Cryptocurrency (Bitcoin) Pros/Cons (Pros (Secure (mostly) (Every financial…
Cryptocurrency (Bitcoin) Pros/Cons
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
Eliminates middle man
Don't need banks
Money is stored in a cryptowallet
No need for multiple currencies
Saves minting cost
Everybody uses a single ledger
Less chance for a mistake
Can get hacked
Japanese version of bitcoin got hacked Jan 15th for $500,000.000!
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, Litecoin, or Ripple?