Bitcoin Pros and Cons

[Qcrypto]

I'm making a little research into the Bitcoin and how people perceive it.

It boils down to people's experiences with Bitcoin and the value it gives them.

I won't be giving any of my experiences or views or any other information which might alter your opinion.

All I'm proposing is you give 1 PRO (positive) and 1 CON (negative) about Bitcoin. 1 of each, no more. You can give an explanation to your choice if you so wish.


At the end of each week, I will make a post and present all PROS and CONS gathered thus far so we can all see what drives people away and towards Bitcoin.

[gentlemand]

Pro - volatility. It can be utterly thrilling.

Con - volatility. It can be very tiresome being whipsawed all over the place, especially when you have a reasonable sum tied up in it. My appetite for it is running out now.

I'd say volatility is still the main thing attracting people to it. It also breaks many people too.

[slackovic]

Pro: Ability to distance ourselves from banks - I think that Bitcoin's biggest advantage is that it allows people to stop using bank accounts and to be their own bank. With Bitcoin you don't have to pay anyone to hold your money.

Con: Volatility - Volatility is still too big for Bitcoin to become what Satoshi wanted - a peer-to-peer electronic cash. No shop will accept Bitcoin in a way that Satoshi imagined. Those who accepts it has to convert it to fiat.

[bitmover]

PRO - Freedom. For the first time in recent history we don't need governments, central authority, or anyone to validate or allow us to transfer money, receive money and hold money. We just do as we wish without even reporting to anyone.

CON - Too much scammers and people trying to get rich quick. This is bad for bitcoin and for all honest people who actually own bitcoins and love it. Blockchain and bitcoin looks like scammers money sometimes....

[adzino]

I'm making a little research into the Bitcoin and how people perceive it.

It boils down to people's experiences with Bitcoin and the value it gives them.

I won't be giving any of my experiences or views or any other information which might alter your opinion.

All I'm proposing is you give 1 PRO (positive) and 1 CON (negative) about Bitcoin. 1 of each, no more. You can give an explanation to your choice if you so wish.


At the end of each week, I will make a post and present all PROS and CONS gathered thus far so we can all see what drives people away and towards Bitcoin.

Alright, here is my pros and cons
Pros-> cross border transactions are really easy now without any restriction what so ever. Takes only few seconds to send the coins.
Cons-> During high network usage, you either pay high fee or increase your confirmation waiting time.

[Lunatic_Pandora]

Freedom = It allows you to transact with people all across the globe without intermediaries or crazy high bank fees. It is as close as we have come to actual global money.

Adoption = It has taken more than a few of us would like to achieve decent adoption, but its slowly getting better.

[Oilacris]

Pro's - Decentralized, volatile, anonymous

Con's- Just like what said above - Volatility too - yet this one can rip you off.

       - You lost your wallet keys then your funds is lost forever

       - Scalability problem

In spite of those cons above, the community do still have that big support towards it.

[hatshepsut93]

PRO:

Bitcoin is not a company, so it doesn't have to apply for permits to operate, meaning it was a global currency since the day it was launched. Even if a country bans Bitcoin, this ban is impossible to fully enforce.

CON:

Price volatility. Makes it impractical to use as a currency for most merchants and users.

[pixie85]

Main pro for me: independence. I can take my money and move anywhere I want without paying a tax or explaining how I got the money.

Main con: vulnerable to price manipulation and volatile. Exchanges fake trades and use wash trading to manipulate the markets and USDt a huge vulnerability.

[Oasisman]

I'd like to give a few pros and cons, but as the OP is proposing that we give 1. So, I'll give 1.

Pro : Bitcoin can be use to transact globally and it's more easier than converting your national fiat currency to USD.

Con : Volatility could sometimes hinders and make it a bit difficult whether you decide to use Bitcoin to transact or stick with fiat to save a few BTC fragments specially during bearish season.

[pakhitheboss]

In my opinion

Pro - The ability to determine transaction fee. You can choose fee depending on the transaction speed.
Con - Scalability issue. Bitcoin networks biggest issue is the limited rate at which a transaction can be processed.

[The Cryptovator]

There is so many pros and cons of bitcoin, but since you allow to share only one  from each I will express my opinion. Just for reminder as you everyone know Newton's third law

For every action, there is an equal and opposite reaction

So bitcoin isn't different from this low.

PRO; Financial freedom, Satoshi nakamoto introduce a peer to peer electronic decentralized money transfer system where we can spend as we want. There is no any third party who would control your funds ever and you aren't obliged to show your income source when you are storing bitcoin at your own bank (address).

CON: Transaction time span, I don't know if someone else will be agree with me but this is really concern for me. I think it's become real challenge for bitcoin where some other reputed crypto-currency's transaction time almost instant. Its preventing bitcoin to use like on local shops due to double spend fear.

[YOSHIE]

Pro; If you believe that bitcoin investment has the potential to grow, never underestimate bitcoin.
"Bitcoin has a long term and has a very clear direction for money, for that bitcoin can be the most valuable asset for millions of dollars for you" .
Bitcoin can be said to include the transformation that moves with the biggest technology in the internet era in investing l.

cons: Bitcoin is very 'speculative' in terms of price can be said to be unstable if you do not understand bitcoin has a number of risks.
That is, bitcoin is not socially beneficial 'bitcoin prices can also soar greatly affect supply and demand, this has no social impact on investing.

[alik111]

When it is about bitcoin we should not support bitcoin emotionally when finding Pros and Cons.
Because I saw some people judge bitcoin by only focusing the Pros.
So Here are my true opinion-

Pro: Modern Transection: By using Bitcoin we can send and receive funds in a short time with the lowest transection fees with proper security.Again We can Use it through online like Modern Virtual Currency.


Con: Scam and Harmful: Due to Bitcoin scamming may cause huge damage of any user and it's also harmful to any Nation.Money Laundering, Account Hacking, Funding to Terrorism and Black Market activity are the main threats of using Bitcoin.

[Assface16678]

There are a lot of things that bitcoins benefits and some of the advantages and disadvantages already said and given by the other users but still, I will give on my own perspectives what are the pros and cons.

Pros

• The market is volatile
• Grab the opportunity to make trade
• Easiest way to transact
• Secure
• Transparent
• less tax
• Low transaction fee
• You can make an investment and wait to sell your coin that you can an easy income

Cons

• Volatile
• It takes time before it makes a changes on the market price

Those are just on my perspective what are the pros and cons that I would like to share. I think most of us had a similar answer because we already know the capability of the bitcoin and what are the benefits of using it.

[Wexnident]

PROS: Freedom. Basically anyone likes freedom, no one really wants being bound by rules made by others and Bitcoin could give that to me, at least in financial transactions. It basically let's me stay anonymous in my spendings, like what it should really be, unlike how most e-commerce sites do now where you need KYC to actually buy something. Plus, it lets me realize that if I get scammed, it's entirely my fault, cause I'm an idiot. End of story. If I get hacked, well, both I and the exchange I stored my coins are idiots.

CONS: Volatile. It's way too volatile. I see BTC as an investment at times, but I mostly use it as a cryptocurrency, not as an investment. Sure, it may be a nice investment but really, as a cryptocurrency, it being something good for investment is not good.

[BlackHatCoiner]

Pros: It's anonymous.

Cons: It's anonymous.

[KrisAlex18]

Pros - volatility, it makes the currency good for trading and investing, one thing that I want from bitcoin is the feature of being volatile, because of that I can earn money from investing and testing for a short period of time. It makes a big profit when I do long term investment.
- it also makes us control our money, we have the right to control and do whatever we want on our own money.

Cons - Prone from hackers, just because it is an online transaction, hackers are always there whenever we talk about the internet, that is why there are many bitcoin that has been stolen day by day. We need to have strong security in order for us to keep our money safe.
- the volatility can be also a con for the bitcoin because there are many people who also lost their money from trading and investing, better to have knowledge and skills before you try both things.

[tbterryboy]

There are lots of pros for me, but I will start with the basics, which is about making transactions fast and cheap. Ever since I discovered Bitcoin I have been making use of it whenever I want to make transactions and I have recommended it to a lot of people that I work with and they have gladly accepted and it works for us. You can send money to anyone no matter where they are and they will receive it quickly.

Sometimes when I send money to my brother where he lives, he receives it that same minute and will then sell to exchanges and will have the money in his bank account. It's really quick. As for the Cons, I don't really know what to say here apart from the fact that it is volatile. But volatility is no longer a problem for me. I have gotten used to it and I know the right thing to do.

[Keiser Soze]

Pro: Decentralization / trustless

Con: Lack of simplicity for users (signing addresses, etc still a bit technical)