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Cryptocurrency (Bitcoin) Pros/Cons (Pros (very efficient (eliminates…
Cryptocurrency (Bitcoin) Pros/Cons
Pros
secure (mostly)
every financial transaction gets added to a blockchain
every transaction makes it more secure
links are called "hashes"
no government interference
can't track your spending
very efficient
eliminates middle man
Don't need banks
money is stored in a cryptowallet
no need for multiple currencies
Saves minting costs
Everybody uses a single ledger
less chance for a mistake
Cons
Very volatile
huge price swings
price as of Feb. 6th is less than $6,000
Two weeks ago, it was less than $12,000
can get hacked
Japanese version of Bitcoin got hacked Jan 15th for $500,000,000!
Nobody can agree which version to use
Will it be Bitcoin, Ethereum, Litecoin, or Ripple?