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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.