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What Are the Advantages and Disadvantages of Bitcoin?

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Everything in life has its positive and negative sides, this is inevitable no matter how much people pay attention to the details and have perfected it. As a cryptocurrency that is most famous and one of the oldest on the market, bitcoin has its fair share of ups and downs and the programmers were eager to perfect it as much as possible. New ages bring new demands and obstacles that need to be overcome, and the ones that are involved in bitcoin are well aware of them and know how to deal with them. Be aware that some advantages may become disadvantages and vice versa depending on the market and available resources.

Advantages

Source: webxcon

The advantages of bitcoins are many, and they are the ones that do make the market popular amongst people and make them invest in it. We will state the ones that are essential; just be sure that they can be more or less valuable in the assessment of the market and the overall situation.

Privacy

Something that most people find amazing when it comes to this cryptocurrency is the privacy you get when possessing and trading it. There are no credit card numbers to be put in forms and banks to be in the middle. In addition to this, the network that is connected to it makes sure that the data left is safe and indeed just yours.

Freedom

As years pass by the usage of cryptocurrency increases and there are so many things you can do with them. From paying different in-game items to paying with them as regular money on different websites, there is an increase in the variety of usages. Additionally, they can be used as a legit currency that can be used to get the paycheck when doing some online business. This was not possible a few years ago, so as we progress, there is additional progress in the freedom of usage of this coin on the market.

Negligible fees

Even in banks and when using credit cards, there are some fees that come in the way when doing transactions and payments. Bitcoins are one of the rare coins that do have fees that are very low or there are no fees at all when paying or doing transfers. This is something that is very peculiar, but if we know that the bank is not involved it is logical that there will be no additional fees.

Source: bitcoin

Speed of transactions

If you are sending money from one account to the other, it can pass a few hours or days before money appears on the desired account. One of the advantages of bitcoin is that the transactions are fairly fast, meaning that it can pass a few minutes before the transaction is completed.

Safety

The safety of the market is at a very high level and it continues to be improved as the internet develops. As some experts have suggested the possibility of a breach is close to none, which is amazing.

Stability

If we look at the market itself and the tendencies of the bitcoin on it, we can conclude that there are predictable patterns and a slow but steady increase in the values of it.

You can profit

In this market, you can always make a profit, whether from investing and trading or mining, there are ways that profit may increase. Patience is essential in this case, but, other than that, the profit is possible and easy to achieve.

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Disadvantages

Source: ELEVENEWS

Every ying has its yang; so, let’s see what are the disadvantages of the bitcoin, in order to get a full image.

Not recognized by many

Even though the internet has led to the popularity of it, there is still skepticism that follows the market and this coin per se. Not being recognized by many on the market has led to slower development and prosperity of the coin, but there are indications that this will change in the future.

Inconsistency

We have witnessed this back in the days when bitcoin has had huge ups and downs, now, we can state that there is less inconsistency in the values and that it can be predicted, but like any market, it is possible to withstand changes.

Development

Bitcoin is always in progress and programmers are constantly improving it; this is essential for it, but it can be seen as unnecessary, especially when it comes to launching handles such as bitcoin cash.

Interference

Even though for now, the government has no authority or effect on the coin, some are afraid that there will come a time when they will find a way to get their arms around it. If this happens many will leave the market since the whole point was to have a currency that was free of this.

Low in resources

Bitcoin will this year endure halving, making the available coins decrease in half; even though this will increase the values of the coin, it will decrease the availability making them less apparent on the market and not so easy to be dug up. In addition, stronger machines will need to be used in order to mine them, since there will be more competition for the resources.

Black market

Bitcoin is prone to be used on the black market since it cannot be tracked to the ones that were using it. This is one of the things that in essence leaves a very bitter aftertaste when it comes to the coin since we can only assume for which sorts of things, these ones are being used on the black market and the legality of it.

Source: electrodealpro

Conclusion

As you can see bitcoin has a lot of advantages and disadvantages of bitcoin. Be mindful of everything that has to do with any cryptocurrency can change as the time passes and disadvantages and advantages can change as the market and any other parameters have changed. Hence, being informed and knowing what is going on in the market is essential to further development and assessment of it.

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