Bitcoin is undoubtedly, the most disruptive currency the world has seen. Released in 2009, it only really took prominence around 2015. And since 2015, its rise has been nothing short of meteoric. As with all things great, there are pros and cons. We look at some of the most important below.
Safety and Reliability
There are a number of BitCoin-based businesses which are excellent and provide great services in industries which accept them. From buying and selling Bitcoins, there are pack-leading exchanges like Coinbase and, BitStamp, widely known for their quality. Then, there are BitCoin casinos like 7bit, and Oshi of equal standing. On the flipside, there are companies who have almost destroyed the lives of their customers. Horror stories like the Mt. Gox exchange, and the constant phishing/hacking stories plaguing BTC-e, still roam our soundwaves, and live, to haunt both old, and prospective BitCoin enthusiasts. It cannot be emphasized how important research is, in this field. Due topeople not being aware of things like two-factor authentications, or Login Guards, customers have lost thousands of dollars within their first few hours of doing any BitCoin-related activities.
Quality of Service
Another thing to be aware of, when buying and selling Bitcoins is, the quality of service offered to you by a Bitcoin website. As a rule of thumb, quality of their website is determined by the effort they have put into it. Another method, is, simply taking the time to navigate around the site, and looking for resources which would be of help to new and old customers alike. Generally speaking, websites with inferior knowledge bases are really not the places you should be indulging with your money.
Laws and Compliance
Because Bitcoins are only now being accepted into the mainstream, as people gradually pick up on theirbenefits, a lot of countries remain wholly opposed to it. As such, it is important to check the legislature in your country or jurisdiction, before you decide to commit to trading in Bitcoins. A good place to look is at on the website of your country’s central bank. In South Africa, for example, Bitcoin is not recognized as legal tender. So, you would not be able to exchange your Bitcoins for Rands and vice-versa, unless you are buying them from an international supplier. This is unlike the United States, where Bitcoin is recognized as legal tender.
Bitcoin is definitely here to stay. Offering a new level of independence and authority, the days of fiat money will be over soon. However, until then, cryptocurrencies dwarf in comparison. If you want to engage in Bitcoin trading, by all means, do so! Just also be as energetic about your research!