i think the greatest part of btc is that every altcoins could be exchanged based on btc in an exchange.
bitcoin was one that brought blockchain into our world(which was revolutionary), and everyone knows btc, while they might not know other cryptos(even including ethereum) if they have no interest.
The power of famousity made btc stable(not in price though), and we know that it's not gonna fall down. (unless blockchain was found to be something defective technically)
the weakest part?
i guess it has no priorities in technological matters than other altcoins.
i admit and know sure that what btc brought to us is a revolution and can say for sure that the concept it brought made possibilities to make sth a "money" other than gold, not "currency."
but i doubt that btc could really be a "money". not only to say the btc's price variability, everyone knows that btc has many technological shorts and there are a lot of others (eth, qtum, ...) that are way superior in terms of technological parts, starting from protocol agreement structure.
i think that there is a long way left to go when we can say sth a "money," but do you think it could be btc? what is your opinion?
Bitcoin has taken the market by storm and the number of people looking to make transactions through this currency is increasing each day. If you are one of those fascinated by this mysterious yet amazing currency and want to discover its advantages and disadvantages, you have come to the perfect place. This article will provide you with all the information about advantages and disadvantages of bitcoins.
So, let’s get started with knowing what are the pros and cons that come with this currency.
Advantages of Bitcoin:
***The list of basic benefits of Bitcoin includes:
With bitcoins, there are no boundaries on transactions. The users can send the currency anywhere in the world at any given time without any hassle.
Bitcoin transactions don’t need rescheduling in the event of bank holidays.
The users are in complete control of their money as there is no central authority to regulate the Bitcoin flow.
Since the users are in complete control of the currency, it allows them to control the transactions as well which helps in keeping the Bitcoin network safe.
There is no way for merchants to charge extra fees without it coming into the notice of users. In case a merchant wants to charge extra fees, he must inform the consumer about those charges.
Bitcoin payments can be finalized without a user having to give away his information. This gives Bitcoin users complete anonymity.
The fact that Bitcoin users are not supposed to reveal their identity is extremely handy as it provides protection against identity theft.
Bitcoins can be encrypted and backed up to ensure the safety of your money.
All Bitcoin transactions are recorded in a public ledger called Blockchain which enables everyone to see those transactions. This makes the transaction process more predictable and transparent.
Personal information of users is always hidden and no one can access it unless a user decides to publicize it.
Bitcoin is cryptographically secure and can never be influenced by a government, bank or a third person.
Bitcoin payments involve very low fees, that too within Bitcoin system.
How much fee is charged on a transaction depends on the urgency level of a user. The faster he wants it to process, the more priority it gets. As a result, the fees become higher.
In countries like China where moving cash to other countries is prohibited, Bitcoin is a great way to transfer money to different parts of the world.
These are some major advantages of Bitcoin. Now let’s move to the next part of the article, which discusses the disadvantages of Bitcoin.
What Are The Disadvantages Of Bitcoin?
*** The list of basic disadvantages of Bitcoin includes:
Bitcoins are finite, which makes them extremely volatile.
A very small portion of the business is willing to accept Bitcoin as a method of payment.
It needs strong networking to spread the word on bitcoin.
Bitcoin is relatively new and most of its features are incomplete.
There is still a long way to go before Bitcoin gets to its full potential.
Conclusion:
***CONCLUSION: These are some advantages and disadvantages of Bitcoin. The cryptocurrency has many unique advantages that traditional currencies lack; however, it also has disadvantages. Mainly due to the fact that Bitcoin is relatively new and will take the time to reach to its full potential.
COULD BITCOIN BECOME A GLOBAL CURRENCY?
With recent research suggesting that the number of active Bitcoin users is set to approach five million by 2019, the issue of whether the cryptocurrency has the potential to become a global currency is being hotly debated in both the technology and financial worlds. But what exactly is Bitcoin – and could it eventually take over the world?
In short, Bitcoin is a virtual, digital currency that uses encryption to create and manage the exchange of funds; a cryptocurrency, as it’s known. The bitcoins are produced by people and businesses using specialized software that solves mathematical problems to create unique blocks in a chain to add to the Bitcoin public ledger. This creates blockchains which distinguish the bitcoins and enables them to be unique in order to legitimize transactions as well as confirm ownership.
This may all seem a bit unreal and intangible, but it actually makes perfect sense. The Bitcoin network is built up of miners, who are invested in keeping the currency secure and stable as they are paid in bitcoins and act as approvers of the blockchains through their activity. Like any online and computerized business, it can be subject to hacking and theft, just as your bank can.
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The key to this currency is that it enables quick and cheap online payments without the need for traditional banking channels. One of the biggest barriers that it has to overcome is the general acceptance of Bitcoin being safe and stable as there is no government regulating it, unlike most currencies. Instead, Bitcoin self-regulates and new coins are issued at the pace at which the miners produce the coins. This is a positive, though, as it is designed to be difficult to create coins so that there is a steady stream of coins being produced.
Bitcoins have been successful in becoming more mainstream with companies such as Microsoft, Dell and Tesla adopting the currency. But transactions are not just limited to bigger companies, with much smaller companies also following suit: you can now order flowers, pizza or coffee with bitcoins.
As you can read on bitcoin-based casino Bitcasino, online casinos have also really taken to bitcoins, making popular games like dice quick and easy to play. Seeing bitcoins as a safe and secure currency that enables players to load their wallet electronically with ease has enabled such casinos to distinguish their offering from others. Players are able to play games like blackjack, roulette and slot machines using bitcoins and are often given deposit bonuses.
Rates and price stability are also important factors to consider, and although 2016 saw some stability start to occur, it was then followed by a period of instability – largely attributed to Trump being elected. Like all currencies, Bitcoin is impacted by large events in the world particularly in countries where it has the strongest market: in the case of Trump being elected, this saw a rise in the exchange rates of bitcoins. Increasingly, Bitcoin is being seen as a way of hedging one’s bets against further inflation and economic strife.
As the growth in the adoption of the currency with retailers expands and awareness of the currency increases, so should confidence in Bitcoin. But there a large obstacle stopping the currency from becoming mainstream, which is being included in the exchanges. In March 2017, the first proposal for a Bitcoin Exchange Trading Fund was rejected by US regulators, in what could have been a real game changer for Bitcoin but instead saw their currency price fall. With the failure to be accepted by the large institutions, it makes it difficult to see how Bitcoin can grow and become a widely accepted and adopted currency. Further attempts are being made to get Bitcoin listed, which will likely determine its success.
