Approximately 13 years have passed since the advent of bitcoin in the share industry. Since then, over the years, bitcoin has only seen addition in clients and no subtraction. The biggest reason is the convenience of transactions that bitcoin provides to its users. Customers like having a variety of options in the mode of payment. It has been noted that with restricted payment methods available, mostly customers hesitate or lose interest in investing their precious time and money. But does this all mean that you should straightway go and invest in bitcoins? Or you think that they are only advantages and no disadvantages of cryptocurrency? Then this article is particularly written for you.
The Pros of Using Bitcoin According to the Eric Dalius Bitcoin Paper:
1. The benefit of low transaction fees:
You might have seen or used many online payment platforms, which charge extra from their customers in the form of service. This is quite disappointing, considering you are already making a payment, and this extra just makes you scratch your head and account balance. This proves very maddening when you have a limited budget and cannot proceed with your payment just because you have not planned your budget to keep the service charge in mind.
Well! Strongly affirmed by Eric Dalius bitcoin report that bitcoin saves you from this annoyance to a very large extent. As the service charge implied, using cryptocurrencies is almost equal to null. No intermediary bank involve during the transaction process through bitcoins. This is the reason why bitcoins are a good choice if you wish to save your pocket.
2. Bitcoin is a great form of investment:
Apart from easing the payment process, bitcoin has also emerged as a fantastic form of investment. By using bitcoins, you have an option to accept payment in cryptocurrency and then convert it into fiat currency and use it according to your convenience. But if you don’t need money at that time and are looking to make some investment, then the next option is very suitable for you. You can hold bitcoin indefinitely in your account and wait for the value to increase. Once increased, you can then convert it into your regular currency or use it. It is just like some other form of investment, for example, gold or real estate. Just like these too, bitcoins are also market-dependent.
3. Easy accessibility:
Bitcoins can access very easily using your phones and computer devices. Today in the age of digitalization, a wide portion of the world’s population has easy access to smartphones. This means that using cryptocurrency is very easy and finely available for a good portion of people. Like other traditional payment methods, bitcoins also take very few minutes or even lesser time for setup. Once you do setting up your crypto wallet, you can start purchasing bitcoins or can even indulge in bitcoin mining if you have the required software and hardware available with you.
The Cons Of Using Bitcoin:
1. The continuous concern of volatility:
When you invest in something market-dependent and keeps fluctuating every second, it gives you a reason for all-time worry and concern. One minute you see that the prices are high and just when you are thinking of extracting it suddenly the prices drop abruptly. This is one major drawback of bitcoins that has been noticed so far. However, this is also true that the value of bitcoins keeps changing and rises very faster, but it also drops at the same speed.
If the volatility of the bitcoin can control, then nobody can stop it from reaching new heights of success. But so far, there is no solid solution to this problem, and investors currently keep backing off from investing in bitcoin due to this sole reason.
2. Lack of proper regulatory body:
Nobody likes to invest in anything that is too insecure and unassured. Markets can give no guarantee to their clients. But there is still some sort of certainty, assurance, and predictability present there. But in the case of bitcoins, everything just mentioned is absent. There are no proper regulations or laws regarding the usage of bitcoin. Most countries are working on jotting down proper forms of legislation about it, but the regulatory landscape is highly unpredictable in the present scenario.
Lack of proper regulation is a major reason why most countries today have either banned or restricted the use of bitcoins in their nation. It can’t be unanimously accepted without the facility of reporting proper gains on transactions.
3. Huge lacuna in widespread appeal:
Crypto exchange is a new concept mainly because it is still developing its payment options for general public use. This is the reason why bitcoins are not market on a global level. At least not as much as the form of payments promotes. This lack of appeal harms its purpose.
In the present scenario, there is an equal balance between the cons and pros of the use of bitcoins. Hence, it is entirely your decision to keep it as a payment option for your customers or not. However, bitcoins will soon become the need of the hour in the upcoming future and that cannot be denied.