Bitcoins are the currency of future. Imagine a World with out banks, financial institutions? Money is transferred just like the data transfer with in a computer network. So cool, isn’t it? Yea. But the viral influence if Bitcoins is becoming a serious threat to the financial world because, Bitcoin transactions are now untraceable and it is way over head for any of the government to set up terms and conditions. After mining some coins I thought about the future of the Bitcoin world. It is everywhere you go like an International credit Card but you don’t have to pay any taxes!! However, there are so many threats to the Bitcoin world. Threats from government agencies, hackers and other financial institutions who all fear that if the current Global reach of Bitcoin continues there wouldn’t be any governments because people don’t have to pay tax for Bitcoin transactions.
The Advantages of Bitcoin
1) Anonymity of transaction: Bitcoin transactions could not be tracked or analyzed just the like the conventional transaction methods because it doesn’t require any Identity proof submission.
2) Bitcoins Are available 24*7: Bitcoins are available and accessible to the beneficiary 24*7*365. It can transferred from any network to a different network at any given time.
3) Not centrally Audited : Bitcoin transactions are not audited or recorded on a central database. It is pervaded across the Globe from people running simple machines to who built complex computer only mine Bitcoins.
4) Low Transaction Charges: If you compare the international transaction fee of Western Union with Bitcoin; you’ll wonder how low the transaction charges would be. Bitcoin transactions charges as very lower even when compared to PayPal, PaisaPay or any other digital currency transaction companies.
5)Secure yourself from Government Seizure: Having said, Bitcoin transactions and savings are not subjected to tax or r any Government audits so you would never loose a huge part of your savings.
6) Bitcoin Transactions are free from Charge backs, Bank Holds and Friendly Fraud.
7) Bitcoin is Nature friendly: Its Entirely Digital and It saves Millions of trees everyday. The all banks in the word consumes more than thousand hectares of trees every year hence Bitcoins save trees.
8) Lighting Fast Transactions: Bitcoin transactions are lightning fast.
9) Transactions are Hard to Trace
10) Higher Conversion Ratio and value: Today I Bitcoin is equal to 128 USD. The conversion rate of Bitcoin very high when compared the all the existing currencies in the world.
Disadvantages of Bitcoin
1) Anonymity: The anonymity of Bitcoins can be highly volatile because hackers can easily break into your network and steal your Bitcoins. As your mined assets grow you’ll be subjected attacks from hackers, financial Institutions and other government agencies.
2) The Fear of Seizure: Government agencies are seriously monitoring Bitcoin Network because the increased demand of Bitcoin may cause serious financial crisis and instability to the Government. As the Torrent World faced several seizure and legal actions Bitcoins also may subjected to legal actions in the nearby future.
3)Risk of Loss: Bitcoin Wallets may become targets to hackers and crackers.
4)The Stability of Conversion Rate: Investing into Bitcoins is not a good idea because the conversion rate may fall significantly with out any notice at any given time. So mining BItcoins would be the great option if you want to make some money, otherwise you may lose you existing assets as well.