Bitcoin Cars

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.

Today, everything can be done digitally. For example, if you want to transfer some money, you do not need to go to somewhere. You can do it at home as long as you have internet connectivity. One of the ways is through Bitcoin. This digital currency is now increasingly more popular. Even though it has many contras, there are also many pros that can be your consideration for you who are interested in it. At least, there are 4 pros that you should know.

Meets People’s Demands

As the first crypto currency, Bitcoin can meet people’s demands. People want to be able to do transactions fast. Besides that, people also need to do transactions from one country to another. And there are still many others. Anyway, this digital currency can meet all what people need in doing transactions. So, it can be considered as one of the Bitcoin pros offered to the users.

Has Limited Bitcoin

You have to know that the amount of Bitcoin is limited. It is mentioned that this digital currency has 21 million of BTC. This limitation makes other people impossible to devaluate because of the great prospect. Of course, it becomes a benefit offered from this digital currency. Even though the exchange rate is not stable, it is predicted to be increased more and more. So, if you are really sure, you can get it now.

Uncontrolled by the Government

Besides that, this digital currency is also not controlled by the government. Even more, there is also no institution that control Bitcoin. It becomes one of the Bitcoin benefits because it will be free from manipulation from other people. Because it is not controlled by the government, the process will also be easier. You do not need to pass complex stages and procedures. In only about 10 minutes, the transactions will be processed fast. That is why people prefer this currency to conventional currency in doing transactions.

Low Administration or Transaction Fee

As it is mentioned before, Bitcoin is not controlled by the government. That is why there is no tax even though you do transaction from one country to another. For the administration or transaction fee, it is also very low. Even more, you can decide it by your own. Anyway, it becomes one of the advantages that you must know. So, it is reasonable if there are many people who are interested in this digital currency now.

Description: Bitcoin has many pros such as it meets people’s demands, has limited amount, uncontrolled by the government, and has low administration or transaction free.

As a beginner, you may still be unfamiliar with Bitcoin. However, you do not need to worry because it can be used easily even though you still do not understand the details of the use. The first thing that you have to do is to create or install the wallet. Then, automatically you will have one address. You may install one or more wallets on your computer. So, you can use it for any transaction. There are some points that you need to pay attention.

Balance – Block Chain

The first thing that you need to know is balance. The balance can be seen from block chain. Bitcoin block chain shows you all the transactions that have been confirmed. It also shows how much your balance left. So, before you do transaction, you have to make sure that your balance is enough. With this block chain, the chronology of the transaction can be reviewed fully. So, you need to know it well before you use Bitcoin.

Transaction – Private Key

The next point is related to the transaction. You may transfer or receive money freely using this digital currency network. In relation to the transaction, Bitcoin save private data and information in private key. So, Bitcoin private key functions to confirm the transactions and show the proofs of transactions so that you can verify whether the transaction is right. The confirmation usually takes about 10 minutes. Anyway, it belongs to the main points that you must understand.

Processing – Mining

Then, you also need to know about processing. In this stage, you will be offered with mining where it is a system used to confirm the transactions in the block chain. It also protects the network neutrality. Besides, it also allows the different computers to accept the safety system. In addition, it also keeps the block so that it prevents other people to add the new block easily. Therefore, there is no one who can manage the block chain to change the transaction through Bitcoin.

Going Down to Rabbit Hole

Lastly, you may go down to the rabbit hole. In this rabbit hole, you will be able to see the summary of your transactions in short. Anyway, after you get Bitcoin, you will fall down to rabbit hole. That is all what you need to know about the work of this digital currency. Hopefully this will be a good reference for you all especially beginners.

Description: Bitcoin works in 4 main points. They are balance, transaction, processing, and rabbit hole. By understanding those points, you will know how this digital currency works.