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Advantages and disadvantages to have Bitcoin as a Legal Tender

 

Bitcoin may be a decentralized online currency, without a financial organization or single administrator which will be sent from one user to another user on the peer-to-peer bitcoin network without the requirement for intermediaries. Benefits of Bitcoin Now that we've got seen a quick overview of what bitcoin is, we are able to better understand how this leading crypto currency provides potential benefits to its users. Bitcoin has user autonomy regular fiat currencies are subject to multiple restrictions and risks as an example, banks are liable to boom and bust cycles within the economy. Sometimes, these situations can end in bank runs and crashes, as has occurred numerous times within the past. This implies that users aren't really au fait of their money. Theoretically, at least, bitcoin promises user autonomy because its price isn't linked to specific government policies. This suggests that users and owners of the crypto currency are up to speed of their money. Bitcoin transactions are pseudonymous Most online transactions require an array of knowledge to spot the person conducting the transaction. for instance, transferring money from one person to a different will be done only after the identifying information for parties at both ends is verified. Similarly, online purchases also require you to enter identifying information to create procurement. The verification process may prevent crime, but it also places an intermediary firmly guilty of the transaction, allowing them to regulate the provisioning of services to pick out parties. Bitcoin transactions are pseudonymous. While this suggests that they're not completely anonymous, the transactions are often identified only by employing a block chain address. a private can have multiple addresses, even as they'll have multiple usernames and passwords for one account. Internet Protocol (IP) addresses or other identifying information aren't required to conduct the transaction. Bitcoin transactions are conducted on a peer-to-peer basis The Bitcoin payment system is only peer to see, meaning that buyer are able to send and receive payment to or from anyone on the network round the world. Unless they're sending or receiving bitcoin from a regulated exchange or institution, the parties to a transaction don't require approval from an external source or authority. Bitcoin transactions don't incur banking fees While it's considered standard among fiat currency exchanges to charge so-called “maker” and “taker” fees, similarly as occasional deposit and withdrawal fees, Bitcoin users aren't subject to the litany of traditional banking fees related to fiat currencies. this suggests no account maintenance or minimum balance fees, no overdraft charges, and no returned deposit fees, among many others. As users are able to send and receive bitcoins with only a smartphone or computer, Bitcoin is theoretically available to populations of users without access to traditional banking systems, credit cards, and other methods of payment.


By: Mohd Amir Siddiqui 

(B.Tech LLB, UPES)


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