What are the Benefits of Bitcoin and What are the Fallbacks of Bitcoin
There is an increasing number of people who have heard of and are now using bitcoins. However, it does not mean that everyone who has heard of bitcoins are immediately going out and purchasing some themselves. Many of those who have heard of bitcoins have doubts regarding the benefits of bitcoin or of other currencies. However, those who are familiar with it will see the potential in this kind of technology for themselves. What are some of the disadvantages of bitcoins?
Key Benefits of Bitcoin
First off, the biggest advantage of bitcoins is the fact that it doesn’t require a third party like a bank or a financial institution to help you get money to transfer to someone else. It’s simply a technological issue. In fact, it can be much easier to use than wire transfers from one place to another due to the nature of how it works. Despite the lack of a third party involved, bitcoins still experiences high transaction volume on a daily basis.
Another disadvantage of bitcoins is that it does not have a block chain system like other kinds of currencies. This means that every time a transaction is made, a new transaction is created which goes into the block chain. This means that each transaction is tracked along the entire block chain, ensuring that no two transactions are identical. The major problem with this is that some governments may want to control the flow of transactions because they feel as if they have the right to control the flow of block chains to ensure that there is no way for something to be repeated or duplicated, even for a single transaction.
Read more about the advantages and disadvantages of Bitcoin here