Bitcoin: Pros and Cons

Since its inception, Bitcoin has continued to haunt the minds of people in many countries around the world. He was called both the “first step towards financial globalization and independence,” and “a bubble doomed to failure.” If large financial institutions are still cautious, then the common people of Bitcoin are attracted by their anonymity, independence and omnipresence. But is it really? What kind of cryptocurrency can there be for and against? We will try to figure it out.

Pros:

The following factors speak in favor of Bitcoin:
– it is available for payments and transfers 24/7. It does not depend on banks, payment systems. To pay for an order or transfer money, you do not need to wait, stand in line at the bank, look for the nearest ATM, etc. It is enough just to have access to the Internet;
– international operations with finances may be cheaper, moreover, several times. You save on bank fees, rates, deductions and things like that;
– transfers and payments can be made faster;
“Bitcoin can be used in trade and business because it is protected by blockchain technology. From now on, the transaction between the seller and the customer becomes even safer.

Minuses:

With all these advantages, there are factors that can argue towards the rejection of the implementation of Bitcoin:
– it can not be used offline. His “work” depends on the world wide web and payments can be made only where there is Internet;
– so far, for small transactions, Bitcoin cannot provide fast transactions. However, systematic work is being done on this;
– Bitcoin is a new technology, therefore imperfect. His prospects are hard to predict;
– transferring Bitcoin to ordinary money is a costly undertaking (given the rate of nearly $ 8,000 for BTC);
– cryptocurrency is not so common and so far not all organizations accept it for payment.

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