Advantages and disadvantages of Bitcoin :


The definition of bitcoin?
Bitcoin is an electronic currency or cryptocurrency that uses a transaction transfer and verification system based on a peer-to-peer network without any central authority. The technology that allows the operation of this network is called Blockchain.

That is, the bitcoin users check and issue this currency without the intermediary of a bank using a protocol and free software (open source code). Moreover this network is shared between all the users without intermediary. Each bitcoin user can check network transactions.

Bitcoin is an increasingly popular means of payment (online and offline) but also a currency for the exchange of currencies (euro, dollar, pounds, yen ...) out of the banking system. Finally the bitcoin can have a storage value for trading activities. It is necessary to have an electronic wallet (a wallet) to store your bitcoins.

The 8 advantages of Bitcoin :
EASY TRANSFER: it is easy to make bitcoin transfers worldwide without intermediary and without fees.
FAST TRANSFER: Transfers are faster than the traditional banking system.
SECURITY: Bitcoin can not be counterfeit because the verification system to validate transactions that is shared by all users. Which makes counterfeiting or hacking very difficult.
GLOBAL: Bitcoin is a global initiative, neutral and egalitarian, because it only works through its users, it's a world first.
FREE: bitcoin is a free software that allows many innovations and the creation of other currencies (altcoins) and technologies (especially with the Blockchain).
ACCESSIBLE: Bitcoin is accessible to anyone, anyone can have bitcoins.
PRIVATE: bitcoin makes it possible to have more private transactions even if tracing is possible.
LIMIT: bitcoin has a limitation of 21 million bitcoin, it is distributed homogeneously with the computing power of its users, which will limit its instability over time and allow bitcoin to retain a value.
Bitcoin remains unstable but ...

since its creation the value of bitcoin has increased significantly (+628% since last year), allowing many people to make profits. This remains an advantage even if the bitcoin can experience losses in value quickly.

It enjoys for the moment a legal vagueness that leaves room for much innovation and speculation. State reactions are divided between regulation, control or banishment. In France bitcoin is recognized as a piece of furniture with a legal value. This is an important element to follow in the evolution of bitcoin.

The disadvantages of bitcoin :
IRREVERSIBLE: transactions are irreversible, be careful to inform the right recipient
PROTECTION: Bitcoin is stored online or on your computer, so it is necessary to protect your wallet. Physical media also exist
BETA: bitcoin remains an experience, investing remains a risk like any other investment
RECOGNITION: There is a great misunderstanding around bitcoin, a majority of people do not understand this technology. This could be a problem for the evolution of bitcoin
RISK AND VOLATILITY: Bitcoin, just like a traditional currency presents a risk to investment, the value of a currency can change. But the price of bitcoin is fluctuating more.
The accessibility of bitcoin, its openness to all and the innovation it brings is an easy experiment to try, to learn quickly on the operation of crypto-currencies. It is also the most successful cryptocurrency and is the easiest to use as a means of payment so with the most potential applications.

A simple way to discover the world of bitcoin is to create an account on Wirex. With the application you can buy, store and especially spend your first bitcoin everywhere thanks to the Wirex payment card and its conversion system in many currencies.
0