BITCOINS: PROS AND CONS
The ultimate goal of bitcoin at https://www.webull.com/quote/ccc-btcusd is to become a new medium for exchange. More the games you play, the more one should know about it. As a coin has its two sides, bitcoins also have their own two sides. You miss aside, you lost this game of bitcoin.
- It works everywhere where there is access to the internet, which makes it easy for buying and selling it.
- It has high security, one cannot open or close your account. The system is designed in such a way that no one can get their hands on your cryptographic personals. Each one has its own personified address while addressing the transactions. So, no one can access other account details.
- Others cannot do transactions on your behalf. Every transaction from your account needs your digital signature with the digital address which makes it highly authoritative on one’s account.
- One can expect potentially high returns from bitcoin marketing. Considering the interests and involvement of people all around the world, bitcoin can be considered as digital gold.
- A piece of detailed information regarding where the bitcoin is coming from and where it is going can be recorded and be seen clearly. There is a clear-cut understanding of every transaction that you go through.
- Blockchain technology enables almost zero errors. Arrays of information get ledged in chronological order, so there is no room for any discrepancy.
CONS OF BITCOIN
- Bitcoin prices are highly volatile. You cannot control the trend of price or at least have an idea when it goes up or when it comes down. Deep research on market stability may not lead you to a profitable affair sometimes.
- Reversing the transactions is not possible. Once it is done and it is done. Transactions are irreversible.
- There are some countries where bitcoin is still being unrecognized and even avoided.
- Once your private digital address is stolen, you cannot get access to it. Once the account is gone, it is gone forever, and cannot recover.
- It lacks a standardized strategy for chargebacks and refunds. No one can get your money if it is lost once.
- It has limited adoption. One with limited technical knowledge cannot use it properly.
- A source of exchange for the black market
- Slower transactions. Immediate transactions are not possible with bitcoins, it takes time to get the transaction done.
Considering the trend from past years, one can see that the value of cryptocurrencies for trade cryptos was increasing and most likely it will continue the same. Many crypto analysts suggested the same. There may be a time when a large investment in bitcoin will turn into the largest return.