Bitcoin currency – advantages and disadvantages of cryptographic money

Bitcoin currency – advantages and disadvantages of cryptographic money

Bitcoin currency appeared relatively recently, but becoming a new word in the development of the global financial system, managed to get wide distribution. The demand for the cue ball is growing with an enviable constancy, as is its rate, while mining this currency is becoming more and more difficult every year. All network users heard about Bitcoin, and it gradually begins to penetrate offline – it is recognized at the state level in many countries, automatic conversion and cashing systems are introduced, and many stores and even cafes accept this cryptocurrency as payment. Nevertheless, in addition to the advantages of Bitcoin, there are also disadvantages, which are sometimes very significant.

As a matter of fact, most of the advantages are also disadvantages, or negative aspects arise from positive nuances:

Volatility. The cryptocurrency rate is unstable and can dramatically change even within one hour, moreover, not just changing the movement vector, but falling or rising immediately by tens and hundreds of dollars. On the one hand, this is a great opportunity to earn on the cue ball, using it as an investment tool. At the same time, storing money on a Bitcoin wallet is stupid – course jumps can be so noticeable that you simply lose a significant amount. Therefore, as an object of investment, bitcoin coins are excellent, but to store money is not the best option.

There is no issuer. Nobody issues bitcoin money and does not distribute it – they arise in nature through mining and in no other way. It should be noted that the Bitcoin currency is decentralized and no one can influence it, but at the same time, if you lose your wallet password or are hacked by robbers, then there’s nowhere to run and seek help – you are the only person who has access to your wallet and losing a password is automatically a loss of money.

Complete anonymity. Using a Bitcoin wallet, you can be sure that no one can get any personal data about you. At the same time, there is no convenient system when the name of the addressee is displayed when sending – if you sent money to someone, and there was an error in the bitcoin address, then the bitcoin coins will go to their destination, and you can’t return them or cancel the transfer.

It is produced only by mining. This, of course, is an advantage, but due to the fact that mining is becoming more complicated every year, mining for ordinary mortals is almost closed. The lion’s share of the cue ball from their extraction is concentrated in the hands of those who have money for the most expensive and modern equipment, which a simple miner cannot buy.

The currency Bitcoin, despite the shortcomings described above, is a serious step for mankind in its development, because financial relations on the Internet with its appearance have reached a new level. Whether Bitcoin will become the currency of the future, which many experts predict, time will tell, but for now, it is confidently moving in this direction.

Leave a Reply

Your email address will not be published. Required fields are marked *

Enter Captcha Here : *

Reload Image