Bitcoin; Future or Rubbish?

The life is getting more and more digital with the help of technology. When we are going banks to deposit our money, actually our money is getting out from our wallet and become a number in our account, become a digital.

Therefore, if even money in our wallet can become digital why not currencies? Bitcoin (BTC) gives us this opportunity. Bitcoin is basically a digital decentralized currency used for buying good and services just like physical money. Despite the fact that bitcoin is still developing, it has very important number of users.






What you can do with your Bitcoin?

• There are some web-sites that you can spend your bitcoin to buy goods and services just like eBay. You can buy&download music, you can buy second-hand everything, if you have a small business to do just like homework or project, there are people on the market accepting bitcoin. You want more options? Here is a list. But still mostly people are using bitcoin for trading.

• As I mentioned above, you can trade bitcoin in market. You can buy bitcoin when it has low price and sell it when it is higher just like investing in stock market. But analysts always complain about it is not easy procedure.

What is the benefits of Bitcoin?

• Low inflation is for me the best benefit of bitcoin. Why? Let's assume that you have $100 in your wallet (lucky you) and you didn't spend it 2 year. Can you buy the same things, you could buy 2 years ago with that $100? I don't think so. But if you have bitcoin, because it has limited number in circulation (21 million) inflation is low. This is because it has controlled supply.
• Transactions have so little commision or even no commision. Because as a motto of bitcoin, bitcoin transfers are between 2 not 3. This is also gives you the advantage of tax. Basically, you are not paying tax while you are buying some stuff on internet by bitcoin. Also, you can make your transactions wherever and whenever you want.
• Irreversible. This is also an advantage but also a disadvantage. Once you sent money to someone, you can not undo it anymore. Why this is advantage? If you are a seller, and you sold your goods or service to someone, buyer can not call any authority to take it back. So you can ship your good or finish your mission without any worries. 

What is the harms of Bitcoin?

• Non-stable. Yes really non stable. At 6th of September 2014, 1 BTC was equal to $509, at 6th October 1 BTC was equal to $294. You even didn't understand what happened and you lost $200. (Even sometimes in one day you are losing more) That is mostly because everytime some firms announce that they are accepting Bitcoin as a payment method (Zynga) and Bitcoin's value is increasing  yet some countries putting regulations against Bitcoin and the value is decreasing. (China) (Very simple it is like that)
• Mostly people are still unaware about Bitcoin. Basically, it is not accepted by community yet. So you can not use it whenever you want or need.
• No government or authority support. When you lost your Credit Card or your bank account got hacked, bank is the authority to reduce the damage.(Even no damage) When you have other problems like bankruptcy of bank etc, government is the authority for you. But in Bitcoin case, there is no authority support you are alone in the market. If you lost your Bitcoin, drink cold water on it.

Conclusion

All in all, there are 2 questions waiting for answers; Do we really need it? and Does Bitcoin has future? Some people say we have Paypal, Credit Cards, 7/24 cash systems and physical money. We don't need bitcoin. In some part, I believe that they are right. But what if it is the future and we didn't see it yet. (Like when Television first announced, high number of people were thinking that it is just unnecessary stuff and It can not replace the radio's place)  Mostly, while Y generation says it is the future of currency, older people are more suspicious about bitcoin. It is a new currency and still developing so Bitcoin has more ways to go and of course it has advantages and disadvantages like everything else. You should weight minuses and pluses to investigate it has future potential or it is just a rubbish?