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Advantages and Disadvantages of Bitcoin

Advantages and Disadvantages of Bitcoin

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Advantages and Disadvantages of Bitcoin

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  1. Bitcoins have several significant advantages: 1-you can send and receive limitless amounts of money instantly at any time to and from anywhere in the world. 2-processing does not cost any fees or only very small fees. 3-bitcoin transactions are irreversible, which protects sellers from the fraudulent chargebacks that are increasingly common with credit cards. 4-payments are made without personal information being exchanged, which provides strong protection against identity theft. 5-the receipt and payment process is completely neutral, transparent and predictable. Advantages of bitcoins

  2. Disadvantages of bitcoins However, using bitcoins has several disadvantages: 1-they are not yet accepted universally and thus cannot be used everywhere. 2-their value is volatile because the number of bitcoins in circulation is quite small so relatively small transactions can affect their price significantly.

  3. Should you use bitcoins? The short answer is NO or, at least, not in a major way yet. Bitcoins are fungible assets with durability, portability, divisibility and scarcity, ie they have all the characteristics of conventional money (Euros, Dollars, Pounds etc). They have value so they can be exchanged for other currencies at exchanges. Therein lies the danger. There are times when the value of the bitcoin can fluctuate widely, by 50% in one day. So, as a store of value, they are not for the faint-hearted. In other words, you should not have more money than you can afford to lose in the form of bitcoins. However a wallet with small amounts of bitcoin in it could be used for minor day-to-day transactions which would help familiarise you with internet currencies. As the amount of bitcoins in circulation increases, their value viz-a-viz other currencies should stabilise and you can start using them for larger transactions.

  4. Thanks for reading! You can check my source sites: • http://www.coinsetter.com/bitcoin-exchange • http://ezinearticles.com/?Bitcoins---Should-You-Use-Them?&id=8119261

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