1 Level
5 Review
94 Karma
Review on Bitcoin by Emilija Jensen
general! Bitcoin is the most versatile cryptocurrency around. It can be used…
general! Bitcoin is the most versatile cryptocurrency around. It can be used to purchase goods from an ever-growing roster of merchants that accept Bitcoin payments. It can be exchanged with other private users as consideration for services performed or to settle outstanding debts. It can be swapped for other currencies, both traditional and virtual, on electronic exchanges that function similar to forex exchanges. And, unfortunately, it can be used to facilitate illicit activity, such as the purchase of illegal drugs on dark web marketplaces like the infamous Silk Road. Current and future it is still Mr King's meat market for electronic money
Pros
- Bitcoins have a way to go before becoming a serious alternative to existing electronic transaction systems, but they do provide real advantages to users: Reduced Possibility of Identity Theft When you give your credit card to a merchant, you give him or her access to your full credit line, even if the transaction is for a small amount. Credit cards operate on a “pull” basis, where the store initiates the payment and pulls the designated amount from your account. Bitcoins use a “push” mechanism that allows the bitcoin holder to send exactly what he or she wants to the merchant or recipient with no further information. Furthermore, bitcoins do not require names – just digital wallet IDs. That is too great
Cons
- Over time, one or more of these alternatives could usurp Bitcoin as the world’s dominant cryptocurrency. That could negatively impact Bitcoin’s value, leaving committed, long-term users holding the bag. It's quite dangerous when the terrorist organizations use lay made a bad ploy
