The Good, The Bad, The Ugly about Bitcoin

Why is Bitcoin so good?

It is global and it is cheap. The cost of transferring big money is small as compared to  sending money via Western Union or Moneygram. This makes value transfer quite easy. It is decentralized and this means there is no boss. Th currency is owned by its people. It has a fee-intensive compensation model to miners who basically power the blockchain infrastructure.

The system is also very very complicated, and thus it limits the scope, interest and ability of the hackers to steal money. The tall infrastructure has been created so on purpose and it is a strength of the system over fiat currency that is relatively easier to hack into through traditional banking networks, as the stories make new every week.

Why is Bitcoin so bad?

The system is complicated and this has its cons. It is slow for everybody. The slow rate of processing or the hash-rate, means slow transactions and makes it unfit for people to use in case of emergency or time sensitive matters.

The difficulty of use, volatility, regulatory impediments to adoption and formative policies established by the software’s core developers make it a terrible solution at times. Also, once a transfer is made it cannot be charged back like credit cards.

The risk of future problems is growing, for example its ever-rising cost of that value-transfer capability.

The Ugly.

Government hatred makes Bitcoin a big buzzword that irritates many. Policy makers find it too complicated, enforcers do not understand it and Big Banks envy it. Also, the cherry on the cake is that it is Criminal Lovin’.

Plus, you don’t exactly own your coins as they lie on the exchange. Weird right?

Europol’s officials are expressing concern that cryptocurrencies such as Bitcoin have started to play a growing role in illegal activities.

This concern was voiced by Europol officials after law enforcement agencies from countries like Bosnia, Germany, United Kingdom, Austria, and Herzegovina.

They employed aggressive methods to silence their victims and threatened them with reputation damage and public exposure of sensitive details of the organization.

The Bitcoin future

The future is dark but depending on the development of the white hat startups and good ethical hackers this may change. Some even say that it is bound to change. All analysts and thinkers are both impressed and yet skeptical of the currency, although much of it is actually hear say and predicated on lies.

Khunsha Javed

A Filmmaker, PR enthusiast & Editor of BlockPublisher-Unfiltered. I like things that make my brain tingle. Email: khunsha@blockpublisher.com or editor.unfiltered@blockpublisher.com

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