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Leafing through offline or scrolling down online magazines, skimming the regular articles on Bitcoin-related news, one might often notice the authors mentioning the primary principles of the virtual asset making it an attractive alternative to fiat currencies or online payment systems.
What you should know about Bitcoin
Bitcoin, PayPal, Silk Road
Leafing through offline or scrolling down online magazines, skimming the regular articles on Bitcoin-related news, one might often notice the authors mentioning the primary principles of the virtual asset making it an attractive alternative to fiat currencies or online payment systems. It is hard to list these advantages without browsing the web for well-prepared explanations, keeping in mind the thought that the acquired information is one-sided. The digital geeks, nerds and hackers have to ask the society to draw any conclusions or perspectives on the Bitcoin.
Let us express it in simple words – the masses have to decide.
Today the Coin Telegraph decided to sum up the key features distinguishing the Bitcoin for other currencies and to evaluate the pros and cons from the point of view of common money users – housewives providing comfort to their families, children spending pocket money, retired people planning their pension spending. Actually, they are the basic purchasers and spenders observed in supermarkets, malls and small local shops.
In the modern world the capability to reduce expenses might become the most crucial factor that might attract numerous individuals willing to use a method or matter of exchange. It is reasonable, as long as every of us understands how hard is to earn a living.
Bitcoin advantages: No transaction fees, taxes, possibility of returns for both merchants and purchasers. The gained value might be divided between both parties to enlarge the attractiveness of the asset and deal. Just keep in mind in addition the presence of special offers for Bitcoin users that get bigger in number and in duration since more users enter the system.
Bitcoin disadvantages: Imagine the conversation with the board in an industrial or commerce enterprise. How easy is to convince the members to switch to Bitcoin to get profit without guarantees expressed on paper or ensured by officials? Observing the level of everyday groceries and purchases, many buyers get used to shops and names they regularly go to. A palpable discount at the mall is even more attractive than the online offer.
Would You like the ability to enjoy privacy and anonymity or maybe struggle behind the mask as Mr. X in his famous aria?
Bitcoin advantages: The two-factor protection, encryption and other features make the money invulnerable. No one can steal it and in addition acquire personal information. Credit card holders, PayPal and other online payment systems are all under the dome of specials services or criminals. Would You like to be spotted anytime at the POS terminal?
Bitcoin disadvantages: Surveying people not engaged in IT and cyber safety one might find out that this feature is the least considered. People choosing extraordinary simple login data, forgetting about simple precautionary measures at the PC do not bother that much. Sometimes it is too complicated for them, as they have never broken a law or attempt to do so. According to an old joke, the special services of any country complain – 94% of all phone calls are idle talks!
In addition – remember – wallets can be often emptied without your notice, merchants like Silk Road disappear, but leading exchangers prove to be insolvent.
Bitcoin advantages: No personal data or verification required for instant transactions for the pleasure of the seller and buyer, donor and acceptor.
Bitcoin disadvantages: To make it easy one should go through the basics to understand what and why he or she is doing. As any open source it has a different interface, functionality and opens new IT horizons to people not willing to obtain such knowledge. Without any extra humor or skepticism – try to teach Your granny how great is Bitcoin in everyday life.
The choice to be on board with Bitcoin or not is up to You. Both sides have arguments proven by facts, which still do not make any of the positions more favorable even being true. Only next time, discussing the topic foaming at the month remember that the opposite side has also some trumps.
The Coin Telegraph on Silk Road
The Coin Telegraph on Mt.Gox collapse
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