July 07th, 2024

What is the advantage and disadvantage of Bitcoin cryptocurrency?

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Akshat Gupta
3 years ago Selected

1: Advantage

• Since it is digital, there is very little chance of fraud in it.
• For this very little extra charge is required to be paid. Bitcoin is free of transaction fees.
• If you have more money and you want to invest somewhere, then in most of the places you need the help of a third person. That is, if you want to buy land etc. with your money, then you need a lawyer etc., but no third party is required while investing in it. Therefore, by investing your money here in a very short time, you can be rest assured.
• This is the age of the Internet. Therefore, at this time most of the people have the facility of desktop, smart phone etc. Its wallet is very easy to use at this time. In the same way as the wallet of M-Pesa etc. is used.

2: Disadvantage

• There is no authority or government to control it, due to which the price of bitcoin keeps on rising or falling, due to which investing in it can be a bit risky.
• If your account is hacked by a hacker, you can lose your bitcoins. The biggest disadvantage is that you cannot get them back.
• If it is used between two people, then people also use it for wrong things like buying weapons, supplying drag etc. Which can prove to be very dangerous.
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