The coinmarket is the place to look at if you wish to know which cryptocurrency is the best bet and which will lead to you losing all your money. And as most experts will suggest, Bitcoin is by far the best option if you are going to invest in crypto. Bitcoin has its advantage as well as disadvantage and you need to know about them all before you start investing..
Let’s talk about the advantages and disadvantages.
- You get a freedom of transaction; you can send or receive money in most part of the world. When you are a user of Bitcoin money, you have a lot of control over the privacy of your transactions.
- You can choose your own fees for transactions. Transaction of hundred thousand Bitcoins or a single Bitcoin would cost you the same fees. Also the Bitcoin transactions and services are much cheaper than Paypal and credit card fees.
- The risks for the merchants are null as transactions are much more secure and cannot be reversed. Bitcoin also doesn’t keep customer’s personal information. So merchants won’t get cheated by any means.
- If you are a Bitcoin owner, you are in full control of your Bitcoins transactions. If anyone tries to add extra charge on you or charge hidden fees like other transactions, this is not going to happen with Bitcoin.
- Any information related to Bitcoin is available in the blockchain. So, if you want to verify it, you can easily do it in real time.
- As still lot of people don’t know about Bitcoin, the network effects aren’t as widespread as should be.
- If you compare the total value of Bitcoins with the number of business using Bitcoins, the number is still very small.
- The software which Bitcoin uses is still on a developing stage, lots of improvements has to take place in it, which is going on, to make it more secure and accessible to more people.