Category Archives: Bitcoin Pros Cons

Cons You Have to Face when You Are Using BitCoin

Cons You Have to Face when You Are Using BitCoin

why bitcoin

However, it’s been a common thing that everyone now has BitCoin. Recently, BitCoin was happening several years ago, but now it’s still booming around the world. No one can control BitCoin, and no one can guarantee the BitCoin. It is a cryptocurrency where there is no one or countries control the currency because it is an independent virtual currency. The Even government in most of the countries that let BitCoin grow there does not interrupt BitCoin. There are some good things that conventional currency does not have like in BitCoin like you don’t need to save and get the physical form to pay, you only need a virtual account to save the BitCoin. Although it’s pretty safe to save, as it is too simple, BitCoin also has a problem in saving. It’s been a common issue for those who have BitCoin account because the saving is too simple like you don’t need books or else to save, but it depends on your storage on your computer or Cloud because BitCoin is in the form of codes that are saved well in a digital file. What is the issue?

Saving issue

First of all, let’s say that we have the digital wallet for BitCoin. To be able to spend BitCoin, you have to have code bar called Private Key. This code line is saved in the digital wallet when you are going to use, you have to access the code, and you can use to the transaction. This private key can be saved in your local storage in the computer of printed into the paper of private key. The most common issue following the simplest saving of BitCoin that the private key can be stolen and accessed when it’s lost. When it happens, all of your BitCoin can be gone too forever, and you cannot get it back. It is unlike things in the common bank that you can get it back if you follow the procedures. It’s been a unsurprised issue when there have been so many hackers finding a right account that has big saves of BitCoin. Even some hackers can get BitCoin that is equal to 1,2 million USD.

Even if you don’t save your private key on the internet can have a chance to be stolen as when you have a hard disk, and you save the BitCoin there, you lost your hard disk, you have to let it gone. Even when you realize that BitCoin you have is equal to millions of dollars. That is why it is important to see that not all virtual things can be good for you. The only problem when you want to join and you spend money in investment in BitCoin, you just follow the trend, and you don’t have an idea to grow and prevent any bad thing that may harm your business. Saving issue has been number one issue that everyone is running in BitCoin knows that it can be forever issued that no one can solve it clearly and faster because we all know that virtual stuff is just a side thing that everyone can ignore anytime.

Pros and Cons of Using BitCoin

Pros and Cons of Using BitCoin

pros cons bitcoin

Have you ever heard about BitCoin? Living in modern life forces you to have up to date facilities like having virtual banking and saving. One of the most popular virtual currency that you can make as a replacement or additional saving on the internet is BitCoin. It is virtual currency that is in the form of encrypted codes that have unique codes that everyone cannot make the same unique code because every code is made by crypto or high-skilled mathematic statistic that have made the unique code for every BitCoin. There were some protests done by people as BitCoin is not good at first, but when there have been many people use this, BitCoin now has been a phenomenon, and it’s been common in several countries. We all know that developed countries will be excited to see free transfer transaction of money and you don’t need to go to ATM or just running to bank office to transfer because BitCoin gives ease in that. Although it has been phenomenal currency in the virtual world, there are pros and cons of using BitCoin, and you cannot deny this although BitCoin is legit to try.

Pros

  • Fast transaction

The transaction when you want to transfer money or balance in BitCoin account is fast. You just need seconds long to see that your transaction is successful and you don’t need to wait for the confirmation because what you need in the transaction is a just fast internet connection. When there is a problem in internet connection, you will get late in getting information about the confirmation. If it’s compared to other transactions provider, BitCoin is the fastest.

  • Simple

Another pro that you can see from BitCoin is the simple design of balance and everything related to it. You don’t need to have books, ATM card or other, but you just need BitCoin account that can save your digital currency of saving and you don’t need to have such master card to ensure that you can do the transaction in BitCoin. The process and the registration are simple, and you just need an email address to ensure that you can use the feature of BitCoin.

  • Safe

Don’t worry about the safety, because BitCOin has been claimed as safe transaction way for money or balance. Although some countries ban it, there are still most of the countries around the world claim that Bitcoin is safe and recommended for those who have no idea on where to store money and transaction.

Cons

  • It hasn’t been global currency

The only con that may ruin your thoughts is that BitCoin hasn’t been the global currency and it may be the problem when someday you will not see people attracted to BitCoin. If it’s been global, it may be easier to control anything including things like codes and more. If it’s been a global currency, it may be better for the users.

  • Running based on trust

When there is trust issue on BitCOin, it cannot be guaranteed that everyone that has BitCoin is not good seeing how trust issue is broken and it will be hard to gain the popularity of BitCoin when there are many issues on trust.