Advantages:
1) Ease of use
2) No government controls it therefor they couldn't imposed sudden stupid rules on it and limiting the user base
3) Fast and secure
4) Pseudonymous
5) least transaction fee in comparison to other traditional ways
Disadvantages:
1) Lack of adoptability on most countries and businesses
2) A bit too complicated for older generation
3) Difficulty for some to obtain it even though there are many ways out there
4) Confirmation time might get stuck sometimes due to attacks on the network
5) It's value might go down within minutes
It's not fast and secure as the confirmation time takes upto an hour on any network (unless there is an attack or wallets are down for maintenance). As a payment mode, it's easy to transfer bitcoins from one wallet to another and this method is fast.
The disadvantage "A bit too complicated for older generation" may be not true as many users out here who are tech savvy are 40+ and if that's called old, they have more knowledge of bitcoins than we do.
To add to the advantages:
1. It's controlled with a private key and hence it gives you complete control of your wallet.
2. You can also mine bitcoins and trade in bitcoins.
Disadvantages:
1. It's a virtual currency.
2. Requires internet access.
Volatility can be an advantage as well as a disadvantage.
