As a matter of fact about the Bitcoin is that, many people around the world are still unknown to this digital currencies and Bitcoin. Perhaps, many big businesses have started accepting bitcoins because of the advantages, but the list is pretty small in compare to physical currencies so far!
Like many other popular discoveries in past, this digital currency is also gaining a huge popularity worldwide and mass adaptation in various forms. Many countries who initially banned Bitcoin are now looking forward to legalize it for many great possibilities.
This is true that, during its initial stage, Bitcoin faced a lot of criticism from every corner of the world and was considered to be a great scam due to it’s various negative factors and misunderstandings.
Over the time when experts started examining Bitcoin from every sectors, they understood the power of digital currencies and started to look into it in a more positive way! For the future ideas.
If Bitcoin, an innovative money of Internet has many advantages, it also comes with different disadvantages as well. This article tries to cover all those merits and demerits it carries!
Table of Contents
What are the Top Advantages of Bitcoin?
Every new invention brings great possibilities, here are some of the wonderful advantages of bitcoin technology in modern lifestyle as per the global experts.
# Get the Freedom of Payments
Bitcoin currency brings the possibilities to send and receive money from anywhere, anytime in the world. There is no need to wait due to bank holidays. No bureaucracy. No borders. Bitcoin allows its users to be in total control of their money.
# Free to Choose Your Own Fees
In this platform, there is no fee to receive bitcoins, and many wallets let users control how large a fee to pay when spending for the product or service. The higher fees can encourage faster confirmation of all transactions. Fees are unrelated to the amount transferred, it’s possible to send 100,000 BTCs for the same fee it costs to send 1 BTC.
Merchant processors assists merchants in processing transactions, converting BTCs to local currency and depositing them directly into merchants’ bank accounts. These Bitcoin based services can be offered for much lower fees than any previous payment systems.
# Gets Fewer Risks for Merchants
Bitcoin transactions are made to be secure, irreversible, and does not contains customers’ sensitive or personal information. Which protects merchants from many losses caused by fraud or fraudulent payment charge-backs, and there is no need for additional PCI compliance.
Merchants can easily expand their businesses to new markets where either credit cards are not available or fraud rates seems to be unacceptably high. The net results are lower fees, larger global markets, and fewer administrative costs.
# More Security and Control Ever!
Bitcoin’ users are in full control of their transactions; it is said to be impossible for the merchants to force unwanted or unnoticed charges as that could happen with other payment methods. It is developed to be a secure payment system.
Every Bitcoin payments can be made without getting any personal information tied to the transactions. This system offers a strong protection against identity theft. Users can protect their money with backup and encryption too.
# Most Transparent and Neutral
No individual or organization can control or manipulate the Bitcoin’s protocol because it developed as a cryptographically secure network. Which allows the core of it, to be trusted for being completely neutral, transparent and predictable.
All the information concerning the Bitcoin money supply is itself readily available on the ‘block chain’ technology for anybody to verify and use it in real-time.
What are the Top Disadvantages of Bitcoin?
Like every actions there is an equal and opposite reaction, here are some of the top disadvantages of bitcoin technology in modern globalism scenarios.
# The Degree of Acceptance
All over the world, many people are still unaware of Bitcoin. In present era, more businesses are accept bitcoins because they know the advantages of doing so, but the list remains small and still needs to grow in-order to get benefited from the network effects.
# Total Volatility
The total value of bitcoins in circulation and the number of businesses using it are still very small in compare to what they could be. Therefore, relatively small events, trades, or business activities can significantly affect the price.
In theoretical way, this volatility will decrease as Bitcoin markets and the technology gets matured. The world has never seen a start-up currency before, so it is truly difficult to imagine how it will play out!
# Still Ongoing Development
Bitcoin software is still in its beta phase with many incomplete features in active development mode. There are still new tools, features, and services need to be developed to make this currency more secure and accessible to the masses.
Some of these features are still not ready for everyone. In general, Bitcoin is still in the process of maturing. Most Bitcoin businesses are new and still offer no insurance.
Those are some of the most understood advantages and disadvantages related to Bitcoin technology, and the future of money. There are large number of business experts, developers and individual users contributing to this digital currency for more future possibilities.
What do you think about this digital currency, the money of Internet, that’s getting adopted by large number of individual users communities and businesses across the boundaries?