The world is changing rapidly in the recent times and so is the currency system. With the usage of cryptocurrencies like Bitcoin in vogue people are curious to gauge the possible future of Bitcoin which needs to be ascertained, and backed by facts and shrewd rationality.
In the year, 2009, there was a new currency concept that was introduced in the financial world. It was a little confusing for people, but within a span of a year or two, it emerged as a trend. Today, more and more people and business ventures are using Bitcoins for various reasons. The digital currency is still undergoing regular updates to make improvement in every way possible.
SOME OPINION ON BITCOIN
People all across the world have become quite aware of crypto currency. Furthermore, there are a lot more opinions on it from the experts. It is quite common to find that the currency experts who are pro-bitcoins hold that the currency is anticipated to touch between $250,000 and $500,000 for every coin in the next couple of years.
On the other hand, you will find several well recognised financial analysts and specialists who don’t hesitate to warn people about the problems that they might have to face investing in Bitcoins. The experts accept the fact, that this currency called Bitcoin and other crypto currencies might have a lot to give to the public, but the day is not far when the investing people are going to suffer and get a considerable blow.
There are several advantages and disadvantages of Bitcoins. In case, the cons are eliminated, there is a huge chance that the whole international financial system will undergo a transformation. Let us have a look at them:
SOME ADVANTAGES OF BITCOIN
• You genuinely have full control over the money, and can send and receive any amount 24X7. This is possible because the transactions are not executed by central or commercial banks or any centralized organizations.
• The transaction fee is minimal as compared to any other online money transaction. The mining service that records the transactions on the concerned blockchain charges the fees in reality, and that is quite low.
• Since no personal information is traded, it is the most secured way of transacting money. Furthermore, there are no hassles as well.
• With the minimal processing cost, everyone can depend on the reliable and the fastest way of transferring money.
• Bitcoin is not affected by the price fluctuations in any of the global economies, unlike other currencies.
THE CONS OF BITCOIN
Bitcoin needs to have a better hold in the global and local financial markets.
The stability in the Bitcoin price needs to be focussed with more number of people and businesses using crypto currency.
There is no assurance on the purchasing power of Bitcoin yet, which could be provided to the investors or users.