Advantages And Disadvantages Of Bitcoin

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In today's electronic world, many people having gotten use the words go paperless. This is especially seen when talking about ditching old forms of payment such as cash and coins to more efficient methods of payment such as, bitcoin, apple pay and pay pal. Although all 3 are digital forms of payment, bitcoin operates its transactions very different from other digital forms of payment. Bitcoin is the first successful crypto curreny and its wide use in many businesses from countries all over has sparked curiosity to many economist about the idea of having an international currency, as said in Money Crashers online. Bitcoin has numerous benefits that should make it become the first universal or international currency because it provides lower…show more content…
In a Money Crashers online article, "What Are Bitcoins", approximately 2.2 billion individuals have access to the internet or mobile phones. These markets are perfectly set up for bitcoin with the ability to make phone-based money transfers. This adds new possibilities of growth with businesses and economies worldwide because of so many new potential consumers. Not only can people purchase products from distant countries with bitcoin that they would have never have had the access to before but, in addition, have the ability to save money by not needing to pays fees for transfers and currency exchanges. If a person from Costa Rica was to purchase a product in the United States there would be fees for converting their currency the colon to the US dollar. This process not only will cost extra money but it can sometimes take days to exchange currency online. Using bitcoin would simplify the transaction process by sending a bitcoin from one user to another within seconds, with the added bonus of no fees associated with…show more content…
Unlike recent credit card hacking with large retailers such as Home Depot and Target, bitcoins are shared to a network that keeps track of all bitcoins therefore cannot be counterfeited . Additionally, Money Carshers online says when an individual purchases a product their identity is kept anonymous with bitcoin. The transfer of bitcoins only shows a various group of numbers, much like an IP address that will get uploaded to the block chain linked to the bitcoin miners. Once the network of computers or the “miners” receive the block chain, they begin auditing the bitcoin transaction performing multiple checks by many different computers to authenticate the transaction. Each additional computer verifying the transaction adds more numbers of coding to the block chain, making it even more impossible to hack. Another key advantage would be the savings of bank account fraud. Money Crashers Online mentions, in the United States, it is estimated that around 17 million people are victims of identity fraud every year. That translates to the billions of dollars with many times vendors the ones eating the

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