In a world full of Crypto Currencies, Bitcoin stands firm to be the king of all the Cryptos leaving the rest behind. Since its introduction to the world it has been a life saver to many. Being Bitcoin is definitely not that easy but it definitely has its own perks. As with great power comes great responsibility, similarly at a position where BTC sits, it’s obvious to have both positive and negative sides just like a coin has two faces. Through this blog we will reach every nook and corner of your one and only Bitcoin.
Advantages of Bitcoin
As the first and most popular Cryptocurrency Bitcoin provides greater liquidity than its rivals in the crypto market. Liquidity means how fast and on demand an asset can be converted to money at a fair price. The easy to enter and exit trait of this asset provides it more liquidity which makes it the one of the best Bitcoin advantages.
Worldwide acceptance and payments from anywhere/ anytime:
Worldwide, Bitcoin is now being accepted as a mode of payment. Many merchants and tech companies have started accepting payments in Bitcoin. Like, Microsoft: The biggest tech giant started accepting Bitcoin first time in 2014. For transactions you only need to have an internet access.
A coolest Bitcoin user benefit is also that Bitcoin protects your identity by keeping it anonymous. Nobody has to disclose any personal information for any Bitcoin transaction. Even its addresses can be changed with each transaction. A Bitcoin address looks something like this: 10KiUjekdjIyeiIYG9F8jfix2UWf
Near to Nil transaction fees:
You do not have to pay high transaction fees when sending or receiving payments through Bitcoin even internationally, unlike other fiat currency transactions done online like through banks or PayPal.
It was developed keeping freedom in mind. No group or organisation like Banks or Government agencies can control or rule Bitcoin. Hence, Bitcoin as an entity is independent. It breathes outside any political system.
Nobody wants to face taxes. Thus, A major Bitcoin advantage is also that it is Tax free until it is in a wallet or traded on an exchange online. Hence, prevents paying tax till the user withdraws it in the form of fiat currency from a bank.
All these Bitcoin advantages provide more space for Bitcoin to grow. Hence, we assure you that Bitcoin advantages won’t let you feel the presence of its disadvantages. Its Disadvantages are like a drop of water in an ocean.
Disadvantages of Bitcoin
Scams and Frauds in the name of Bitcoin:
Being the world’s most popular currency, Bitcoin has paid far more price than usual in the name of negative publicity through Frauds, scams and Fish attacks. These include Ponzi schemes on small scale to Big ICO scams.
Black market activities through Deep Dark Web markets like Sheep market and Silk Road. Bitcoin Billionaire Charlie Shrem was booked for aiding criminal activities and drug trafficking through Silk Road and had to spend two years in prison.
Price volatility/ Price spike and drop:
Bitcoin’s history has been the witness of its price skyrocketing and highly sinking thereafter.
The lack of standardized policy for chargebacks or refunds makes it one of the Biggest Drawbacks. Once the payment is made, it can’t be reversed.
New Cryptocurrency like Ripple has refund function, but this feature is yet to be built into BTC.
The legality of Bitcoin varies from country to country. Countries like U.S.A, Japan, Brazil, Canada and many others encourage the trade and use of BTC while some countries don’t.
Bitcoin’s untraceability has been a big factor that governments of various countries fear legalizing it.
The alphanumeric password that helps to access Bitcoin wallet is a KEY. When BTC was first introduced it got stored on a computer wallet in the hard disk. If you lose the hard disk or the key, you lose BTC too. Present day online wallets are being used that provide far better service than offline wallets. Online wallets provide their own Keys.
As we saw Bitcoin Advantages outweigh the disadvantages depending on what you consider using it for. People now a day’s love taking risks and hence ignore the disadvantages of BTC and keep trading.