Topic: Pros and cons of bitcoins for consumers and businessmen (Read 1973 times)

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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)

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.

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

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.

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

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

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.

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.

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

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

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.

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

Indeed! There are numerous ways of making profits with bitcoins and many people are already involved in this since long time. Yeah, bitcoins give complete freedom to their users unlike banks and governments. Anyone can make handsome money with bitcoins who know about crypto market.

For the consumers, in Bitcoin there's no age limit on using it unlike in credit cards. Also , they may use their Bitcoin anytime, and sometimes with less charges than regular currency. Foe the businessmen, given the fact that it is profitable. Lots of people are earning huge profit from Bitcoin. There are lots of ways to earn profit which also means that if they can do most of the ways, it will give them bigger profit. Just by investing and holding Bitcoin, they will already gain profit from that.

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.

The cons of transaction is depends on the people will going to do it and choose the way of transactions. Because if we are going to talk about the time of transaction of butcoin it is mostly depends on the fees you will choose on the block chain for your specific transaction. The higher the fees the more faster it could received. So there is a changes in terms of the good side of Bitcoin and also the bad side.

You can only increase the number of customers if you add Bitcoin as a payment option, along with existing channels. Bitcoin alone is not going to result in enough customers to keep a business running.

You may want to try Litecoin after all

Regarding clearance (yes, I saw your previous post on this issue), it doesn't matter how long it takes to settle the accounts as long as you can spend the money sent to you via, say, a card-to-card payment (which you seem to refer to) immediately. I guess this system is somewhat similar to how payment channels in Lightening Network are organized. You open a payment channel with somebody, and you can move funds to and fro as long as their net total doesn't exceed the amount which is blocked when you open up a payment channel. So it doesn't really matter when you are going to close the channel (or clear the payment in case of payment cards)

Pros:
-You might overlook this but bitcoin is for everyone its not tied to the elite or underclass.
- Super secure such that if owner forgets their keys you cant get your coins back
Cons:
-Some govt's are afraid to legalize which has made it difficult  for consumers and businessmen to use.
- transaction fees are not uniform most likely because of congestion and the alike.

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Valid point transaction are near instant but its the waiting times that hurt the most, hope when segwit is in full gear this will be an issue of the past

I would say that bitcoins are totally different from credit cards. Maybe it would be better to highlight bitcoins in light of credit cards.

Bitcoins are irreversible
This is good for the merchant but not for the consumers. Credit card payments are notoriously known to be reversible.

Bitcoin fees are currently expensive
Not good for consumers since they will have to shoulder this fee. You don't have to pay fees for credit card transactions, depends though.

Easily obtainable
You just have to buy bitcoins then use it. If you use credit cards then you need to apply for one which takes a long time. However, once you have one it is easier to use.

It is sort of a debit card
Since you send bitcoins immediately it is like a debit card where you deduct the amount instantly. Unlike a credit card, your bill is due at the end of your billing cycle.

Plus for entrepreneurs is that they can increase the number of customers due to bitcoin users. The downside is that constantly changing price and they will be forced to recalculate the price of its product several times a day. To buy the goods for sale is also problematic. And the most important thing is that the majority of users are using bitcoin as a Deposit and don't want to spend for shopping.

Let's make it simple. Here is an item I have bought with bitcoin:

https://www.amagimetals.com/gold/bars/10-oz-pamp-suisse-gold-bar-999-fine-gold

Now look at the price. You may notice that if you pay with cash, including bitcoin, the price is lower.
So what is the advantage? well in this one sale it is $416.47 cheaper than had I used a credit card. For a seller of gold the advantage is the irresistibility of the transaction. Is $400 bucks clear enough?

for me as as a consumer i have en edge of buying goods with bitcoins because i have right to buy my goods anytime where i see its profitable for me but as a businessman i think its like a risk because he must need to hold coins at least a day for the total days of sell.

Well the bitcoin is not a centralized currency which make it almost impossible to control , that way this currency is immune to inflation .So you can convert your money to bitcoins and never fear that it's value will degrade , but the problem is with using it everyday and being commited to certain payments for businessmen , as its value fluctuates a lot so if you convert 10000 dollars in BTC and you need to pay a shipment in a week the value of your money may decrease to 7000 USD , and you wont be able to pay it .

I think you are right about that, but it is completely unfounded. It is the same reason why credit cards were created. With a payment processor a business can take bitcoin without ever touching bitcoin. They face no price volatility because the processor immediately buys the coins and deposits dollars into their bank account.  That means they receive their money days or weeks before a credit card transaction and generally for about a third of the cost.

The only real CON for business is ignorance.
 

The pros would be anonymous,fast,less fees,irreversible transactions between consumers and business man and the cons would be mainly affected on businessmens since price is volatile they might gain or lose money anytime because of such movement. This is why most merchants do really see that bitcoin is a risky thing to decide to accept it on business venture world.

Here are some of the pros and cons of bitcoin on the perception as a businessman:

Pros:
- The volatility of bitcoin's price gives the perfect opportunity to invest money on yielding profit in a short amount of time
- Fast transaction and provides anonymity
- The convenience it provides into earning bitcoins due to dozens of methods given on this forum (i.e. campaign signatures, services, and trading)

Cons:
- Investing into bitcoin involves risk that may potentially decrease/increase your profit
- There are only 8-10 million bitcoins left to be mined out and law of supply and demand will determine its price on the future
- Some countries ban the usage of bitcoins
- The increase in the price of bitcoin is directly proportional to the transaction fees being paid by the individual

The major cons for businessmen is that any legal business is tighly connected with law, soceity and state (goventment, lawmakers, various controlling organisations), but there are no regulation for cryptocurrencies in most of the countries. Though it is not forbidden, it could not be fully integrated into business.

I am a student and I can say that the bitcoin have pros and cons to me. The advantage of the bitcoin to me is I gain now many profits but the disadvantage is I can't focus to my studying.

Bitcoin is a great opportunity for business men and women to cash in on, but you must first assess the risks and opportunities before you dive into the market. Though the coin is a versatile one it also pulls in much cash when carefully and effectively harnessed. It can sure help businesses grow and expand.

PROS
1.Bitcoin has become the ultimate choice of many people since it gives very high returns within short periods.
2.People could send money in bitcoins with low transaction fee and instantly,for now after segwit gets locked in in november.
3.people have full control over their money in bitcoins since they are their own banks with private keys.
4.Businessmen gets their payments secure since they could not be reversed by the customer.
5.Decentralized nature of bitcoin due to which governments have no control over bitcoin.

CONS
1.The high volatile nature of bitcoin due to which retailers don't accept bitcoin.
2.Bitcoin not yet legalized.
3.High transaction fee continuing due to some miners supporting BCC.

Bitcoin is a great idea for people who want to use it to do their businesses but it has some flaws upon how great it is, the price could keep rising and falling so you can’t be able to say how much capital or cash you presently have at hand.

The difference between using Bitcoins that credit cards while being a customer:


Pros:

• Peer to peer: Transactions don’t go through a third party such as a bank or a clearing house.
• You can actually pay the exact price: For example, if a product is worth $1.99, you can actually pay $1.99, not round it off to $2. (I know, small point, but a point nevertheless)

Cons:

• Larger transaction fee: Bitcoin transaction fees are usually higher than credit cards.
• Longer confirmation times: Most merchants would require at the least 1 confirmation before the product can be bought.
• Price variance: Say if you have 250 Bitcoin and want to buy a house, the price may jump or fall according to circumstances. One day you may have $1000000 or on other days you may have $750000.
• Not many merchants accept Bitcoin: Bitcoin has not reached that level of mainstream adoption. Vendors are still deciding whether to accept Bitcoin as payment of not.

The pros that i know about bitcoin is, it's volatility, security and cheaper rates. Why volatility, I said volatility because it is moving fast and its price can change anytime soon so it is an advantage for the active traders like me to make profit, why security? because we don't need to expose a lot of personal information to just fully use bitcoin, cheaper rates because it is fast and also cheaper rates in fees rather than the traditional ways that we know.

The cons that i know is, its volatility also, i said that it is a pros but also a cons because it depends on the person on how he can manage to face that volatility and for the businessmen, it will be a cons because they are accepting bitcoin as a payment and if in this day the rate of bitcoin is high and in the next day, it drops then that is already a loss for them which prove that volatility is a disadvantage for businessmen.

For me, pros considerably outweighs the cons for btc. Security as well as anonymity is the best feature both for regular consumers and businesses. With bitcoin being exclusively for users that has access to internet connection, i think that's the biggest con due to is accessibility for everybody.

Pros are there is no pulling back for the transaction. So both parties should be sure of what they are trading or the buyer should have decided firmly about the transaction unlike Paypal that is why they are having problems.

Cons are the slow transaction confirmation and the fees that could lead to a loss of costumers once it was experienced. One more is consumers dont see any bitcoin accepting merchants now, so how will it be used?

The advantages of bitcoin are a lot, you can talk about the convenience, speed, usability and cost of what you pay. And the only downside of bitcoin is its value, which carries too much value while it is a virtual currency. It is very dangerous to store it.

For consumers:

1: Hassle Free transaction
2: Total anonymity transaction
3: Weightless, no paper at all, unless you want to write something


Difference with credit card,:

1: Your identity was in every transaction with credit card.

2: There's a lot of ways the Credit card can be use unauthorized.

The way I see it:

Pros
- Anonymous to consumers (up to a point, but on par with cash)
- Convenient and frictionless for consumers (a phone is all I need to pay or receive)
- Drastically lower fees for merchant vs VISA/Mastercard/Amex
- No extra FX fees for consumers (try paying in a diff currency in PayPal and compare their rate with the market rate)
- Fast release of payments to merchant (yeah, other platforms can pay in 30/90/180 days and chargeback, which is a real pain)
- Decentralized and resilient (not subject to the whims of a single government)

Cons
- High volatility, which sometimes can be good, but due to the unpredictability of markets is a double-edged sword. Most business either are not able to cope with variable prices or would be awry of playing with exchange rates
- Lack of consumer protection in a low-trust environment (bcs transactions are final by design and we interact directly with the network, there is no mediator to contact if things go wrong. It would be awesome to have something akin to paypal protection but in crypto)
- Slow confirmation of payments during transaction moment (again, since we are interacting directly with the network, and not a trusted provider, it depends only on the protocol)
- Low acceptance in “mainstream” markets

Pros for consumers:
- Unable to be tracked, anonymous and safe.
- Decentralised, which means the goverment can't seize your bitcoin or do other stuff.
- Fast (For bigger transactions of 1k+, they only take 20 minutes to confim)

Cons for consumers
- Not accepted everywhere, while credit cards are
- Slow for micro transactions

Still think bitcoin would come out on top if more places accepted it, but thats just me.

For consumers, having a credit card means that a third party has my social security number, salary, address, etc.  But with Bitcoin, there is no third party at all.

For the business, accepting credit cards makes the business pay a fee to the credit card company. Bitcoin does have a fee but it should be less. The fee is the one variable with Bitcoin because it could keep increasing.

I was glad for you, but I was a little behind, but you did not make up for it, I did not want to take it for the first time for the e mail, but then I realized that I had to take what could not be without e mail.

I will only be examining the cons at this time and I cannot but look at it intuitively for businesses and consumers which I feel will include but not limited to the following:

1. The volatility at this time could mean positive for the business but it might not be for long as it could come crashing any time which might result on excess amount of loss just by holding.

2. Another is the record keeping since most software have not put in place taking care of bitcoin, then the accounting function of the business might suffer in knowing the right amount and the account to be posted.

3. The issue of legality, the moment the records are not complete in relation to 2 above then I see tons of liability from the tax authorities which is something that might run down the business.

Everything with advantages will always have disadvantages, and same thing applies to things with disadvantages. Something that is of disadvantage to an object, is likely to be of advantage to a different object. But somethings has disadvantages that are less likely to occur. So for Bitcoin, I would say the bad side of it is less likely to occur.

For example, reduction in price due to volatility is unlikely to happen in the Bitcoin platform, and I will say that is a big advantage to both businessmen and consumers. Pros of Bitcoin is that it helps to reduce poverty, and makes sending and receiving of money between two different parties very easy.

It doesn’t just end there, because there are lots and lots of advantages in it. For the cons, bitcoin is likely to promote scam/fraud, money laundering etc. But I believe all these disadvantages can always be avoided.

Bitcoin has many benefits for consumers as well as businessmen. Bitcoin is considered the currency of the future, bitcoin is traded directly between buyers and sellers, thereby reducing costs and time, we do not need to know each other but can still trade one quick way. Bitcoin is one of the most liquid assets in the financial market and is not under the control of any organization, which attracts many investors. But besides, the biggest disadvantage of Bitcoin is its high transaction costs and speed transaction, it's not good yet

I use it all the time and have not found a problem with that. In fact credit cards DO NOT WORK on small charges. When you pay for something like fast food with your CC the processor incurs a risk of fraud because they can not confirm the transaction cost effectively. In the past that meant CCs could only be used for larger purchases. Some years ago MasterCard wised up by realizing that committing credit card fraud for a hamburger is not cost effective. Now they simply do no security and completely take the risk.

The same can and is being done with bitcoin. If I pick up my morning coffee and pay with bitcoin they are not going to make me wait for confirmation. The coffee shop knows that it would be a big hassle and legal risk for me to just steal coffee. It makes no sense to wait for confirmation for a small amount. If I were buying a car or something then I would expect to wait for 5-6 confirmations. But what's an hour or so when buying a car?

On the consumer side there is a huge advantage in security because you maintain your privacy. Say you are at the store buying an expensive camera. If you pay with a CC you are really paying with your identity and demonstrated ability to pay.  Since the seller does not know you, he/she will need your identity to follow up should you not pay. With bitcoin the seller can wait for some confirmation and then has the money. Not a promise of money like a CC, THE ACTUAL MONEY.  No need to know who you are or store your financial info. The sale is over.

Slow with high amount ? How ?
You need to understand how size of a transaction is being determined and size of transaction will be influencing only the network fess not the confirmation time hence no one will bother how big a transaction amount will be.

A bitcoin transactions will be finalized based on number of confirmations. We can expect one confirmation for every 10 minutes approximately. Still, it has nothing to do with how many bitcoins are being transacted.

Pros
- fast transaction and reliable
- secure
- does not leak information about the user
- low fees

Cons
- not all people uses it
- slow when transaction involves high amount
- volatile price

Nope. It takes weeks and month to calculate your end costs as a businessman, including charge-backs and so on.

But when you are at the cashier desk, as a client, it took just a few second to pay with CC and GO. Now imagine paying the same with 1 BTC confirmation. If you want wide adoption, you should look at the technology point of client side.

You have a point. This is what is making bitcoins much popular than any other currency system. The high level anonymity and security provided by bitcoins is playing significant role in making bitcoins popular in all countries. The most amazing feature of bitcoins is that they help you to keep your identity in dark. This factor is going to help businessmen and customers a lot.

The pros of Bitcoins for consumers are low transaction fees and we control our own money as opposed to the bank.
The cons for consumers are transactions take longer to process than traditional payment methods (with fiat).

The pros for businessmen - Bitcoin is an amazing investment and accepting allows a business to use this Bitcoin as an investment.
The cons are similar to consumers - transactions are slow and tedious and also could be subject to double-spend.

I don't see volatility as a con for bitcoin because it is the common reason why people get or attracted to bitcoin. Also, it is a good currency for investors if the price move quickly and you can see a result in a matter of time. The cons for me is that the confirmation and transaction is so slow and the fees are so high.

I do not think that there is a difference in the confirmation of transaction regarding the amount of Bitcoin we sent.  Confirmation depend on the transaction fee.  Bigger fee means faster transaction.  So I think your comparison here is flawed. 

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I think the pros and cons of bitcoins for consumers and businessmand lies on the fluctuation of the currency.  Due to its wild fluctuation , it serves as an advantage and at the same time disadvantage depending on how much is BTC price when you received it and how much is BTC price when you spend it.

Both are smply to call for anyone familiar with Bitcoin:

Pros: low fees and definitive transactions
Cons: volatile price

there a lot of pros and cons for costumers and businessmen,
and the majority of the cons for them to use this is the volatile of the price.
many business still not accepting this because the price can change in no time,
what happen to them when they're doing a transaction and the price goes goes down ?
if it's only less than 1BTC that is no problem,what happen if they make a deal for more than a 100BTC ?
every drop for $10 they will get loses around 1000$.
it is very a lot and i am sure they will re arrange the deal again,
that is why many businessmen and costumers not using this as a payment method for every transaction they made(company what i mean)

Only gonna add pros and cons that haven't been said by other users.

Cons for bitcoin consumers
Risky transactions, since bitcoin is irreversible there's a chance that we could get scammed when using some service or making a transaction online.

Pros for businessmen
Less risk for them after what i've said earlier. Double spend could happen but it can be solved by only accepting transactions with confirmations.
Also this is a huge plus for them because not everyone own a credit card and it's much easier to have/buy bitcoins.

At  this point Bitcoin is still more convenient for personal consumers than for businessmen. Volatile, decentralized cryptocurrency without physical form isn''t very convenient for business because it's related with many problems and acceptance of payments. But Bitcoin as a business investment is totaly different story. And  for single users is very easy to use, gives some independency from banks and anonimity.  These are great advantages.

The pros for the consumer are the fact that you hold a portion of a finite amount of bitcoins. In the future they will hold their value very well, much unlike cash. For a businessman you never have to worry about chargbacks again, but there of course will be major fluctuation in the price vs your local fiat currency.

Bitcoin is still at the infancy stage and most investors only used it as a store of values and not medium of exchange. Businessmen are not really benefits from bitcoin because of it acceptability as a medium of exchange and payment of good and services.

For users, Bitcoin has fewer advantages over cash or credit cards. When using Bitcoin, transactions will be anonymous and your wallet will not be detected. Besides, Bitcoin also hides user information. However, we can not ignore its disadvantages such as slow transactions, less common, transactions are costly.

For a business to accept BTC using something like bitpay or even acepting BTC outright would save them a lot of money.

Visa/Mastercard/AmericanExpress etc all take forever to actually process the transaction. American Express takes somewhere around 90 days to actually fully verify that transaction, that it was paid, that the person validly paid it off, etc. Visa/Mastercard and others are like 30 to 60 days basically.

So the merchant gets their money right away with BTC.

The merchant also can help save money on the %fee. Credit card companies take something like 3% fee everytime someone uses a Credit Card at your business/buys something from you. BTC fee is obviously not 3%, so there is a huge savings there.

difference bitcoin use than a simple credit card that is guaranteed security and no hassle without cards without tax every year without anyone see where I go more precisely invisible who I am security of shopping using credit cards is a hazard cracker Attacking the shopping area

I keep seeing "slow confirmation". There is NO FASTER SYSTEM than bitcoin. Cards take days, weeks, sometimes months to confirm. 

Pros on using bitcoin for consumers and businessmen:

Once have been transferred on the wallet it cant really be reversed and also
transactions are anonymous you wont really need to show up your identity on using it.
Fees might be low as of now which is good.

Cons.

Slow confimation times
Price fluctuations

Pros
- Irreversible transactions, VISA/MC could do a charge-back in 90-180 days.

Cons
- Slow, confirming transaction, compared to VISA/MC
- More expensive for small transactions than VISA/MC

Still if you need to convert BTC to cash, you need to pay a commission in usual case.

Confirmations aren't always that fast you know. I've seen it happen on more than one occasion that it took miners more than half an hour to find a block.
If the next block also takes +15 minutes, then you're waiting almost an hour to get 2 confirmations.

Just go check the latest block that were mined and you'll see for yourself that some blocks have 30 minutes in between them.

There is no payment system that is faster, cheaper, or more secure.

If you only pay with credit cards then you may not know this, but it takes a card 2-60 days to clear. The business will factor in the 3% or so that they pay for your "free" transaction. And you will have to risk sending your personal banking information to the seller, the payment processor, and whoever else.

When I buy with bitcoin (it is all I use online) I expect to pay less for items. I do not give out my identity, unless buying firearms or something. And I know that my end of the deal is completed in an hour, so I expect immediate shipping. I can shop most anywhere in the world and choose from over a hundred thousand locations. I travel a lot and love that whatever city I show up in I can use the money on my phone without exchange fees for local fiat or getting stuck with a bunch of foreign cash. 

Then there is the part about how my money grows the whole time. My $0.74 bitcoins go a long way these days.

-Lower fees.  While the fees are high compared to BTC's past, a lot of credit cards charge very high fees to the merchant because mediation increases transaction costs.  In the long term, blockchains and other decentralised payment systems could hugely reduce fees.  PayPal is even worse with a fee of 2.9% + $0.25 in the US and 3.4% + £0.2 in the UK.

-Also important, static fees.  Good for large transactions.

-No need to give anyone loads of details when paying online - all you need is an address

-Irreversible

-Sovereignty over your funds.

I am honest, I have never used a credit card. But after I got to know Bitcoin I used both to transact. Everything is safe and in my opinion there is nothing better. Mistakes always happen anytime, as long as we can use them well then both are very safe.

I don't think Bitcoin is slow at all. Confirmation is pretty fast unless the network is being spammed, the fees are also really cheap unless Roger Ver and Jihan are spamming it.

If you want you can take 0 confirmation transactions, that would be faster, but less secure. Credit cards take 180 days to confirm and no one even knows it.

Pros:
- Fast ( trasacation which worth more than $1000
- Anonymity and secure
- Information will not be leaked

Cons:
- Slow ( transaction which less than $1000)
- Depend on mining fees and miners to confirm
- Not popular to many people

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?