The Bitcoin cryptocurrency is a type of electronic currency which means that the currency is not being held by people physically but is used, maintained and transferred through the internet. The Bitcoin currency does not need a central bank or an intermediary to store the currency because it is a form of digital currency which is held and used by its holders. The Bitcoin crytopcurrency found its way for people to use after it was invented in 2009, and since then, it’s use and popularity has grown in no bounds.
In this age, a lot people prefer to use the bitcoin cryptocurrency to shop and pay for goods and services online. One of the ways by which the bitcoin cryptocurrency has benefited humanity is that even when people run out of cash and are stranded, they can still pay and buy any product they want on any digital and e-commerce store as long as the dealer or seller allows payment through crytocurrencies and bitcoins.
Another benefit of the bitcoin cryptocurrency is that the transactions and payments made with bitcoin are faster, easier and cheaper. This has driven people to make use of the digital currency in this age because other digital wallets such Paypal do charge commission and certain fees on a transaction made with it’s platform but the bitcoin cryptocurrency has offered lower fees compared to credit cards and Paypal. Currently, the bitcoin cryptocurrency charges no fees, and if there is any fee which is incurred and brought in during any transaction, such fees will be too low that it will be convenient for the user to pay.
A lot of merchants and business minded individuals has benefited and enjoyed the privilege of using the bitcoin cryptocurrency because it is safe and it protects their businesses from suffering potential and possible losses which might occur in the event of theft and fraud because transactions made with the bitcoins cannot be reversed. Unlike Paypal, the buyer can reverse the transaction and the merchant/seller makes a loss and therefore will be left with nothing.
Advantages of Bitcoin Cryptocurrency
- The use of bitcoin has given a lot of people the opportunity and freedom to control and use their funds anytime and anywhere.
- People can send money to any location in the world faster without any glitches and issues.
- Bitcoin ensures safety and protecting of funds since every transaction is encrypted and backed up.
- Even with the high number of frauds, scams and impersonation on the internet, Bitcoin has its way of protecting it’s platform against identity theft.
- Transactions made with the bitcoin platform is fast and cheap compared to other methods of payment in the world.
Disadvantages of the Bitcoin Cryptocurrency
- The price of bitcoins bounces and changes at every point in time, hence very volatile and not stable.
- A lot of people are ignorant of the bitocin cryptocurrency because they do not have the knowledge and technical know-how of it.
- Even with the high use of bitcoins in the world, it is in its infancy stage and therefore it is still growing.
- Major companies in the world like banks haven’t recognized bitcoin cryptocurrency as a payment option.
- The use of bitcoin comes with risks.
- A lot of people have lost their money because they do not understand how it works.
We hope that this article has given you insights on what you need to know about the bitcoin cryptocurrency.