1 Level
5 Review
0 Karma
Review on Bitcoin by Kristian Egger
Bitcoin is exchanged directly on the internet without the use of any…
Bitcoin is exchanged directly on the internet without the use of any intermediary financial institution. The way Bitcoin works differs completely from the normal currency, there are not any individuals or organizations that handle bitcoin transactions. I think you should find out before you decide to invest in it
Pros
- No Risk of “Charge-backs” Once Bitcoins are sent, the transaction cannot be reversed. Since the ownership address of Bitcoins will be changed to the new owner, once it is changed, it is impossible to revert. Since only the new owner has the associated private key, only he/she can change ownership of the coins. This ensures that there is no risk involved when receiving Bitcoins.
Cons
- Risk of Unknown Technical Flaws The Bitcoin system could contain unexploited flaws. As this is a fairly new system, if Bitcoins were adopted widely, and a flaw was found, it could give tremendous wealth to the exploiter at the expense of destroying the Bitcoin economy.
