Bitcoins are digital money and is a currency like no other. There is no need to worry about How Can I Mine Bitcoin at all. Bitcoinsolves most of the current currency problems as well as introducing many uncertainties that would never have arisen from normalcurrency transactions.
Some of the major benefits of Bitcoins include:-
- Low inflation risk– Bitcoins are created to be finite unlike money in which governments may decide to print more and more every day. About 21 million Bitcoins will ever be mined and the release of new Bitcoins is too slow to attract inflation.
- Low collapse risk– Bitcoins are virtual global currencies, which are not controlled by any government. Governments may fail sometimes leading to collapse of currencies, which Bitcoins are not a part.
- Safe, simple and cheap– Other online payment systems allow buyers or sellers to get their money back after a forfeited transaction. With Bitcoin, once you have your money, there you have it. This allows the seller to complete the transaction requested by the buyer when they are safely having the money. It is simple and cheap for the buyer on the other hand to send money between accounts.
- Easy to carry– You can actually carry billions of Bitcoins in a memory stick, something you cannot do with either cash or gold.
- Untraceable– This can be both a benefit and a risk. No organization can trace the source of your funds and this is a benefit.
Like any other thing in the world, Bitcoins attracts some risks too. Some of the most prominent risks include:
- Untraceable- Due to the untraceable nature of Bitcoins, many illegal businesses are facilitated through Bitcoins without a trace. This fact my cause Bitcoins to be outlawed by governments who will give Bitcoins unwanted attention.
Other risks may include; easy to lose due to hacking, hard to trade, too new in the trade, cannot buy stuff, and Bitcoins are too volatile.