Bitcoin became a worldwide sensation after its manifestation a few years ago with its range of usage cutting across many professions and sectors such as banking, economics, programming, investment, food and lots more.
Bitcoin is a digital currency which has no central system of control, and geographical restrictions do not apply to it, as people from different countries can use it to make purchases from all over the world. In order to grasp more knowledge about Bitcoin, we shall consider the advantages and disadvantages attached to Bitcoin (BTC).
Advantages of Bitcoin
Zero Payment Restrictions
Bitcoin makes sending and receiving money very easy, regardless of time and where you are in the world. The usual hurdles people suffer before they can make money transfers such as considering holiday periods, crossing borders, etc., don’t apply to Bitcoin.
With Bitcoin, people perform their transactions completely in charge of what goes on the process. This helps keep the transaction process secure because you don’t have to entrust your transactions into the hands of someone else. The unregulated price increase cannot happen with Bitcoin because an agreement has to be reached between the seller and the buyer before such price increase can be allowed. In addition, people can conduct a large number of transactions without revealing their real identity.
Every completed transaction on the blockchain will be made open for everyone to access without showing the personal data of people, with only the public address showing. Bitcoin makes it possible to verify transactions at any point in time.
Disadvantages of Bitcoin
Many people are yet to understand fully what Bitcoin is and that creates a need for proper orientation of Bitcoin so that more people can make use of it. Some organizations are beginning to adopt Bitcoin in their operations, but they are small compared to the rest of the world. More organizations need to conduct Bitcoin seminars for their staff so that they can, in turn, educate their customers on the use of Bitcoin.
Bitcoin has been found to be unpredictable. The market can change at any time, and that could be harmful to the investments of people. The low amount of available coins makes Bitcoin volatile because the demand for the coins doesn’t match the supply. As time goes on and as more companies accept Bitcoin, this is expected to become stabilized.
Not Yet Mature
Bitcoin is just a few years old and therefore is still undergoing development. Though it has been successful so far, it doesn’t rule out the fact that the features of Bitcoin are still incomplete. New features are being created in order to make Bitcoin stronger and more accessible. Bitcoin still has a long way to go before attaining the level of full maturity.
Bitcoin is imperfect as its full potentials are yet to be uncovered. Many people are still unaware of it, and because of that, its usage is yet to reach its peak. For Bitcoin to succeed, it is essential for people to learn more about it and get to know about the benefits and risks that come with it. One thing remains true about Bitcoin, and that is, this digital currency is already changing the money system of the world for good.