Advantages and Disadvantages of Using Bitcoins
Bitcoin logo Bitcoin has been in the news a lot recently for good and bad reasons. There have been stories like the one of the man who bought $27 worth of Bitcoin in 2009 which are now worth almost $900,000 . How about the shutdown of the infamous Silk Road website which was an online black market where people sold and bought illegal drugs and weapons and even paid to have people killed using Bitcoins as currency? Even most recently, a company started installing physical ATMs for Bitcoin transactions . Having had my interest in Bitcoin piqued high enough, I decided I wanted to own Bitcoins. However, I had to know what advantages and disadvantages using Bitcoin presented. I carried out a bit of research and this is what I found. What is Bitcoin? Bitcoin, according to Bitcoin.org is a new kind of money which uses peer-to-peer technology to conduct transactions. It is an open source, decentralized payment system which means that it has no central regulati...