of money there is no need to give full and personal information own identity is hidden.
7. It keep us save from the illegal corruption and theft.
8. In comparison to banking channel bitcoin transaction is quit fast.

The Disadvantages of Bitcoin/Cryptocurrency

1. It is not accepted at every where only few merchants or a group of people aware about it.
2. If a internal problem arises, like virus corrupted, bitcoin will be lost.
3. The Bitcoin value remain changing according to the demand, then it create confusion at the time of refund.
4. After the transaction to merchant, it cannot be refunded whether the goods appropriate or not.
5. It have no physical existence, it cannot be stored, it is always converted into currencies.
6. Its value has no approved by any central bank, it is not trust worthy.

Source link: https://youtu.be/tCCK-8K1uoA

Now I'd like to add some assessment of mine to make it simple to understand about this thing.
based on my personal opinion such as follows:

ADVANTAGES OF THE CRYPTOCURRENCY/BITCOIN

- Blockchain Technology, Users' transactions are protected against identity theft. There is also other called element
  online privacy where you really don't know whom the money sent came from or other term is anonymous though its shady sometimes.

- It is more Confidential in a sense that your the only one knows the password, at the same time there is a security features
  before you get your transactions withdrawal, they will notify you first something like that.

- Cryptocurrency or Bitcoin has 24hrs of accessibility, in short term easy to access and we are the one in control.
   Anytime you can use it as payment worldwide. where you can deliver it anytime, anywhere

DISADVANTAGES OF THE CRYPTOCURRENCY/BITCOIN

- It's not easy to understand or in a simple term it can be difficult to comprehend. Even though there is a lot of information on the internet but
  there is still a lack of understanding. Aside from the lack of understanding of cryptocurrency, it can also be challenging to use the unfamiliar
  technology. So it is important to listen first and get the right information first before being trusted when it comes to financial and investment.

- Market Fluctuation, this can be a very challenges to all traders here in this industry. Crypto is not only a currency, not only considered as
  money but also a form of investment. Because it can rise and fall the price value, that's why since this cryptocurrency hasn't really been
  around for a long time, we can still say that it's not stable yet, it's really prone to fluctuation, as if you can earn a lot, you can even go
  bankrupt.

- Cryptocurrency has no Security in case the coins will be loss. indefinitely, just in case you lost it digitally Like the example of hacking your
  computer, they saw your password, and they saw your profile, and they saw your authentication and they used it, for sure it's gone. It is not
  liable where you buy and if you lose money.

NOTE:

I hope that what we are talking about that I have shared with you as a source link and my additional opinion will help others who do not have that extensive knowledge of cryptocurrency, although I am still just studying this matter. And if you have anything to add besides this, everyone is free to share here on this topic that we are talking about.

The main challenge in cryptocurrency adoption is the learning curve in using them.  Aside from the regulatory eyes of the institution, many people are having a hard time using them.  Some think that blockchain technology is too techy for them to use.  But as companies adopt them, they create a much simpler application where everything is taken care of by simply downloading, installing and some tutorial on how to use the apps.

Though there is huge opportunity from the blockchain technology, it is also important to be aware of not just the benefits, but also the risks. With that in mind, here are some of the things you need to consider before making a decision on whether or not to invest in this currency-based platform.

Maybe in this moment Bitcoin is the most modern idea of currency which few merchants are accepting.  I must say Bitcoin has good properties from both sides, which are good for business providing and good for general user. Those who have already experienced mainstream services will find it a little bit hard to adapt in the beginning but as a business trading this is a better option as you can save your money and at the same time does not require any transaction fee, moreover the changes happen in real time. I would suggest you to use them if you have a plan to start new business or deal with Bitcoins effectively.

kool

I love comparing it with democracy. Both for its advantage and disadvantages.
In a sense it's financial democracy for the people. In true sense people decide the value of assets and money. The valuation is not in control of any centralized body. It's the money for the globe defying national boundaries.
And just as democracy, it's not perfect and not perfectly decentralized. One who have the larger holding are more influencing and determining on the matter of value and future.

Name one thing in this world that has no disadvantages? Even water that we drink has it's disadvantages too, it's as powerful as fire, and when it comes to technology the disadvantages will be much more, if you have to accept something you have to accept all its disadvantages too.

It is a good thing that this influencer went an extra mile to likewise highlight the disadvantages while stating the advantages which most persons only consider when they are making their decision to subscribe to crypto. He has put before everyone who comes across his content and is interested in crypto the choice to either continue to want to learn about crypto or not after they analyse the advantages and disadvantages to see if it favours them.

People who have a good idea of what they are getting into tend to do better and can handle issues/situations more confidently that those who just followed the crowd.