Bitcoin pros and cons
Many are attracted to bitcoin because of its independence and anonymity. But its ease of use, speed, and price are not as attractive as users would like.
The most important advantage of using bitcoin for payment is that there is no need for an intermediary to complete transactions. However, the speed and cost of some operations are a downside when using this currency.
Bitcoin Positives
- Payments can be made around the clock all days of the week around the world, even in the absence of banking systems
- International payments using bitcoin are faster and cheaper than traditional bank payments.
- You can spend bitcoins with the same means of spending as traditional digital money-from buying a desktop computer, a mobile phone, or a credit card.
- Bitcoin also has valuable characteristics in business, such as multi-signature authorizations, and transparency of accounting. Multiple signatures allow more than one person to sign to allow sending a particular batch which increases security. The nature of blockchain-where all processes are stored in general - also increases transparency in the business.
Bitcoin Negatives
- Despite attempts to enable payment using bitcoin when not connected to the internet, the use of this currency is still highly dependent on the availability of the internet.
- Although Bitcoin is superior to traditional banking operations in international payment, it is still slow and expensive when used in retail operations, such as buying tea or groceries, but the speed is expected to improve in the future.
- Since bitcoin is still under development, the speed and fees paid are still unstable.
- Converting bitcoins into banknotes is very expensive.
- Not all stores and service providers accept bitcoin, but the number is growing.
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