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cryptocurrency (bitcoin) Pros/cons (Pros (very efficient (eliminates…
cryptocurrency (bitcoin) Pros/cons
Pros
secure (mostly)
Every financial transaction gets blockchain
every transaction makes it more secure
links are called "hashes"
very efficient
eliminates middlemen
don't need bankes
money is stored in a crypto wallet
no need for multiple currencies
saving minting costs
No govt. interference
can't track your spending
everybody uses a single ledger
less chance for a mistake
Cons
Hacked
Japanese version of bitcoin got hacked jan. 15th for $500,000,000
very volatile
huge price swings
price as of feb. 6th is less than $6,000
Two weeks ago, it was less than $12,000
nobody can agree which version to use
Will it be bitcoin, Ethereum, Bitcoin, or Ripple