Topic: What is advantage/disadvantage of bitcoin? Could btc become money? (Read 292 times)

I am a big fan of airdrops because I don’t have to invest my money upfront, and often just they require some promotional work for the project. People are getting compensated for their work and time. If you do your research and deem that a project is worth your time and energy, you participate in the airdrop. If not, just move on.There are many interesting projects that I’ve encountered, one of which is Marinecoín (.MTC.). Marinecoín has been around since 2013, and is a complete product prior to the airdrop that is going on right now. Marinecoín community believes in decentralization and equitable distribution of wealth. As such, over 98% of all .MTC. supply is being distributed to people who are willing to participate in the community! Also mtc will be a self sustaining and dev-less network, thanks to artificial intelligence we call Jarvis.The ICO is one of its kind, because Jarvis AI is assisting new members and ensuring high quality content for it.. Currently 20000.MTC. is paid out under the guidelines of proof of promotion(1 posting) with time dilution. Hope you check out the project. Our community is growing day by day. The website is marineco.ín and Discord is the most active form of medium for the community.

There are many merit and demerit of the bitcoin. But the main advantage of the bitcoin is to make life easier and faster because ewe are on the modern technology now. The main disadvantage of the bitcoin is it only at the inernet can access it.yes of course the bitcoin can be a money.in my country here are pp tht you can convert your bitcoin ino country mony

i think the first thing btc has made are to become currency and currency is mean money for transaction
and btc it self make we have a freedom of a transaction with no high fee to using it or by third party to pay from long distance people
and disadvantage is you keep your btc by your own self, when you lost your wallet private key or your hardware wallet you lose everything

I just learned Bitcoin a few years ago. And my question to those involved in this business was always the same. What's Bitcoin? How can you progress without knowing what something is? That's why I always asked. A friend of mine took out the paper in his pocket and said That's the Bitcoin! The dollar, the Euro, whatever it is bitcoin! My friend kept telling me. What is the difference between the old model computer and the new one, between Bitcoin and the dollar there is also the difference. The dollar will soon not work because it does not receive an update, but Bitcoin will continue to be a strong currency instead. I mean, Bitcoin is already a currency, even if some don't. It just hasn't been widely accepted yet.

If I rightly understand, you wanted to say about its advantage over traditional fiat money. Well in that case, its decentralized nature makes it interesting. It also enables you to earn huge profit unlike any fiat currency. It is based on Blockchain technology which has the potential to be a future hit. And yeah, Bitcoin has the potential to be future mainstream currency.

Moreover, there's absolutely no purpose to replace money, it's only created and mingle with many people for its profitable technology. It's like an alternative currency that can indeed be said to be able to compete with regular currency on its use. Well although there's the risks/disadvantages, anyhow it's still potentially long lasting and can even be more supported until accepted in many countries as a useful alternative currency.

The advantage of Bitcoin may be that it can be used for saving or can also be used for investing because Bitcoin is a digital currency but, if you want to use Bitcoin as money or a means of exchange it can not be except for a fellow Bitcoin holder or Bitcoin community maybe it can be done as a transaction tool payment.

Well the first disadvantage about bitcoin is that the value changes minute from minute. Sometimes its too high or too low to convert It to real money. The advantage point right here is that you can earn as  long as you follow all the rules given. Well if you convert bitcoin then it would really become money. But bitcoin will remain bitcoin as long as it is not transferred and converted to real cash.

Yes it is money if you will be determinate and patient in doing it and this is the advantage, you will earn out of bitcoin but the disadvantage I see is that you should not be addicted to it just have proper time management.

Bitcoin is not launched to replace money. It is the modernist and mostly accepted virtual currency. But it is true that it will reduce the usage of physical currency after decades. It has so many advantages that cannot be finished writing here. Though disadvantages are few.

Have you tried to study the same side of the Etherium?
Its functionality is much higher, and a more sophisticated block system

I compare Bitcoin to credit cards, yes they are very similar. In 2000, the credit card was gradually being recognized, yes there were credit cards for 2 people from 10 people. Many shops did not accept credit cards. I'm sure Bitcoin will find its place before 2030.

Many advantages of using bitcoin is easier in transactions and losses one of them is an unstable price. Yes it certainly can be bitcoin exchanged for paper money.

Bitcoin has taken the market by storm and the number of people looking to make transactions through this currency is increasing each day. If you are one of those fascinated by this mysterious yet amazing currency and want to discover its advantages and disadvantages, you have come to the perfect place. This article will provide you with all the information about advantages and disadvantages of bitcoins.
So, let’s get started with knowing what are the pros and cons that come with this currency.
Advantages of Bitcoin:

***The list of basic benefits of Bitcoin includes:
With bitcoins, there are no boundaries on transactions. The users can send the currency anywhere in the world at any given time without any hassle.
Bitcoin transactions don’t need rescheduling in the event of bank holidays.
The users are in complete control of their money as there is no central authority to regulate the Bitcoin flow.
Since the users are in complete control of the currency, it allows them to control the transactions as well which helps in keeping the Bitcoin network safe.
There is no way for merchants to charge extra fees without it coming into the notice of users. In case a merchant wants to charge extra fees, he must inform the consumer about those charges.
Bitcoin payments can be finalized without a user having to give away his information. This gives Bitcoin users complete anonymity.
The fact that Bitcoin users are not supposed to reveal their identity is extremely handy as it provides protection against identity theft.
Bitcoins can be encrypted and backed up to ensure the safety of your money.
All Bitcoin transactions are recorded in a public ledger called Blockchain which enables everyone to see those transactions. This makes the transaction process more predictable and transparent.
Personal information of users is always hidden and no one can access it unless a user decides to publicize it.
Bitcoin is cryptographically secure and can never be influenced by a government, bank or a third person.
Bitcoin payments involve very low fees, that too within Bitcoin system.
How much fee is charged on a transaction depends on the urgency level of a user. The faster he wants it to process, the more priority it gets. As a result, the fees become higher.
In countries like China where moving cash to other countries is prohibited, Bitcoin is a great way to transfer money to different parts of the world.
These are some major advantages of Bitcoin. Now let’s move to the next part of the article, which discusses the disadvantages of Bitcoin.
What Are The Disadvantages Of Bitcoin?

*** The list of basic disadvantages of Bitcoin includes:
Bitcoins are finite, which makes them extremely volatile.
A very small portion of the business is willing to accept Bitcoin as a method of payment.
It needs strong networking to spread the word on bitcoin.
Bitcoin is relatively new and most of its features are incomplete.
There is still a long way to go before Bitcoin gets to its full potential.
Conclusion:

***CONCLUSION: These are some advantages and disadvantages of Bitcoin. The cryptocurrency has many unique advantages that traditional currencies lack; however, it also has disadvantages. Mainly due to the fact that Bitcoin is relatively new and will take the time to reach to its full potential.

COULD BITCOIN BECOME A GLOBAL CURRENCY?
With recent research suggesting that the number of active Bitcoin users is set to approach five million by 2019, the issue of whether the cryptocurrency has the potential to become a global currency is being hotly debated in both the technology and financial worlds. But what exactly is Bitcoin – and could it eventually take over the world?
In short, Bitcoin is a virtual, digital currency that uses encryption to create and manage the exchange of funds; a cryptocurrency, as it’s known. The bitcoins are produced by people and businesses using specialized software that solves mathematical problems to create unique blocks in a chain to add to the Bitcoin public ledger. This creates blockchains which distinguish the bitcoins and enables them to be unique in order to legitimize transactions as well as confirm ownership.
This may all seem a bit unreal and intangible, but it actually makes perfect sense. The Bitcoin network is built up of miners, who are invested in keeping the currency secure and stable as they are paid in bitcoins and act as approvers of the blockchains through their activity. Like any online and computerized business, it can be subject to hacking and theft, just as your bank can.
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The key to this currency is that it enables quick and cheap online payments without the need for traditional banking channels. One of the biggest barriers that it has to overcome is the general acceptance of Bitcoin being safe and stable as there is no government regulating it, unlike most currencies. Instead, Bitcoin self-regulates and new coins are issued at the pace at which the miners produce the coins. This is a positive, though, as it is designed to be difficult to create coins so that there is a steady stream of coins being produced.

Bitcoins have been successful in becoming more mainstream with companies such as Microsoft, Dell and Tesla adopting the currency. But transactions are not just limited to bigger companies, with much smaller companies also following suit: you can now order flowers, pizza or coffee with bitcoins.
As you can read on bitcoin-based casino Bitcasino, online casinos have also really taken to bitcoins, making popular games like dice quick and easy to play. Seeing bitcoins as a safe and secure currency that enables players to load their wallet electronically with ease has enabled such casinos to distinguish their offering from others. Players are able to play games like blackjack, roulette and slot machines using bitcoins and are often given deposit bonuses.
Rates and price stability are also important factors to consider, and although 2016 saw some stability start to occur, it was then followed by a period of instability – largely attributed to Trump being elected. Like all currencies, Bitcoin is impacted by large events in the world particularly in countries where it has the strongest market: in the case of Trump being elected, this saw a rise in the exchange rates of bitcoins. Increasingly, Bitcoin is being seen as a way of hedging one’s bets against further inflation and economic strife.
As the growth in the adoption of the currency with retailers expands and awareness of the currency increases, so should confidence in Bitcoin. But there a large obstacle stopping the currency from becoming mainstream, which is being included in the exchanges. In March 2017, the first proposal for a Bitcoin Exchange Trading Fund was rejected by US regulators, in what could have been a real game changer for Bitcoin but instead saw their currency price fall. With the failure to be accepted by the large institutions, it makes it difficult to see how Bitcoin can grow and become a widely accepted and adopted currency. Further attempts are being made to get Bitcoin listed, which will likely determine its success.

Certainly bitcoin has some disadvantage and advantage and for me its biggest disadvantage is being a digital currency then it all internet means prior using or having any transaction and in the first place that every society in our country has not yet fully connected to internet and others still didn't know of what bitcoin is, but eventually the fact that bitcoin is already a money because it is all convertible to our local money.

I think btc is going to be the most powerful currency if  we can use it safely . It's s common currency worldwide accepted by the people. The best use of it is to make online  payment for any thing over the world.

Bitcoin may not be a legitimate money by replacing paper money because there are many other cryptocurrencies, with actually better implications of blockchain technology. Also a governemtn would not want some anonymous unauthoritive cryptocurrency to replace their existing money. What they can do is apply the similar technology and equip their own digital form of money and look for a cashless society, they can also allow use of bitcoins and other cryptocurrencies extensively with offcourse some of their designated rules and regultions. This will create a large pool of options for users and will create a better atmosphere  of competition in the market which ultimately will benefit the customers or the users only.

I do not think bitcoin can replace money, because bitcoin is created as a digital currency to help pay bills like electricity and water...

For me, I think the point you make as being the greatest part of bitcoin, which is being able to exchange with altcoins, is something that stands in the way of bitcoin. I strongly believe that it inhibits bitcoins adoption in some ways. So, it can't be false to say that for some, that point is advantage and for others that's disadvantage.

They are just different though, you shouldn't even be comparing the two. Ethereum can't be a robust payment system, and Bitcoin won't create smart contracts in a good fashion. Let them do their own thing. As per the OP though, Bitcoin isn't paired with every coin anymore. Now you have additional pairings with ETH, ADA, ETC, and beginning to get Fiat pairings too. This I believe has diminished the % dominance of Bitcoin but I still think it is the top dog.