Advantages And Disadvantages Of Bitcoin
Trading has been a skill known to humans since the ancient times dated back to 9000 BC. As the years pass by, our trading skills have evolved to benefit us financially and continue to differentiate every day through the advancement of technology and common knowledge. Now we are living in a world where everything revolves around using money as currencies, but the trade doesn't stop here. Our society is slowly accepting Cryptocurrency and using them as a way to trade items instead of using their old modern functions. There are many cryptocurrencies around, but the one that is well known to everyone is Bitcoin. This research paper will talk about the newly popular cryptocurrency called Bitcoin and to provide knowledge to people about how sites
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Bitcoin is virtual which means every transaction is noted and recorded for a users own records. This digital currency is even more appealing because instead of driving over to your nearest bank you can handle all of your transactions in the convenience of your home. Bitcoin is always at the tip of your fingertips whether a user is holding their phone or on their laptops which in this day and age the more accessible something is the more people will want to exploit it. Bitcoin, when researched and studied can be very simple to use and trade. This digital currency is even more appealing because instead of driving over to your nearest bank you can handle all of your transactions in the convenience of your …show more content…
If less people use the dollar currencies we have, the less value it has to everyone and this will greatly affect a country’s economy. To prevent this from happening, some countries have made Bitcoin illegal. “Very few countries have gone as far as to declare Bitcoin illegal. That does not, however, mean that Bitcoin is "legal tender" - so far, only Japan has gone as far as to give Bitcoin that designation.” (Grewal 2018) Bitcoins aren't necessarily illegal in most countries, but it just doesn't have a legal tender meaning that there is no protection for either the consumer or the merchant. So, the government is not there to support the consumer and the merchant when and if Bitcoin decides to
Bitcoin is virtual which means every transaction is noted and recorded for a users own records. This digital currency is even more appealing because instead of driving over to your nearest bank you can handle all of your transactions in the convenience of your home. Bitcoin is always at the tip of your fingertips whether a user is holding their phone or on their laptops which in this day and age the more accessible something is the more people will want to exploit it. Bitcoin, when researched and studied can be very simple to use and trade. This digital currency is even more appealing because instead of driving over to your nearest bank you can handle all of your transactions in the convenience of your …show more content…
If less people use the dollar currencies we have, the less value it has to everyone and this will greatly affect a country’s economy. To prevent this from happening, some countries have made Bitcoin illegal. “Very few countries have gone as far as to declare Bitcoin illegal. That does not, however, mean that Bitcoin is "legal tender" - so far, only Japan has gone as far as to give Bitcoin that designation.” (Grewal 2018) Bitcoins aren't necessarily illegal in most countries, but it just doesn't have a legal tender meaning that there is no protection for either the consumer or the merchant. So, the government is not there to support the consumer and the merchant when and if Bitcoin decides to