Of course, nothing is perfect. As a coin has two faces similarly BTC too has its positive and negative aspects as compared to traditional currencies…
Advantages are always pleasant but first it’s better to learn the downside of something to know it completely. Though Bitcoin doesn’t have enough of the downsides but the one’s that it has, can’t be ignored. Later on we will discuss about the pros of Bitcoins after which you will see that negative points will seem faded because we live in a decade where people love taking risks. Whether or not, the advantages outweigh the disadvantages depending on what you consider using it for…
The legal status of Bitcoin is different in every country. Some countries like U.S.A, Canada, Brazil and many more encourage the trade and use of BTC while other countries don’t.
Bitcoin’s untraceability has been a part of serious concern since beginning due to which criminals find it appealing; some news providers also say that it is popular totally among criminals because they can use it for illegal purposes. So that becomes a serious issue for why governments fear giving it a legal status.
Heights of recognition
BTC is legal and is recognized in various countries; however many of the governments don’t have any rules and regulations for BTC while some have banned it straight and some countries are still confused. Exclusive use of BTC by abandoning all other fiat currencies isn’t totally possible.
The price of BTC has gone through various stages of skyrocketing and sinking. It is referred to as bubble by some people due to high fluctuations in its price. BTC has conquered new heights if we see its past, only to drop straight right after. The value of BTC is unpredictable as it changes drastically and rapidly, due to which a lot of imprudent investors suffer significant financial loss.
Bitcoin was made with expectation to build a better world through innovation, Jam-packed with diversity and development that is continuous. It is expected to grow more and more in no time. Currently BTC is unregulated as banks and governments are unable to control it. But the world governments will try to control it as its popularity increases and it gets bigger. BTC would change and become a totally different kind of currency if it gets regulated.
The alphanumeric password used to access Bitcoin wallet is known as a key. Earlier when BTC concept started it used to get stored on a computer wallet in your hard disk. If anyone looses the hard disk, the BTC stored in it got lost as well. Nowadays online wallets are being used that are more user friendly and provide us with a key of their own. These online wallets have backup and restore mechanism. Before being able to use them the user needs to set them up. Losing that key too means losing your wallet.
Conversion between currencies is not an easy task
The first step that everyone does after entering in the cryptoworld is changing fiat currency/ local currency into Bitcoins which is a lot more tough process. We’ll discuss about several ways to get BTC in the next sections.
Stay tuned for pros of BTC in the next blog.