What would you say the pros and cons of bitcoin are ??

So basically if bitcoin were to replace the traditional monetary system that would devastate some governments since they would lose their ability to collect those taxes and would lose the ability to print more money I'm I on the right track?

What would be  the opportunities and/or threats Bitcoin presents to traditional monetary systems.

How might the regulation of the Bitcoin market have to change, if the use of Bitcoin becomes more

widespread?