For those who aren’t aware, Bitcoin is a virtual currency and payment system first introduced in 2008 by Satoshi Nakamoto. Since then, Bitcoin has risen in popularity as supporters and detractors alike continue to debate whether we should begin using the currency in our everyday lives. If all of the hype surrounding Bitcoin has you wondering the same thing, here’s a breakdown of the advantages and disadvantages of using Bitcoin that may help you make a sound decision about whether it’s the right move for you:Bitcoin’s DisadvantagesBitcoin does have great potential to transform the way we do business, but it’s important to note that the system does have some limitations that need to be acknowledged:
1. Compared to currencies that have been around for decades (or even centuries), Bitcoin is still relatively new. This means it has a great deal of promise, but it also means that not everyone has caught on to the advantages of using it.
2. The Bitcoin payment system isn’t afforded the same protection that your bank account has. While you do have more freedom with your money, you must make sure that you do everything in your power to keep your virtual wallet secure. If your Bitcoins are stolen, there is no customer service number to call to get help recovering them.
The Benefits That Bitcoins Can Provide, although using Bitcoin has some drawbacks, there are some great benefits that users can enjoy:
1. Bitcoins can be immediately transferred to and from anywhere in the world no matter what day or time it is. This gives people the freedom to do business whenever and wherever they want.
2. The virtual, decentralized nature of Bitcoin makes doing business with this currency cheap and easy. Many merchants only pay one percent per transaction.
3. Bitcoin is a limited currency, which means that it’s not likely to succumb to inflation because of overproduction and a loss of purchasing power.
While some people may be weary of incorporating Bitcoin use into their daily financial transactions, there’s no need to be afraid of this digital currency. As Bitcoin continues to soar in popularity, many people will find that it’s benefits far outweigh any risks it presents. The average consumer deserves to be able to make and spend money without limitations, hefty fees, or security concerns, and the Bitcoin system may be just what we need to help us do just that.