The Contras of Bitcoin

As we know, Bitcoin becomes one of the most favorite digital currency networks today. It can be used to transfer or receive currency from and to anywhere. The low transaction fee also becomes a good benefit. And there are still many other advantages offered. However, it still has some contras. Therefore, there are many people who are still afraid of it. They do not want to use this digital currency because of some reasons. For more detail, you should pay attention to the following contras.

Stable Bitcoin Value

As we know, the exchange rate of Bitcoin can be different from one day to another. However, now we can see that Bitcoin value is more stable. It may be a good benefit for the users but it makes difficult to appraise the real value. It also increases the risk of loss of investor in crypto currency. That is why it becomes one of the contras of this digital currency. However, if you use it rightly, you can get great benefits.

Anonym Identity

The identity of Bitcoin is anonym. It may be pro or contra. On one side, it keeps and protects your identity and transactions. However, on the other hand it also becomes a contra because it can lead many people to use it for illegal transaction. For example, tax avoidance becomes one of the forbidden activities. Besides that, people may also use it to provide weapons. Then, it may also be used for gambling. Therefore, it belongs to one of the Bitcoin disadvantages.

The Safety Factor

There are many people who believe that this digital currency is safe but some other people are doubt of its safety. Anyway, the fact that it is a digital currency makes it has the high risk of lost. Actually it can be prevented because every transaction is reviewed first so that if you use it for transaction rightly, you should not worry about the safety of Bitcoin.

The Balance Is Not Insured

There is no government or institution that controls this digital currency. Therefore, the balance in your wallet is not insured. So, if you lose your Bitcoin or your wallet is hacked, there is no one who has responsibility. That is why you have to keep your wallet as well as possible so that your balance of the wallet will be safe. After knowing the contras above, you have to learn and understand more clearly about this digital currency before you get it.

Description: Bitcoin has some contras such as the stable value, anonym identity, the safety factor, and uninsured balance. So, you have to understand it well before you get it.