FAQ

FREQUENTLY ASK QUESTIONS



WHAT ARE ADVANTAGES OF BITCOIN?

PAYMENT FREEDOM  - It is possible to send and receive Bitcoins anywhere in the world at any time. No bank holidays. No border. No bureaucracy. Bitcoin allows its user to be in full control of their money.
 
 
CHOOSE YOUR OWN FEES  - There is no fee to receive Bitcoins, and many wallet let you control how large a fee to pay when spending. higher fees can encourage faster confirmation of your transactions. Fees are unrelated to the amount transferred, so it's possible to send 100,000 bitcoins for the same fee it costs to send one Bitcoin. Additionally, merchant processors exist to assist merchants in processing transactions, converting bitcoins to full currency and depositing funds directly into merchants' bank accounts daily. As these services are base on Bitcoin, they can be offered for much lower fees than PayPal or credit card networks.


FEWER RISK FOR MERCHANTS  - Bitcoin transactions are secure, irreversible, and do not contain customers' sensitive or personal information, this protects merchants from losses caused by fraud or fraudulent chargebacks, and there is no need for PCI compliance. Merchants can easily expand to new markets where either credit card are not available or fraud rates are unacceptably high. the net results are lower fees, larger markets, and fewer administrative costs.

SECURITY AND CONTROL  - Bitcoin users are in full control of their transactions; it is impossible for merchants to force unwanted or unnoticed charges as can happen with other payment methods.

Bitcoin payments can be made without personal information tied to the transaction. this offers strong protection against identity theft. Bitcoin users can also protect their money with backup and encryption.


TRANSPARENT AND NEUTRAL  - All information concerning the Bitcoin money supply itself is readily available on the block chain for anybody to verify and use in real-time. No individual or organization can control or manipulate the Bitcoin protocol because it is cryptographically secure. This allows the core of Bitcoin to be trusted for being completely neutral, transparent and predictable. 


WHAT ARE DISADVANTAGES OF BITCOIN?

DEGREE OF ACCEPTANCE  - Many people are still unaware of Bitcoin, Everyday, more businesses accept Bitcoins because they want the advantages of doing so, but the list remains small and still needs to grow in order to benefit from network effects.

VOLATILITY  - The total value of Bitcoins in circulation and the number of businesses using bitcoin are still very small compared to what they could be. Therefore, relatively small events, trades, or business activities can significantly affect the price, In theory, this volatility will decrease as Bitcoin markets and the technology matures. Never before has the world seen a start-up currency, so it is truly difficult (and exciting) to imagine how it will play out.


WHY DO PEOPLE TRUST BITCOIN?

Much of the trust in Bitcoin comes from the fact that it requires no trust at all. Bitcoin is fully open-source and decentralized. This means that anyone has access to the entire source code at anytime. Any developer in the world can therefore verify exactly how Bitcoin works. All transactions and bitcoins issued into existence can be transparently consulted in real-time by anyone. All payments can be made without reliance on third party and the whole system is protected by heavily peer-reviewed cryptographic algorithm like those use for online banking. no organization or individual can control Bitcoin, and the network remains secure even if not all of its users can be trusted.


CAN I MAKE MONEY WITH BITCOIN?

 You should never expect to get rich with bitcoin or any emerging technology. it is always important to be wary of anything that sounds too good to be true or disobeys basic economic rules.

Bitcoin is a growing space of innovation and there are business opportunities that also include risks, there is no guarantee that Bitcoin will continue to grow even though it has developed at a very fast rate so far. Investing time and resources on anything related to Bitcoin such as mining, speculation or running new businesses. All of these methods are competitive and there is no guarantee of profit. It is up to each individual to make a proper evaluation of the costs and the risk involved in any such project.
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