Advantages & Disadvantages of the Bitcoins

Bitcoin is nothing but it is a digital token currency. It is a method of online electronic payment system. Bit coins can be used as an alternative of credit cards, debit cards, and PayPal account. It also provides private way to pay for anything which you purchase online. Since these are also the private way of payment, many people also these coins for purchasing illegal services and things. To get more details about what does Bitcoin mean click here.

With many advantages bit coins also a have a lot of disadvantages.

Advantages associated with Bitcoins:

1. Bitcoins are easiest mode of online payment.

2. There is no need to worry about its security.

3. No one can steel its informations.

4. It is safe and secure mode of payment.

5. It is easy to use.

6. It can be used just like cash.

7. The main advantage associated with this currency that it can be buy, exchange and also can be sale.

8. It also preserves your privacy.

9. It is useful for those people who do not have cards.

10. Online payment and playing online games has become easier due to use of these coins.

11. It is also used in many casinos.

12. It can be used worldwide.

Along with advantages bit coins have also many disadvantages. These are as follows:

Disadvantages associated with Bitcoins:

  1. Since bit coins are also the way of private payment these currencies are also used for purchasing illegal things.

2. purchasing of bitcoins are usually not so easy.

3. There is also no refund when you buy bitcoins.

4. Since payment with bitcoins do not need name, address and information of purchaser, hence if any fraud happens then it is not easy to find that person.

5. In many countries bit coins are banned hence you cannot use it worldwide.

Related Link :
Bitcoin Ownership