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Review on Bitcoin by Jessica Lemann
Bitcoin currency is widely used in e-commerce, is the first and most typical…
Bitcoin currency is widely used in e-commerce, is the first and most typical coding currency. The cost of payment, transaction bitcoin is much cheaper than other types of money so it is preferred by companies and businesses. As of June 2016, Bitcoin's base amount was valued at about $ 12 billion, making it the largest currency ever. So I think I should invest in it
Pros
- No Transaction Costs Sending and receiving Bitcoins requires users to keep the Bitcoin client running and connected to other nodes. Essentially, by using bitcoins users will be contributing to the network, and thus sharing the burden of authorizing transactions. Sharing this work greatly reduces transaction costs, and thus makes transaction costs negligible.
Cons
- No Buyer Protection When goods are bought using Bitcoins, and the seller doesn’t send the promised goods, nothing can be done to reverse the transaction. This problem can be solved using a third party escrow service like ClearCoin, but then, escrow services would assume the role of banks, which would cause Bitcoins to be similar to a more traditional currency.
