What are the cons of using bitcoins in a transaction?
Cons
of using Bitcoin in transactions
Bitcoin
are not widely accepted
http://moneyandstate.com/bitcoin-libertarian-introduction-used-care/ |
Bitcoins are still only accepted by a very small group of online
merchants. This makes it unfeasible to completely rely on Bitcoins as a
currency. There is also a possibility that governments might force merchants to
not use Bitcoins to ensure that users’ transactions can be tracked.
Lack
of Awareness & Understanding
https://investorplace.com/2017/12/dont-understand-the-bitcoin-price-try-a-mutual-fund/ |
Fact is many people are still unaware of digital currencies and
Bitcoin. They need to be educated about Bitcoin to be able to apply it to their
lives. Also, Networking is a must to spread the word on Bitcoin.
No
Buyer Protection
When goods are bought using Bitcoins, and the seller doesn’t send
the promised goods, nothing can be done to reverse the transaction.
No
Physical Form
Since Bitcoins do not have a physical form, it cannot be used in
physical stores. It would always have to be converted to other currencies.
Cards with Bitcoin wallet information stored in them have been proposed, but
there is no consensus on a particular system. Since there would be multiple
competing systems, merchants would find it unfeasible to support all Bitcoin
cards, and therefore users would be forced to convert Bitcoins anyway, unless a
universal system is proposed and implemented.
Onies,A.,Daniele,G.,Olayinka,T. Disadvantages Retrieved from https://cs.stanford.edu/people/eroberts/cs181/projects/2010-11/DigitalCurrencies/disadvantages/index.html
What are the Advantages and Disadvantages of Bitcoin? Retrieved from https://coinreport.net/coin-101/advantages-and-disadvantages-of-bitcoin/
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