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Pro’s and Cons

Pros

  1. You actually own the bitcoin, it is not a currency based on debt.
  2. Because it belongs to everyone it crosses borders without any problems.
  3. You don’t incur exchange rate charges when paying with bitcoins.
  4. You’re friends might think you are cool and mysterious when you pay for things by pointing your phone at a screen.
  5. Bitcoins on their own probably make money as they increase in value, but even better when you do Bitcoin mining.
  6. As the systems Bitcoins are running on are dispersed all over the world the network cannot be shut down.
  7. Places where you cannot gamble online – you can use bitcoins and get round it sometimes (not that I gamble online, because I don’t).
  8. Computer programmers like me who understand how the blockchain works get over excited about it.

Cons

  1. Banks and Governments may feel threatened by Bitcoins and try to shut them down/make them illegal (so far they have completely failed).
  2. In the past they have been used to purchase Guns and Drugs through a website called Silk Road that was shut down, however, people probably just moved back to old methods of payment like cash and dodgy debit cards.
  3. Programmer friends witter on and on about the Block Chain and how wonderful it is, which is less interesting than a piece of blank paper.
  4. There is no protection if you lose your Bitcoins.
  5. If someone steals your Bitcoins, you’ve lost them and you won’t get them back, however to do so they either have to hack into your account or steal your computer. (oh hang on that’s like banks!).

That’s enough for now – any more pop them in the comments!

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