Pros and cons of bitcoins for consumers and businessmen

paynercash

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Quote from: BitcoinCommodor on September 15, 2017, 01:47:27 AM

Quote from: PalindromemordnilaP on August 10, 2017, 03:06:33 AM

As worldwide cryptocurrency and digital payment system is on the rise, i just want to ask about the pros and cons of bitcoins for consumers and businessmen.

On the side of consumers, what is also the difference of using bitcoins than credit cards?

For a businessman or a consumers, you trying to invest is a great idea but you should try and calculate what you would be losing or gaining in case anything goes wrong in the market cos the market is very very volatile.

Exactly. Whether it's a businessman or a consumer, that's a good idea. But first enter this market. Need to equip yourself with knowledge, skills and good investment need smart. New achievements can be achieved. I think so.

Nnedaddy1

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Bitcoin con's:
Volatility nature.
Delay transaction confirmation.
High energy consumption.
Anonymous structure.
Not widely accepted by the public.
Pros

Simple to use.
Not centralized and so cannot be maniputaled by third party.
Gives good return on investment.

IGP50

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Bitcoin indeed requires to be credited always. From the time i entered into cryptocurrency, I have been a good investor in bitcoin and bet me I have gained a whole lot in bitcoin and will always be proud of it.

tannerchum

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Quote from: pekobites on September 01, 2017, 12:21:31 PM

PROS

Instant transactions
Great refuge against inflation
International mobility

CONS
Because of the great volatility you could have to trade at a loss if you need cash during a burst
Some higher fees in certain sectors
Not yet massively accepted

I agree in your opinion, their are diffrent pros and cons that is depends on how they are going to handle it.
I have my own idea of pros and cons for consumers amd businessman.

CONSUMERS
★Pros
Easily to transact single transaction.
Very useful in the community.
Hassle free for the us.

★Cons
Not yet totally accepted in other area.
Not everyone is knowledgable.

BUSINESSMEN
★Pros
It is a good investment.
Huge advantages that might bring.
Easily to access.

★Cons
Risky

Xenoph0bia

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Advantages: It is a decentralised digital asset which works without a central repository or single administration.
Bitcoins provide pseudo anonymity to the transactions happening. Makes them secure and untraceable.
The transactions are irreversible.
Makes international transactions much easier.
Disadvantages: Bitcoin is highly volatile. Hence affects those business which have accepted butcoins as mode of payment.
Transactions take a long time to be approved of.
Also bitcoin has not been accepted globally.

pearlmen

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The only dominant con here of all the cons is the issue of volatility and thats exactly what we are facing to both that buyer and the seller. I as a buyer purchase a quantity of goods will then realise that I could have gotten thrice that quantity by virtue of the increase in price within a short period of time and same thing goes to the seller in the case of price crash as we are witnessing now and that is one key thing that is stopping bitcoin.

BitcoinCommodor

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Quote from: PalindromemordnilaP on August 10, 2017, 03:06:33 AM

As worldwide cryptocurrency and digital payment system is on the rise, i just want to ask about the pros and cons of bitcoins for consumers and businessmen.

On the side of consumers, what is also the difference of using bitcoins than credit cards?

For a businessman or a consumers, you trying to invest is a great idea but you should try and calculate what you would be losing or gaining in case anything goes wrong in the market cos the market is very very volatile.

Sengoko

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Quote from: PalindromemordnilaP on August 10, 2017, 03:06:33 AM

As worldwide cryptocurrency and digital payment system is on the rise, i just want to ask about the pros and cons of bitcoins for consumers and businessmen.

On the side of consumers, what is also the difference of using bitcoins than credit cards?

For a businessman, you trying to invest in bitcoin you have to think of what is going to happen if any bad thing happens to bitcoin, you have to calculate the risks and do your risk assessment perfectly, if it is fine by you then you are good to go.

swscowods

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Quote from: PalindromemordnilaP on August 10, 2017, 03:06:33 AM

As worldwide cryptocurrency and digital payment system is on the rise, i just want to ask about the pros and cons of bitcoins for consumers and businessmen.

On the side of consumers, what is also the difference of using bitcoins than credit cards?

Crypto is great to deal in and with, but it should be used with caution to avoid it ruining your business career. Every trade should be carried out carefully and with a you should try getting guarantee before paying for somethings with BTC.

d1ceplayer

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Quote from: Kaller on September 02, 2017, 01:38:38 AM

Quote from: pekobites on September 01, 2017, 12:21:31 PM

PROS

Instant transactions
Great refuge against inflation
International mobility

CONS
Because of the great volatility you could have to trade at a loss if you need cash during a burst
Some higher fees in certain sectors
Not yet massively accepted

Instant transactions? I don't think so. Try up to 24 hours for confirmation.

Volatility will decrease as the market cap grows over time.

Virtually every sector has higher fees.

I don’t think so transactions’ time is too much. One day is nothing as compared 1 week and plus time required for certain bank transactions and that of other digital coins. Even I am pretty okay with the transaction fees. Volatility is the beauty of bitcoins and crypto market. I strongly believe that volatility should keep on going.

deisik

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Quote from: Kaller on September 02, 2017, 01:38:38 AM

Quote from: pekobites on September 01, 2017, 12:21:31 PM

PROS

Instant transactions
Great refuge against inflation
International mobility

CONS
Because of the great volatility you could have to trade at a loss if you need cash during a burst
Some higher fees in certain sectors
Not yet massively accepted

Instant transactions? I don't think so. Try up to 24 hours for confirmation.

Volatility will decrease as the market cap grows over time

What makes you think so?

Bitcoin market cap basically reflects Bitcoin price, so what you say would be equal to saying that high prices are going to contribute to lower price volatility. Could you explain how exactly the high prices will extinguish volatility? As to me, basic economic laws of supply and demand tell us that volatility is set to rise the higher the price goes (given the rigid monetary supply of bitcoins to the market)

Kaller

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Quote from: pekobites on September 01, 2017, 12:21:31 PM

PROS

Instant transactions
Great refuge against inflation
International mobility

CONS
Because of the great volatility you could have to trade at a loss if you need cash during a burst
Some higher fees in certain sectors
Not yet massively accepted

Instant transactions? I don't think so. Try up to 24 hours for confirmation.

Volatility will decrease as the market cap grows over time.

Virtually every sector has higher fees.

pekobites

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0x88628bf14F2391707bA9d1767f83c694Efd2a8B9

PROS

Instant transactions
Great refuge against inflation
International mobility

CONS
Because of the great volatility you could have to trade at a loss if you need cash during a burst
Some higher fees in certain sectors
Not yet massively accepted

Netnox

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The pros include ease of storage and divisibility. Also, limited or controlled supply means that Bitcoins are immune to over-supply issues. Also, since Bitcoins are decentralized, the central banks can't mess with that currency. Now coming to the cons, the most important are delays in confirmation time and high fees. Others include extreme volatility and lack of clear legal guidelines.

deisik

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Quote from: gabmen on September 01, 2017, 09:19:08 AM

Quote from: Tungsten-1 on September 01, 2017, 03:55:06 AM

Quote from: deisik on August 31, 2017, 07:50:40 AM

Quote from: pitiflin on August 29, 2017, 07:31:06 PM

There is no use of bitcoin for general purposes for the consumers. You can earn in bitcoin, convert in fiat and then buy whatever you want.
And companies will face another issue on a large scale, that is, the damn high transaction fee and the time it takes to transfer funds has also increased

This basically proves that Bitcoin is no more than a vehicle for speculation

And it will likely remain that in the future. In this manner, we can easily pinpoint the factors which could potentially interest companies (both merchants and producers) in respect to Bitcoin (or some other cryptocurrency, for that matter) as a means of payment. First of all, it is the cost of transactions. Obviously, with today's miners it is unlikely that these costs are ever going to decrease, and miners will leave no stone unturned (think Bitcoin Cash here) to preserve their revenue they receive as fees. Further, transactions should be fast, and still better if they were instantly fast. But it is next to impossible to change things in this regard with Bitcoin. Now we have miners abandoning one blockchain in favor of the other in the pursuit of higher profits, with no blocks mined and transactions confirmed, so that's unlikely to change either. The bottom line is that Bitcoin will remain purely a speculative asset, and we should look elsewhere if we want crypto to make a genuine entry into the real economy as a full-fledged means of exchange

I will agree to what you have said. But we cannot deny the fact it is just the start of an era of Crypto Currencies. Transaction fee and process both are somehow cons of Bitcoins, but these are not the everlasting problems. I am very much positive that these issues will be resolved soon.

I don't these are cons though. These fees are necessary to keep btc as it is now afloat. Exchanges, businesses, people in general who transact in btc are getting benefits from these fees to make it easier and faster

There is hardly anything that I could disagree with stronger

This is what we are being told as well as something to the tune that it is us who are paying the fees voluntarily. As to me, what you say is outright bullshit. The high and higher fees are the inevitable result of the miners' greed and them heavily monopolizing the mining market. There is nothing wrong with being greedy (up to a certain point, of course), but there is nothing right with market monopolization. And it is the latter which is to blame here, and this has nothing to do with the claims that the fees are "necessary to keep btc as it is now afloat". Litecoin fees are way lower but no one says they are as necessary

masterwakokok7

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Quote from: PalindromemordnilaP on August 10, 2017, 03:06:33 AM

As worldwide cryptocurrency and digital payment system is on the rise, i just want to ask about the pros and cons of bitcoins for consumers and businessmen.

On the side of consumers, what is also the difference of using bitcoins than credit cards?

I'll cite some of the pros and cons for consumers and businessmen, Based on my own understanding.

Pros (Consumer):

Another source of income - nowadays a lot of people are looking for a way to earn extra money to sustain their needs. Well, the idea of Bitcoins opens a lot of;
Opportunities - In which you could learn and earn at the same time.
Decentralized Transaction - It's pros for consumers in which they could easily transact under the radar. Also, Along with decentralization. Bitcoin offers;
Anonymity - The fact that the industry is Decentralized, WE are also anonymous.
Form of payment - Though as of the moment some businesses do accept Bitcoin as their payment and also the idea with this is that the Digital Currency is now moving forward and most likely it would be the trend for the succeeding years.

Pros (Businessmen):

New Market - We all know that Businessmens looks for new markets for them to build their own business. Bitcoin's industry can offer them that. Why? If you are to look at the Big Picture a lot of Projects are now starting to grow with the help of Bitcoin and other Cryptocurrency. A simple platform less money to invest but in return, it would surely exceed the ROI. (This will be effective if the platform is very useful to people)
New Investment - Not all businessmen wanted to start their own company or what. They became businessmen by way of Investing and Trading. Bitcoin's status as of the moment is very attractive in which these businessmen can easily penetrate the market.

Cons (Consumer and Businessmens):

Volatility - Well this is not new to both parties. The field of investment and trading is risky.
Transaction Fees - Also, this is not new since every transaction has already a fixed fees (though it still grows)
Prone to Hackers - Though a lot of Online wallets are safe, Hackers could penetrate it if they really want to

Proton2233

sr. member

Activity: 434

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Fees are rising, but the transactions become faster and easier. For me, the main downside to bitcoin is that the users and miners have different interests and so they are unable to agree among themselves. The high cost of small transactions does not develop trade. Therefore, we do not see rapid spread of bitcoins.

gabmen

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Quote from: Tungsten-1 on September 01, 2017, 03:55:06 AM

Quote from: deisik on August 31, 2017, 07:50:40 AM

Quote from: pitiflin on August 29, 2017, 07:31:06 PM

There is no use of bitcoin for general purposes for the consumers. You can earn in bitcoin, convert in fiat and then buy whatever you want.
And companies will face another issue on a large scale, that is, the damn high transaction fee and the time it takes to transfer funds has also increased

This basically proves that Bitcoin is no more than a vehicle for speculation

And it will likely remain that in the future. In this manner, we can easily pinpoint the factors which could potentially interest companies (both merchants and producers) in respect to Bitcoin (or some other cryptocurrency, for that matter) as a means of payment. First of all, it is the cost of transactions. Obviously, with today's miners it is unlikely that these costs are ever going to decrease, and miners will leave no stone unturned (think Bitcoin Cash here) to preserve their revenue they receive as fees. Further, transactions should be fast, and still better if they were instantly fast. But it is next to impossible to change things in this regard with Bitcoin. Now we have miners abandoning one blockchain in favor of the other in the pursuit of higher profits, with no blocks mined and transactions confirmed, so that's unlikely to change either. The bottom line is that Bitcoin will remain purely a speculative asset, and we should look elsewhere if we want crypto to make a genuine entry into the real economy as a full-fledged means of exchange

I will agree to what you have said. But we cannot deny the fact it is just the start of an era of Crypto Currencies. Transaction fee and process both are somehow cons of Bitcoins, but these are not the everlasting problems. I am very much positive that these issues will be resolved soon.

I don't these are cons though. These fees are necessary to keep btc as it is now afloat. Exchanges, businesses, people in general who transact in btc are getting benefits from these fees to make it easier and faster.

deisik

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Quote from: Tungsten-1 on September 01, 2017, 03:55:06 AM

Quote from: deisik on August 31, 2017, 07:50:40 AM

Quote from: pitiflin on August 29, 2017, 07:31:06 PM

There is no use of bitcoin for general purposes for the consumers. You can earn in bitcoin, convert in fiat and then buy whatever you want.
And companies will face another issue on a large scale, that is, the damn high transaction fee and the time it takes to transfer funds has also increased

This basically proves that Bitcoin is no more than a vehicle for speculation

And it will likely remain that in the future. In this manner, we can easily pinpoint the factors which could potentially interest companies (both merchants and producers) in respect to Bitcoin (or some other cryptocurrency, for that matter) as a means of payment. First of all, it is the cost of transactions. Obviously, with today's miners it is unlikely that these costs are ever going to decrease, and miners will leave no stone unturned (think Bitcoin Cash here) to preserve their revenue they receive as fees. Further, transactions should be fast, and still better if they were instantly fast. But it is next to impossible to change things in this regard with Bitcoin. Now we have miners abandoning one blockchain in favor of the other in the pursuit of higher profits, with no blocks mined and transactions confirmed, so that's unlikely to change either. The bottom line is that Bitcoin will remain purely a speculative asset, and we should look elsewhere if we want crypto to make a genuine entry into the real economy as a full-fledged means of exchange

I will agree to what you have said. But we cannot deny the fact it is just the start of an era of Crypto Currencies. Transaction fee and process both are somehow cons of Bitcoins, but these are not the everlasting problems. I am very much positive that these issues will be resolved soon.

These issues are already fixed

I refer to altcoins such as, for example, Litecoin. Strictly speaking, it is not so much about transaction fees and confirmation times as about scalability (the former are just technical issues brought about by political reasons). But we should understand (if we cut all the crap about the "Era of Crypto Currencies coming") that governments won't quite like it when these issues are effectively resolved and cryptocurrencies start making inroads into the real economy essentially crowding out official money from the economic turnover. It is one thing when the cryptoscene is just a playground for speculators as well as profiteers and a completely different one when the real economy (i.e. production of goods) is involved

The_prodigy

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Quote from: PalindromemordnilaP on August 10, 2017, 03:06:33 AM

As worldwide cryptocurrency and digital payment system is on the rise, i just want to ask about the pros and cons of bitcoins for consumers and businessmen.

On the side of consumers, what is also the difference of using bitcoins than credit cards?

For Businessmen.

Pros:
Electronic transaction
Almost can leave no trace
Can hold money and still earn some

Cons:
Can be hacked
Can be stolen with almost no trace
High costs on some fees

For cisumers:
Pros:
Attesctive rewards
Saving and investing at the same time
Easy joining

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