I am a judgment matchmaking expert that writes often. Bitcoin is a payment system predicated on a proprietary form of digital token currency. Bitcoin is really a bartering system that is an alternative to paying with cash, checks, PayPal, or credit cards.
Bitcoin provides a private (or perhaps even a clandestine) way to pay for things. My guess is that unfortunately, some Bitcoin transactions are probably used to purchase illegal services or things.
The advantage of Bitcoin is that it preserves your privacy. Bitcoin has many disadvantages, including:
Although Bitcoin has its charms, it is proprietary and is not part of, or backed by, any government. Just a finite number of Bitcoins have already been created, which makes Bitcoins seem to be more valuable than they actually are.
By limiting the quantity of coins made, combined with the hype, have pushed up the price tag on Bitcoins.
Spice Some of Bitcoin’s benefits may have questionable value. The advertised benefits include having the ability to email your friends money, it is related to gold, it provides privacy and stability, etc.
The problem is, cash, checks, bank cards, prepaid money cards, money orders, bartering with something (e.g., postage stamps), wire transfers, and PayPal; seem to cover nearly every payment need.
3) Buying Bitcoins is not cheap. And except for EBay, buying Bitcoins is not simple or easy; and aside from (probably) EBay, a few of the Bitcoin vendors seem a little flaky.
For a test, I emailed four Bitcoin exchange vendors, including two somewhat close to me, and do not require responded. Once you buy Bitcoins, there are no refunds.
In my tests, the software to create a Bitcoin “wallet” on your pc seemed slow and buggy. I tested two different Bitcoin wallet programs, also it seemed as if they would have taken days to complete coordinating things with Bitcoin’s remote server network.
I would guess that because Bitcoins are totally secure and private, and because they might be used to get anything anywhere, using them might help get you on the government’s radar. Who knows, maybe see your face selling unobtainium that you can only buy with Bitcoins, is actually with some police department, seeking to bust you.
With Bitcoin, the chances of getting cheated for purchases vastly increases, because almost no seller information is shared with the buyer, such as for example their name and address.
I might be wrong; and perhaps Bitcoin usage will grow, and more Bitcoins will be issued, and it will become standard on mobile devices, and be accepted by almost every conventional store, for instance Amazon and Apple.
Right now, the methods to purchase Amazon purchases with Bitcoins are flaky. Also, when you wish to trade Bitcoins for conventional products, the markups you must pay make what one pays to switch forex at an airport, seem low.
I think I am right, & most people should not mess around with Bitcoin. If one experiments with it, be sure not to save money than you are willing to lose.
Often, paying with Bitcoins, one cannot guarantee owner, the delivery of anything purchased, or that one day it may be made illegal, or that the bubble of excitement over Bitcoin will 1 day burst.