It is a form of digital currency. No one
has any control over it. Being a digital currency, it is not printed
like rupees, euros or dollars. Yet, they are produced and created by
people for various transactions. Increasingly, more and more businesses
are beginning to use it for various types of activities. This form of
currency is mostly made by software that can solve complex mathematical
problems. After having said something about this digital currency, it is
time to talk about its pros and cons so that people can decide whether
they should go for it. In this article, we would be just listing them
for the benefit of our readers.
Advantages
1. It is
possible to send and get money at any given time. The time and distance
factors will not restrict the user when he uses this currency.
2.
He will be in control of the money while using this currency. He is not
hampered by the holidays and other obstacles while doing transaction
with it.
3. Merchants become incapable of charging extra fees on
anything stealthily. Hence, they are forced to talk to the customers
before levying any charges on the transactions.
4. All the transactions using this digital would be safe in the Internet network as the users can encrypt it.
5. The users can complete the transactions without revealing any personal information.
6.
Since the transactions using Bitcoin happen online, all of them are
well documented. So, anybody can see the block of transactions. However,
the personal information would still be unavailable to others. Hence,
it would be a transparent transaction
7. The Bitcoin-based
transactions are either not chargeable or attract very low fees. Even if
charged, that transaction gets priority in the network and gets
executed very fast.
8. Since there is no tying up of personal
information with transactions, merchants get protection from potential
losses even if a fraud occurs.
Disadvantages
1. This currency network is not known to people. Hence, they need to know about this digital currency.
2. To spread the word Bitcoin, the networking is necessary. At present, only few businesses can use this digital currency.
3. Currently, the transactions based on this currency are highly volatile as only limited number of coins is available.
4.
Due to the huge demand for this digital currency, its value keeps on
changing daily. It would settle only when the demand stabilizes in the
market.
5. Since this digital currency system is in infancy state,
not many software are available in the market to make it a secure
transaction.
This article talks about the Bitcoins that are sweeping the
digital space and internet. Before plunging into it, we need to know
about the pros and cons of this digital currency. You can then make
informed decision about it. For more such information, you can visit the
link http://tvmbala.blogspot.com.
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