Bitcoins are sort of computer file which is stored in digital wallets in mobile app or software and it can be transferred to another person account like simple digital payment. Bitcoin is not owned by
Bitcoins are sort of computer file which is stored in digital wallets in mobile app or software and it can be transferred to another person account like simple digital payment. Bitcoin is not owned by any individual, it is open source and anyone can use free btc.
Advantages of Bitcoin:
- Secure: As each transaction is unique and is recorded in a public ledger, thus to copy or create a fake Bitcoin is very difficult. Also as the data for free btc is verified cryptographically by a huge network of computer clusters and to change or falsifying a record in public record means making changes in the entire chain which is also very difficult.
- Bitcoins are not controlled by a government, banks, or any authority thus there are very low or no processing fees.
- Bitcoin transactions do not contain customers with personal or sensitive information.
- Bitcoin transactions are very fast as compared to other online transactions.
- Bitcoin transactions are irreversible.
- As bitcoins are not controlled by the government they are non-inflationary.
- All the successful l transactions are public and can be accessed by everyone.
Disadvantages of Bitcoin:
- Many countries have banned Bitcoins which have caused bitcoin wallets and companies to shut down.
- One can lose bitcoin from a bitcoin wallet.
- There have been theft cases of bitcoins from websites which let you store bitcoins remotely.
- As the bitcoins transactions are decentralized and thus are irreversible, you cannot control it once it is initiated.
- Bitcoin is in still development stage and there are little awareness and knowledge regarding digital currencies.
Bitcoin in the future is going to capture the market as it is gaining popularity because of its feature such as decentralized, anonymous, and safe also there would be release of differ types of bitcoin in upcoming time.