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Advantages And Disadvantages Of Bitcoins

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Disadvantages of Bitcoins Although Bitcoin is the very first decentralized cryptocurrency, it is still a new system. There are bound to be flaws or loopholes in the system. Technical Flaws The system is fairly new and we do not know what risks the system could have. If a flaw is found, the exploiter could make use of the flaw to gain tremendous wealth and in turn ruin the Bitcoin’s economy. Bitcoins can be lost due to multiple reasons. If the wallet file is corrupted or the hard disk crashes, there is nothing that we can do to recover the lost coins. A wealthy Bitcoin investor could be bankrupt within seconds. Not Widely Accepted Bitcoins are hard to trade as not many places accept bitcoins. It is not feasible for users to rely on Bitcoin …show more content…

Altcoins are actually derived from Bitcoin, but with improvements. Namecoin offers the ability to store data within its block chain, which Bitcoin doesn’t do it. Titcoin improve transaction speed and re-adjust network difficulty. http://www.investopedia.com/terms/a/altcoin.asp http://www.titcoins.biz/about-us/ http://namecoin.info/ New market entrants A profitable industry will attract new competitors to enter the market. If the entry barriers are low, it poses a threat for the current companies which are already in the market. For Bitcoin, there is actually no entry barriers due to Bitcoin being an open source and global nature. http://strategiccfo.com/wikicfo/threat-of-new-entrants-one-of-porters-five-forces/ Substitute products and services There are actually customers who does not use Bitcoin. There are alternative payment methods such as PayPal and Internet Banking. Similarly to Bitcoin, these services does online payment. Customers Since Bitcoin is the first decentralized cryptocurrency, it can attract new customers who are curious and new to the market. However, customers can easily switch to other altcoins as there are online trading websites available. Customers can easily exchange Bitcoin into another

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