Tech UPTechnologyAdvantages and disadvantages of bitcoins

Advantages and disadvantages of bitcoins

Speaking of cryptocurrencies, bitcoin is one of the best known. More and more companies accept this currency as a payment method in exchange for their services and products, given the extensive and growing use that it has been given in recent years.

At the beginning of 2013, the value per bitcoin in euros did not reach 100 euros, while, in 2020, its value hovers around 5,000 , which shows the impressive price increase it has suffered in recent years.

This cryptocurrency has considerable advantages, which is why it has been used and traded so much; but it also has several disadvantages that must be considered when using them.

Advantage

  • It is impossible to falsify them , and any transaction that is made is automatically detected by the network.
  • They use high-quality cryptography , to guarantee the highest possible security at all times.
  • Despite the fact that there are previously established rules for its use, neither the banks nor the State are in charge of regulating bitcoin .
  • Bitcoin transactions are instantaneous , and can be done anywhere, anytime.
  • Performing transactions with this cryptocurrency implies a lower cost than a regular bank transfer , or the use of any credit card.

Drawbacks

  • Although more and more people are interested in allowing this type of cryptocurrency, there are still few establishments and stores in which bitcoin is accepted as a payment method.
  • Since the transactions are anonymous, they can be used for illegal purposes , or with the intention of evading taxes .
  • It is a currency marked by its high volatility . The variations that its price has suffered in recent years have been very notable, so it does not have a fixed value and has become a high-risk asset for investors.

In which markets can I trade bitcoins ?

As we have seen, there are still few markets in which we can take advantage of our bitcoins to carry out transactions. Despite this, every day more companies integrate this payment method into their systems , which is why it is becoming a common option in many markets, of which the following stand out:

  1. Food sector . Some multinational stores such as Starbucks, Burger King or Subway already incorporate bitcoin as a payment method.
  2. Technology sector . Some companies in the sector such as Microsoft accept payment for certain services (generally, applications or video games) through bitcoins .
  3. Real estate sector . Real estate companies such as Inmolead or Altamira21 include bitcoin as a payment method when buying homes.

In addition, there are other sectors such as sports, travel or entertainment, which are also including this cryptocurrency as one of their available payment methods.

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