Advantages And Disadvantages Of Using Bitcoins

It is 2020, guys! And everything you see around yourself is a gift of technology. We are technologically advanced and have been using these technical items for a long time now. And you very well know what items we use.

But did you ever imagine that the money we use will be digital someday? We are in a phase where the currency we use is digital too! And here I am talking about bitcoins. You must have heard about these.

What Are Bitcoins?

These are cryptocurrencies which we use in our daily payments. We invented this as a marketing gimmick but have evolved to be something better than that. It is a type of online cryptocurrency and is completely a digital form of cash. Though it was a gimmick, it has become one of the biggest payment methods for most businesses! 

This has diversified the payment system while making it a lot simpler. It is now a preferred mode of payment for a lot of businesses all over the world. And that is a big number! But why is this method so preferable? Here are the advantages and disadvantages of this mode of payment.

Advantages

• Grants Anonymity To Buyers

Now, this is something all of us want. We never want our financial details to get public. And this is where Bitcoin helps. It offers anonymity to the buyers. Buyers can now complete their transactions without sharing any of their details.

This is a type of payment that most hackers fail to intercept. Thus, buyers have full security ensured!

• Fewer Transaction Fees

It is common for most of us who use credit or debit cards for payments. Whenever we use any of these, we are charged some amount of transaction fees. But through this mode of payment, the transaction fees are either very low or zero. And this feature makes it a good-to-go option for small start-ups!

• No Currency Exchange

It is one of the worst problems are most of us face while in a foreign country. We have to go through a lot of efforts and processes. Imagine a situation where you are in a country and have exchanged the currencies, but the government declares your currency to be valueless! You will be left with papers with no credibility. But this does not happen in the case of Bitcoins.

These are completely decentralized, and by no means can any government declare them to be valueless! Yeah, those can be banned but still do not lose their value in the marketplaces! 

Disadvantages 

• Unknown To Many

There are very few who have an idea about Bitcoins. Most businesses are indeed adapting to this mode, but the numbers are still less. And thus, there is a very low degree of acceptance.

• Incomplete

This feature is still in the developmental phase, which means that there are many more to come. New tools and services are yet to come (know more cryptocurrency wallet development) , and hence, most businesses fail to offer any insurance! 

Bitcoins are one of the safest modes of payment with cryptocurrency software malaysia. But the information about this is insufficient. So investment in it is no less than a risk. Still, it has become popular, and there are reasons for that.