What are some advantages and disadvantages of Bitcoin?

In this video, we referred to the most important advantages and disadvantages of Bitcoin. Bitcoin as the world’s first cryptocurrency was able to impact the whole world’s financial status and future. Time has come for us to make our decisions and enter a new world, a world in which paper money is replaced with digital money. Now that we are discussing this issue, another government may be planning to create its own Central Bank Digital Currency (CBDC). Who knows?

Bitcoin is a decentralized, transparent, peer-to-peer cryptocurrency that belongs to everyone and no one.

 

Bitcoin as the world’s number one cryptocurrency has so many advantages, including:

Peer-to-peer transactions: Bitcoin’s transactions are peer-to-peer and no intermediary such as a bank is needed.

High liquidity: unlike many other cryptocurrencies, Bitcoin is completely liquid and easily bought and sold.

International transactions: Bitcoin transactions can’t be banned and it’s appropriate for conducting international payments.

Security and scarcity: Bitcoin is highly secure and only 21 million units of Bitcoin exist.

By the way, Bitcoin suffers from some disadvantages, including:

Price volatility: Bitcoin’s price is highly volatile and it slows down its public adoption.

Irreversibility of the transactions: Bitcoin’s transactions are totally irreversible.

Cyberattacks: hackers and cybercriminals can use Bitcoin as a means for blackmailing.