Bitcoin is a payment system based on a proprietary form of digital token currency. Bitcoin is an exchange system that is an alternative to cash, check, PayPal, or credit card. Bitcoin offers a private (or even underground) way to pay for things. I suspect that some Bitcoin transactions are unfortunately used to purchase illegal services or things.
The advantage of Bitcoin is that your privacy is preserved. Bitcoin has many disadvantages, including:
1) Although Bitcoin has its charm, it does not own, own, or supports any government. Only a limited number of bitcoins have been created, making Bitcoin cycle seem more valuable than they are. Limiting the number of coins produced in connection with the hype has raised the price of bitcoins.
2) Some of the benefits of Bitcoin can be of questionable value. Promoted benefits include the ability to email money to your friends; it is linked to gold; it offers privacy and stability, etc. (e.g., stamps), bank transfers, and PayPal; it seems to cover almost all payment needs.
3) Buying bitcoins is not cheap. Except for eBay, buying bitcoins is neither easy nor practical. And aside from (probably) eBay, some Bitcoin providers seem a bit scaly. For a test, I emailed four Bitcoin exchange providers, two of whom were pretty close to me, and none answered. If you buy bitcoins, you will not receive a refund.
4) During my tests, the software to create a Bitcoin wallet on your computer seemed slow and buggy. I tested two different Bitcoin wallet programs, and it looked like it would take days to coordinate with Bitcoin’s remote server network.
5) I think because bitcoins are entirely secure and private and can be bought anywhere, their use can help put them on the government radar. Who knows, maybe this person who sells the gear that can only be bought with bitcoins is actually at a police station and wants to arrest you.
6) With Bitcoin, the likelihood of being cheated on purchases increases significantly since the buyer is given almost no seller information such as name and address.
I might be wrong, and maybe bitcoin usage will increase, and more bitcoins will be issued, and this is becoming the standard on mobile devices and accepted by almost all traditional stores, such as Amazon and Apple. Currently, all payment methods for Amazon purchases with bitcoins are unstable. If you want to exchange bitcoins for traditional products, the brands you have to pay the amount you pay for the exchange of foreign currencies at an airport seem weak.
I think I’m right, and most people shouldn’t be playing with Bitcoin. If you experience it, make sure that you don’t spend more than you are willing to lose. Paying with Bitcoins often cannot guarantee the seller that something that has been bought will be delivered or that it will one day become illegal or that the excitement about Bitcoin will one day burst.
