Advantages And Disadvantages of Bitcoin
Bitcoin is the hottest thing in the world of money today. It’s a virtual currency that has captured the attention of so many people who are very interested to know more about it. It’s basically a new way of acquiring money with no central authority.
No country or financial institution acts as a middleman in this process which makes this currency secure and easy to use. All you need to do is store your Bitcoins on your computer and generate them using software with a process called “mining”.
The advantages of using Bitcoins are so many and they will surely take your fancy. The first advantage of using Bitcoins is the low cost of transaction fees. They are less than a penny per transaction making it easy for anyone to start mining some extra money.
Another benefit is how easy it is to keep track of your earnings and expenditures through online accounts. Plus with this currency, it’s possible to transfer funds without ever leaving the comfort of your home.
Of course, there are disadvantages to using Bitcoins as well. One disadvantage is the speed at which the coins are created and circulated within the network.
If you want to make transactions for extremely large amounts, this can become a big problem. Also one must make sure to keep one’s own bitcoin private keys very safe to avoid losing all of one’s coins.
