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Cryptocurrency (Bitcoin) Pros\Cons (Pros (very efficant (eliminates…
Cryptocurrency (Bitcoin) Pros\Cons
Pros
secure (mostly)
every financial transaction gets added to a block chain.
every transaction makes it more secure
links are called hashes
no government interference
can't track your spending
very efficant
eliminates middlemen
Don't need banks
money is stored in a cryptowallite
no need for multiple currencies
saves miniting costs
Everybody uses a single ledger
less chance for mistake
Cons
can get hacked
japanese version of bitcoin got hacked jan 15th for $500,000,000
Very volatile
huge price swing
price as of Feb 6th is less than 6000
2 weeks ago, it was less than 12,000
no one can agree which version to use
Will it be bitcoin ethereum litecoin or ripple?