On the downside, the bitcoin is also very secure in making anonymous payments which may be a threat to security or personal health. For instance, the dark web markets are the major suppliers and retailers of imported drugs and even weapons. The use of BITCOINs in the dark web facilitates a safe network for such criminal activities. Despite that, if put to good use, bitcoin has many benefits that can eliminate some of the economic fallacy as a result of centralized agency management of currency. In addition, the bitcoin allows for instance exchange of cash anywhere in the world. The use of bitcoins also mitigates counterfeiting, printing, or devaluation over time. Also, while relying on peer to peer network as its backbone, it promotes the distributed authority of transaction records making it safe to make exchanges.
Other advantages of the bitcoin include;
- In the online business world, bitcoin promotes money security and total control. This is because buyers are protected against merchants who may want to charge extra for a lower cost service. The buyer can also choose not to share personal information after making a transaction. Besides, identity theft protection is achieved as a result of backed up hiding personal information.
- Bitcoins are provided alternatives to major common currency catastrophes such as getting lost, frozen or damaged. However, it is recommended to always make a backup of your bitcoins and encrypt them with a password.
- In making online purchases and payments using bitcoins, there is a small fee or zero transaction fee charged. This promotes affordability of use.
- Merchants also face fewer risks that could result from fraud as bitcoin transactions cannot be reversed, unlike other currencies in electronic form. Bitcoins also prove useful even in moments of high crime rate and fraud since it is difficult to con someone over an open public ledger (Blockchain).
- Bitcoin currency is also hard to be manipulated as it is open source and the cryptographic protocol is very secure.
- Transactions can also be verified and approved, anywhere, anytime. This is the level of flexibility offered by this digital currency.
The screenshots below show the Freebitco and MoonBitco mining sites respectively.