ADVANTAGES OF THE BITCOIN
Some of the advantages of Bitcoin technology are:
Freedom of payments
With Bitcoin, you can send and receive any amount of money instantly to and from anywhere in the world, at any time. No banks with schedules. Without Borders. No limits imposed. Bitcoin users always have complete control over their money.
Very low rates
Bitcoin payments are currently processed at low or no fees. Users can include a fee in their transactions to receive priority in their processing, resulting in faster confirmation of transactions by the network. Furthermore, merchant processors advise merchants in transaction processes, converting Bitcoins to fiat currency and depositing funds directly into the merchant’s bank account daily. As these services are based on Bitcoin, they are offered with much lower fees than PayPal or the credit card networks.
Lower risks for merchants
Bitcoin transactions are secure, irreversible, and do not contain personal or private customer data. This protects merchants against losses due to fraud or fraudulent returns, and PCI compliance is not required. Also, merchants can operate in new markets where credit cards are unavailable or fraud levels are too high. This leads to better commissions, larger markets, and lower administrative costs.
Security and control
Bitcoin users have complete control over their transactions; merchants can’t force unwanted or detected charges, as can be the case with other payment methods. Bitcoin payments can be made without being associated with personal information. This offers a high level of protection against identity theft. Bitcoin users can also protect their money with backups and encryption.
Neutral and transparent
All information about the supply of Bitcoin is available on the blockchain for anyone who wants to verify and use it. No individual or organization can control or manipulate the Bitcoin protocol because it is cryptographically secure. Bitcoin can be trusted to be completely neutral, transparent, and trustworthy.
In addition to being digital, Bitcoin is a booming currency that has a series of characteristics that differentiate it from the euro, the pound, or any other traditional currency. Therefore, bitcoin brings many benefits to users and is currently the cryptocurrency – a currency based on cryptography – with the most users.
As we said, bitcoin has many benefits that have made it a real alternative to which more and more people join. These are some of them:
With this currency, you can travel abroad without wasting time changing currencies at the airport or local exchange houses. Bitcoin works worldwide, except in some countries with totalitarian regimes that have their cryptocurrency.
Although, as we say, the change is unnecessary, you can convert them to the traditional currency you want whenever you want. In addition, they can be purchased with any of them.
Security is one of its main attractions
Bitcoin has an advanced encryption system with which counterfeiting is practically impossible. In addition, the transactions are pseudonymous, and, therefore, it is not mandatory to reveal the identity of the parties.
This currency has in its decentralization one of its main peculiarities. Any state or financial power does not run it, and that allows independence that many users appreciate.
In addition, this detail ensures that you are the only person who manages your money. Therefore, if you have a losing streak, your accounts will not be frozen.
Very agile transactions
Transactions are made between individuals, and these are very fast -almost immediate- and very cheap since, among other reasons, you avoid bank commissions.
You can always know its real value
The portals specialized in cryptocurrencies publish 24 hours a day the price of the currency at all times. This is based on supply and demand and, therefore, the more people use bitcoin, the more it will rise.
DISADVANTAGES OF THE BITCOIN
Of course, bitcoin also has disadvantages that make some people not trust this digital currency. Here are the main ones:
Investing in bitcoin can be risky
As in any investment, you can win or lose. Of course, the volatility in bitcoin is very significant, and you can go from success to failure in a very short time. However, many people have benefited from this activity, and the trend is generally positive.
How is it invested? The most used way is as simple as buying bitcoin in the hope that its value will increase.
Not accepted in most establishments
Indeed, most stores are still skeptical of this or any other cryptocurrency. In any case, more and more people are accepting them.